Access Bank Plc, sub-Saharan Africa’s largest bank by customer base, has reached a significant milestone in its enduring partnership with the Dutch Entrepreneurial Development Bank (FMO).
This collaboration, spanning over two decades, marked a historic moment on Tuesday with the signing of a monumental syndicate Tier II Facility agreement valued at $295 million, approximately N442.5 billion.
The relationship between Access Bank and FMO, which began in 2003, has been a testament to their shared commitment to economic development in Nigeria.
This latest agreement, the third of its kind arranged by FMO for Access Bank, represents more than just a financial transaction; it symbolizes the deep-rooted trust and synergy between the two institutions.
This historic agreement is notably the largest syndication in FMO’s history, a substantial investment resulting from a collective effort involving a syndicate of Global Development Finance Institution (DFI) partners.
These partners include esteemed entities such as British International Investment (BII), Belgian Investment Company for Developing Countries (BIO), BlueOrchard, FinDev Canada, Finnfund of Finland, Norfund of Norway, Oikocredit, and Swedfund of Sweden.
The $295 million facility is earmarked to empower local small and medium-sized enterprises (SMEs), with a particular focus on underserved segments such as youth- and women-owned businesses, agricultural enterprises, and very small enterprises.
This significant infusion of capital aims to catalyze growth across various sectors, stimulate business development, create jobs, and deepen financial inclusion, aligning with Access Bank’s mission to drive progress and development throughout the continent and beyond.
The ceremony, held in the Netherlands, was attended by dignitaries including Oluremi Oliyide, Nigerian Ambassador to the Netherlands, and representatives from the Dutch government.
During the event, Roosevelt Ogbonna, MD/CEO of Access Bank Plc, expressed profound gratitude to FMO for their unwavering support and emphasized the bank’s commitment to becoming the world’s most respected African bank by adhering to global best practices and maintaining high standards of accountability.
“Today marks a significant milestone in our longstanding partnerships with FMO. This monumental syndicate Tier II Facility agreement underscores the deep-rooted trust and synergy among our institutions. This facility not only enhances our capital reserves but also strengthens Africa’s trade capabilities and export potential,” Ogbonna said.
“Putting these funds to use, we aim to catalyze growth across various sectors, stimulate business development, create jobs, and deepen financial inclusion.”
In his remarks, Michael Jongeneel, CEO of FMO, stated, “We extend our gratitude to our longstanding partner, Access Bank, and our syndication partners for their outstanding cooperation and collective effort in making this loan facility a reality. The syndicated loan provides significant support to SMEs in Nigeria, particularly underserved segments such as women and young entrepreneurs, aligning perfectly with our shared strategy to enhance financial inclusion and empower local entrepreneurs in the agribusiness and SME sectors.”
Marchel Gerrmann, representing the Dutch government, and members of the syndication partners—BII, Finnfund, and BlueOrchard—were among the distinguished guests who witnessed this historic agreement.
This landmark deal is set to bolster Nigeria’s private sector, providing much-needed support to SMEs and contributing significantly to the country’s economic development.
