Wema Bank plc says it is poised to commit more funds to promoting agriculture and businesses owned and run by female entrepreneurs following the $50 million credit facility it has signed with the ECOWAS Bank for Investment and Development (EBID).
The deal was sealed on Monday, November 20, 2023, in Lome, Togo.
The $50 million credit facility assigned to Wema Bank aligns with EBID’s strategy of impacting SMEs across the sub-region via partnerships with banks and reputable financial institutions that have a significant reach within the subregion.
The Nigerian lender says with this facility, it will now further extend its loan disbursement capacity to positively impact more Nigerians and business owners across the country, driving the shared vision of empowerment.
Moruf Oseni, Wema Bank’s managing director/CEO, said the bank’s quest to drive impact and its mission of empowering lives through innovation, was what motivated the partnership with EBID.
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According to Mr Oseni, Banking without impact or value is nothing, which is why WEMA bank has continued to find new ways to positively impact the lives of our customers and our society.
He added that the credit facility is targeted for impact across two major areas—women and agriculture. Beyond creating women-specific solutions, the bank is critically acclaimed for supporting women and female businesses nationwide and now, we can take our impact to greater heights.
George Agyemkum Donkor, president/chairman, board of directors at ECOWAS, described the partnership as long-expected.
He emphasised the importance of women’s empowerment and the need to continue providing actors in the agricultural sector with resources to enhance produce, add value to the ecosystem and increase trade returns for socio-economic growth and development.
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