Lagos, Nigeria, July 20, 2020 — IFC, a member of the World Bank Group, is providing a loan of up to $50 million to Access Bank Plc to help the bank increase liquidity to thousands of small and medium-sized enterprises (SMEs) in Nigeria which are navigating the economic challenges of COVID-19.
The funds from the loan, made through IFC’s global COVID-19 fast-track financing support package, will allow Access Bank to provide increased trade financing and working capital to their business clients experiencing disrupted cash flows, supporting business activity and preserving jobs.
Herbert Wigwe, Chief Executive of Access Bank, said: “In Nigeria, SMEs contribute over 45 percent of national GDP, account for about 96 percent of businesses and 84 percent of employment. Access Bank, therefore, recognizes the importance of SMEs to economic stability and is going the extra mile to ensure that such businesses are adequately financed to weather these testing times. IFC’s funding will not only enable us to extend financial relief to our clients across all sectors during the pandemic but beyond the COVID-19 crisis as well. Our partnership with IFC will help Nigerian businesses weather COVID-19 and set a course for recovery.”
Eme Essien Lore, IFC Country Manager for Nigeria, said: “It is crucial to support smaller businesses to keep Nigeria’s economy going during this unprecedented economic challenge. IFC’s longstanding partnership with Access Bank means together we can move much-needed funding to businesses that need it most, helping them remain in business and retain their employees.”
IFC’s $8 billion global COVID-19 fast track facility, launched in March 2020 to support business activity and preserve jobs in the face of COVID-19, has so far invested nearly $400 million through the facility in Africa.
Access Bank, Africa’s largest retail bank, serves more than 29 million customers across a network of 677 branches. IFC’s portfolio in Nigeria stands at $1.3 billion, with investments in sectors including manufacturing, technology, financial services, and others.
About IFC
IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2019, we invested more than US$19 billion in private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org .
About Access Bank
Access Bank Plc is a full-service commercial bank operating through branches and service outlets located in major centres primarily across Nigeria and sub-Saharan Africa, as well as the United Kingdom (extension to United Arab Emirates (Dubai)), with representative offices in China, Lebanon, and India. The Bank prides itself as the largest retail bank in Africa, providing more to its 29 million customers who have access to financial services wherever they are, through 677 branches. Listed on the Nigerian Stock Exchange (1998) with its Bond instrument listed on the Irish Stock Exchange (2016), the Bank serves its various markets through four business segments: Personal, Business, Commercial and Corporate & Investment Banking.
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