BII’s commitment forms part of a $295 million loan package led by FMO to Nigeria’s leading bank, Access Bank. This funding will bolster Access Bank’s capital base, enabling it to support SMEs, including those led by women and youth, enhancing their access to finance. It aims to stimulate business growth, create more jobs, and deepen financial inclusion in Nigeria.
British International Investment (BII), the UK’s development finance institution and impact investor, announced today a $50 million commitment to Access Bank. This commitment is part of a $295 million loan package coordinated by FMO. The funding will strengthen Access Bank’s capital base and assist underserved Small and Medium Enterprises (SMEs), including those run by women and youth, by providing access to working capital and bolstering resilience amid Nigeria’s most severe economic crisis in a generation.
Access Bank, one of Nigeria’s largest banks, is dedicated to supporting businesses through funding, capacity building, and networking opportunities. Since 2018, BII has provided both direct and indirect investments to support Access Bank’s ambitious expansion plans in Africa.
In Nigeria, nearly 40 million MSMEs account for 86 percent of employment and contribute 50 percent to the GDP. Despite their crucial role in the economy, many SMEs face difficulties in accessing finance. BII’s commitment will help fortify Access Bank’s capital reserves, offering much-needed working capital and financing to Nigerian SMEs across various sectors, including agriculture. This will promote business growth, create jobs, and deepen financial inclusion in Nigeria, the most populous country in Africa.
Jonny Baxter, British Deputy High Commissioner, stated: “When smaller businesses and women entrepreneurs are economically empowered, their whole community benefits. This new support from the UK with Access Bank helps businesses in underserved communities access finance to scale up operations, create jobs, and grow the economy. It also reflects our commitment to deepen economic cooperation and enhance growth and development opportunities with the Nigerian Government.”
Benson Adenuga, Head of Office and Coverage Director, Nigeria at British International Investment, commented: “As a counter-cyclical investor, we are proud to expand our partnership with Access Bank to accelerate Nigeria’s recovery and empower businesses that are key to job creation, innovation, and economic diversification. By supporting the ambitions of SMEs, including those led by women and youth, we can ensure a more inclusive and sustainable future for Nigeria.”
Roosevelt Ogbonna, Managing Director/Chief Executive Officer of Access Bank Plc, remarked: “Today marks a significant milestone in our longstanding partnership with FMO, the Dutch Entrepreneurial Development Bank. This monumental syndicate Tier II Facility agreement underscores the deep-rooted trust and synergy between our institutions. This facility not only boosts our capital reserves but also enhances Africa’s trade capabilities and export potential. We aim to use these funds 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.”
In addition to FMO, BII is collaborating with seven other development finance institutions (DFIs) and impact investors, including BIO, Blue Orchard, FinDev Canada, FinnFund, Norfund, Oikocredit, and Swedfund.
This commitment contributes to the United Nations’ Sustainable Development Goals 5 and 8, which focus on Gender Equality, Decent Work, and Economic Growth.
