Wema Bank, Nigeria’s premier financial institution known for its innovative approach, has inked a credit facility of $50 million with the ECOWAS Bank for Investment and Development (EBID).
The allocated funds are specifically earmarked to bolster empowerment initiatives for Wema Bank’s diverse customer base. The signing ceremony took place on Monday, November 20, 2023, in Lome, Togo.
This $50 million credit facility aligns with EBID’s strategy to positively impact Small and Medium Enterprises (SMEs) across the sub-region through collaborations with banks and reputable financial institutions with significant reach.
With this financial injection, Wema Bank aims to expand its existing loan disbursement capacity, further contributing to the empowerment of more Nigerians and business owners nationwide.
Moruf Oseni, Managing Director/CEO of Wema Bank, highlighted the institution’s commitment to making a positive impact and empowering lives through innovation. He emphasized the significance of the partnership with EBID in achieving these goals, stating, “Banking without impact or value is nothing, which is why we continue to find new ways to positively impact the lives of our customers and our society.”
Oseni revealed that the credit facility would be strategically directed toward two key areas—women empowerment and agriculture. The bank, renowned for supporting women and female-led businesses, aims to extend its impact further through this partnership.
He expressed his belief in the importance of empowering women, stating, “It is a personal philosophy of mine that any society that fails to empower women is flying on one wing, so we will not leave anyone behind on this journey of positive impact.”
George Agyemkum Donkor, President and Chairman of the Board of Directors at ECOWAS Bank, emphasized the importance of women empowerment and the need to provide resources to the agricultural sector. He praised Wema Bank’s role in driving the Nigerian economy and highlighted the impact of the credit facility on Sustainable Development Goals (SDGs) related to food security and gender equality.
The credit facility, aimed at supporting the Agro Industry and empowering women in the SME industry, aligns with SDGs 2 and 5, addressing food security and gender equality.
This partnership positions Wema Bank to continue its legacy of supporting customers across various segments, including SMEs, youth, students, and corporates, with enhanced financial solutions. The collaboration with EBID signifies a significant stride toward Wema Bank’s mission of empowering lives through innovation.