Wema Bank Plc has announced its signing of a credit line agreement with the African Development Bank (AfDB) to grow financial support to small and medium scale businesses in Nigeria.
According to a statement from the bank, the AfDB had already disbursed the $15 million agreed with the multilateral development finance institution.
In addition, the bank said it also secured another $20 million from the Islamic Corporation for the Development of the Private Sector (ICD).
The agreement was signed at the 3rd Africa Islamic Finance Forum.
The bank explained that the credit would be channeled towards funding SMEs operating in Nigeria.
According to the Managing Director of Wema Bank, Segun Oloketuyi, the funds would help bolster the bank’s vision of building a sustainable retail sector by supporting MSMEs.
“We believe efforts like this, ultimately helps to create jobs, accelerate industrialisation, redistribute wealth and fight poverty,” Oloketuyi said.
Wema Bank, through its newly-launched ALAT, the first fully digital bank in Africa, will deploy the line of credit towards bolstering funding for SMEs in Nigeria.
On his part, the Acting CEO and General Manager of ICD, Mohammed Al Ammari said the partnership would further deepen its footprint in Africa, where a significant portion of its investment portfolio is domiciled.
He added: “ICD’s line of investment portfolio has been heavily concentrated in Africa over the years, seeking opportunities to grow funding for SMEs and provide economic-stimulating investments within the region.”
Wema Bank has continued to grow its capacity to provide solutions tailored to suit the lifestyle of its customers and built to deliver value to all stakeholders. Last May, the Bank launched ALAT, a digital bank that allows you open a fully-functional account without visiting a physical branch.