Nigeria: Wema Bank Secures $50 Million Credit Facility With EBID

Wema Bank, a leading financial institution in Nigeria, has secured a $50,000,000 credit facility with the ECOWAS Bank for Investment and Development (EBID). The funds are earmarked to support and promote empowerment initiatives for Wema Bank’s diverse customer base. This significant agreement with EBID’s strategy is to impact SMEs in the sub-region through partnerships with influential financial institutions. With this facility, Wema Bank aims to expand its loan disbursement capacity, positively influencing more Nigerians and business owners nationwide, in line with the shared vision of empowerment.

Wema Bank’s Managing Director/CEO, Moruf Oseni, disclosed that Wema Bank’s unrelenting quest to drive impact and its mission of empowering lives through innovation, were what motivated this partnership with EBID. According to him, “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. Our mission is clear to empower lives through innovation and over the years, we have developed innovative ways to achieve it. With each solution, partnership, and initiative, we have evolved into a multifarious support system and enabler across different areas of the national ecosystem and through this partnership, more lives and businesses will be impacted nationwide.”

Shedding more light on the allocation strategy for the facility, Mr. Oseni added, “This credit facility is targeted for impact across two major areas—women and agriculture. Beyond creating women-specific solutions, we are critically acclaimed for supporting women and female businesses nationwide and now, we can take our impact to greater heights. 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. Food is another area that can make or break an economy; a country where the majority can feed comfortably has solved a chunk of its problems. With this facility, we will intensify our efforts and multiply our impact across these two sectors towards the creation of a better life for all.”

Wema Bank has sustained a reputable history of empowering and supporting its customers financially, digitally, and in every other significant way. Through this new partnership, EBID will help strengthen Wema Bank’s capacity to finance loans for SMEs, youth, students, corporates, and every other segment of its customers, beyond its already extensive range of impactful solutions. This groundbreaking partnership is unarguably a step in the right direction towards the continued achievement of Wema Bank’s mission of empowering lives through innovation.