$100 Million Credit Facility for Women-led SMEs by FirstBank and CDC/BII

UK Government's Development Finance Institution, CDC which is now being renamed as British International Investment (BII) has announced $100 million credit facility to First Bank of Nigeria. 

This facility will be available to Women-led business as well as SMEs in Nigeria. 

The fund will be channelized through FirstBank which has expansive network of over 700 branches and 150,000+ agents, leveraging its market leading expertise to scale financial solutions to under-banked entrepreneurs, particularly women. 

Adesola Adeduntan, Managing Director and CEO, FirstBank, said: “Beyond the mutual benefits this partnership offers to both organisations, this transaction offers yet, another occasion for FirstBank to contribute immensely, to the United Nation Sustainable Development Goals.”

Adesola also added, “Enabling financial inclusion for SMEs has been a strategic priority for FirstBank over the last 128 years.  Similarly, FirstBank has been at the forefront of financially empowering women-owned and women-led businesses on the continent.  This partnership with CDC/BII offers a fantastic opportunity to accelerate the momentum.”

CDC/BII will also offer technical assistance which will build on the FirstBank's existing knowledge base of women-led initiatives in its portfolio. Strengthening FirstBank's technical capabilities is being considered as important agenda. 

This facility comes in at a crucial juncture in Nigeria where nearly 59 million are unbanked. The fund is likely to create new opportunities for the marginalized groups and also accelerate financial inclusion. Nigeria is striving from all fronts to ensure microenterpreneurs, small business owners, unemployed youth to participate in the country's formal economy. 

FirstBank has been in the Microfinance Banking industry in Nigeria for a long time now. This facility will enable the Bank to further leverage the facility to provide vital funding to scale business growth across Nigeria’s market – increasing job creation and improving livelihoods throughout the country.

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