Wema Bank secures €50m EIB facility to support SMEs

By Henry Obetta

Wema Bank has secured a Euro 50 million (N78.5 billion) financing facility from the European Investment Bank’s development arm, EIB Global, to expand access to credit for small and medium-sized enterprises (SMEs), with a strong focus on women- and youth-owned businesses.

The agreement, signed in Lagos, marks the first transaction between EIB Global and Wema Bank. Under the arrangement, at least 50 per cent of the loans will be directed at youth-owned enterprises, while the balance will support businesses owned, managed, employing, or primarily serving women.

Speaking at the signing ceremony, EIB Vice President, Ambroise Fayolle, said: “This first financial agreement with Wema Bank is an important contribution to strengthen youth employment, gender equality and women’s empowerment in Nigeria.”

He added: “We also support entrepreneurs in adopting best practices in green financing. This is our responsibility as the EU climate bank and a key partner of Global Gateway.”