How to Apply for Access Bank’s $100 Million Loan For Female Entrepreneurs in Nigeria

• Access Bank has secured a $100 million facility from a global consortium to empower women-owned businesses in Nigeria
• The consortium is led by Germany’s DEG and includes  FinDev Canada, ILX Netherlands, and DFI OeEB in Austria
• The move is aimed at boosting women's enterprises in Nigeria, creating employment and reducing inequality

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

Nigeria’s largest bank by assets, Access Bank, has secured a $100 million senior facility from a global consortium, Development Finance Institutions (DFIs) led by DEG of Germany to disburse to women-led businesses in Nigeria.

The group also includes FinDev Canada, ILX Netherlands, and DFI OeEB in Austria, indicating a strategic boost for Nigeria's MSME industry and women-led businesses.

Women-led businesses to benefit more

The loan will allow Access Bank to disburse funding to MSMEs, small businesses, and family-owned enterprises nationwide.

According to reports, one of the critical features of the agreement is the 30% allocation of the local funds toward gender-lens in collaborations with 2X Challenge, a global scheme empowering women’s economic development.

The report disclosed that the partnership boosts the group’s ongoing efforts to empower women in business and reinforces its support for Nigeria’s MSME industry.

Access Bank’s CEO, Roosevelt Ogbonna, disclosed this during a recent briefing.

This year’s move is the fourth partnership between the Nigerian bank and DEG in the last eight years.

The loan facility will improve liquidity for women

However, it is the first time DEG has served as the top arranger in the collaboration.

MSME Africa reports that the German company’s contribution to the fund is about $25 million.

Experts say Nigeria continues to face a challenging economic situation, with women-led enterprises lacking access to capital and adequate funding.

The latest initiative is expected to raise employment opportunities, reduce inequality, and boost inclusive growth.

Roland Siller, DEG’s CEO, said the funding is a major step in the group’s support for inclusive growth on the continent, going beyond funding to creating sustainable, long-term opportunities for innovation and job creation.

Access Bank empowers 21 individuals in 2024

In 2024, Access Bank helped over 21 million individuals via its social investment schemes in education, health, environment, and entrepreneurship.

The bank’s W-initiative reportedly supported over one million women-led SMEs, solidifying its position as a leading financial institution in Nigeria.

The bank hopes to deepen its impact on underserved communities and build a resilient, equitable financial landscape in Nigeria and beyond.

FG earmarks $100 million for creatives

The development comes as the Nigerian government launched phase one of the Creative Economy Development Fund (CEDF) to provide sustainable financing for the country’s growing creative and cultural sectors. 

The fund, which was recently approved by the Federal Executive Council (FEC), was officially announced by the Ministry of Arts, Culture, Tourism, and Creative Economy. 

The fund aims to empower several sectors, positioning Nigeria as a global player and leader in creative industries.

FG clears 2 million households for N75,000 cash transfer

Legit.ng earlier reported that the Nigerian government has begun the revalidation exercise on the National Social Register to strengthen the conditional cash transfer programme and ease the impact of economic reforms.

About 2.3 million households have been confirmed and cleared for the payment under the revamped scheme.

Abisoye Coker-Odusote, the director general of the National Identity Management Commission (NIMC), confirmed this at a recent conference at the Commission’s headquarters in Abuja.

Source: Legit.ng