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Wednesday, May 29, 2024

DFC and Access Bank sign a $280 million deal to finance SMEs in Nigeria

by Mitchelle Uzorka

The United States International Development Finance Corporation (DFC) and Access Bank have officially signed a commitment letter for $280 million to help address the financing issues for small- and medium-sized enterprises (SMEs) in Nigeria.

This development was confirmed by US Embassy in a statement issued Monday which said the commitment letter was signed by DFC CEO, Scott Nathan and Access Bank Managing Director, Roosevelt Ogbonna in Lagos Monday.

Nathan said the DFC financing for Access Bank would provide needed liquidity given the global economic downturn caused by the COVID-19 pandemic.

He added that the intervention was expected to support at least 4,000 new SME loans in Nigeria.

Meanwhile, in recognition of its commitment to achieving sustainable business continuity, Access Bank has been conferred the MSECB Management System Certificate in accordance with the management system requirements in ISO 37301:2021.

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