British International Investment (BII) has committed $50 million to Access Bank as part of a larger $295 million loan package led by FMO, the Dutch entrepreneurial development bank.
Gatekeepers News reports that the funding aims to strengthen Access Bank’s capital base, enabling it to better support underserved Small and Medium Enterprises (SMEs), particularly those led by women and youth.
According to BII, the funding will provide essential working capital to SMEs and enhance their resilience amid Nigeria’s economic crisis. The investment is part of BII’s ongoing support for Access Bank’s expansion plans in Africa, with a focus on deepening financial inclusion and stimulating business growth.
Jonny Baxter, British Deputy High Commissioner, emphasized the importance of empowering smaller businesses and women entrepreneurs, noting that this support will help businesses in underserved communities access finance and create jobs.
Benson Adenuga, Head of Office and Coverage Director, Nigeria at British International Investment, highlighted the company’s commitment to accelerating Nigeria’s recovery and empowering businesses playing a pivotal role in job creation, innovation, and economic diversification.
Roosevelt Ogbonna, Managing Director/Chief Executive Officer of Access Bank Plc, expressed appreciation for the partnership with FMO and BII, noting that the facility will enhance the bank’s capital reserves, strengthen Africa’s trade capabilities, and support growth across various sectors.
