BII commits $50 million to Access Bank for Women-led SMEs

A development finance institution and impact investor of UK, British International Investment (BII) has made an announcement about a commitment of $50 million to Access Bank. This is a part of a loan package that consists of $295 million which is arranged by FMO.

Capital base of Access Bank shall get strengthened through this funding while allowing it to assist underserved Small, and Medium Enterprises (SMEs) that includes women-led and youth-led SMEs. It will also provide them with access to working capital while assisting resilience since Nigeria comes across its most severe economic crisis in a generation.

Additionally, British Deputy High Commissioner, Jonny Baxter stated, “When smaller businesses and women entrepreneurs are economically empowered, their whole community benefits. That is why the UK is providing new support with Access Bank to help businesses in underserved communities access finance to scale up their operations, create jobs and grow the economy. It also shows our commitment with the Nigerian Government to deepen our economic co-operation, boost growth and development opportunities across our countries.”

Adding to the statement, Head of Office and Coverage Director of Nigeria at British International Investment, Benson Adenuga said, “As a counter cyclical investor, we are proud to deepen our partnership with Access Bank to accelerate Nigeria’s recovery and empower businesses playing a pivotal role in the creation of jobs, innovation and economic diversification. By supporting the ambitions of SMEs including women and youth-led businesses, we can ensure a more inclusive and sustainable future for Nigeria.”