Wema Bank, EIB Global Sign N78.5bn Youth and Women Loan

Wema Bank has entered into a financing agreement with EIB Global, the development arm of the European Investment Bank, amounting to N78.5 billion. This agreement is designed to enhance access to credit for small and medium-sized enterprises (SMEs) in Nigeria, with a specific focus on businesses owned by women and youth.

At least 50% of the loan is earmarked for youth-owned enterprises, promoting entrepreneurship and job creation while contributing to economic growth. The remaining 50% will target businesses managed primarily by women.

The signing ceremony featured EIB Vice President Ambroise Fayol, who described the agreement as a significant step towards promoting youth employment and gender equality in Nigeria. Moruf Oseni, the Managing Director and Chief Executive Officer of Wema Bank, emphasized the importance of this agreement in strengthening youth employment and empowering women, as well as supporting entrepreneurs in adopting best practices in green finance.