Wema Bank, EIB Global Sign €50m Deal for SMEs

Wema Bank and EIB Global have entered into a €50 million (approximately ₦78.5 billion) financing agreement aimed at expanding access to credit for small and medium-sized enterprises (SMEs) in Nigeria, with a particular focus on businesses owned by youth and women. This agreement, signed at Wema Bank's headquarters in Lagos, marks the first transaction between EIB Global and Wema Bank.

According to a statement released, at least 50% of the loans will be earmarked for youth-owned enterprises to promote entrepreneurship and job creation, contributing to economic growth. The agreement aligns with the European Union's Global Gateway program and Nigeria's financial inclusion strategy.

Additionally, EIB Global will provide technical assistance to Wema Bank to enhance its green financing sector. The deal was described by EIB Vice President Ambroise Fayol as a significant step towards promoting youth employment and gender equality in Nigeria.

Moruf Oseni, Managing Director and Chief Executive Officer of Wema Bank, emphasized the opportunity to scale impact and address gender gaps while supporting qualified businesses.