Wema Bank Secures €50M EIB Facility for SMEs

Wema Bank has entered into a €50 million financing agreement with the European Investment Bank (EIB) to support small and medium-sized enterprises (SMEs) in Nigeria, with a focus on businesses owned by youth and women. The agreement was signed on June 19, 2026, at Wema Bank's headquarters in Lagos, marking the first transaction between EIB and Wema Bank.

At least 50% of the loan is earmarked for youth-owned enterprises, promoting entrepreneurship and job creation. The agreement aligns with the European Union's Global Gateway program and Nigeria's financial inclusion strategy.

Additionally, the EIB facility will provide technical assistance to Wema Bank's green finance sector, supporting climate-related lending practices. The beneficiaries will include Wema Bank customers who qualify through selected accelerator programs, including the Invest in Young Businesses in Africa initiative.

EIB Vice President Ambroise Fayol described the agreement as a step towards promoting youth employment and gender inclusion in Nigeria. Wema Bank's Managing Director Moruf Oseni emphasized the opportunity to scale impact and address gender gaps in financial access.