Wema Bank, EIB Global sign €50m SME financing deal

Wema Bank has secured a significant €50 million financing agreement with EIB Global, the European Investment Bank's development arm, to expand credit access for Small and Medium-sized Enterprises (SMEs) across Nigeria. This facility is strategically focused on businesses owned by women and youth, aiming to foster entrepreneurship and inclusive economic growth.

“

This first financial agreement with Wema Bank is an important contribution to strengthen youth employment, gender equality and women’s empowerment in Nigeria.

The agreement, signed in Lagos, marks the first collaboration between EIB Global and Wema Bank. According to both institutions, at least 50 percent of the loans will be directed towards youth-owned enterprises, promoting job creation and economic participation. The remaining 50 percent will support businesses owned, managed, or primarily serving women. This initiative aligns with Nigeria's Financial Inclusion Strategy and is backed by the European Union's Global Gateway program.

Beyond financial support, EIB Global will provide technical assistance to Wema Bank through its Greening the Financial Sector program. This support aims to strengthen the bank's capacity in climate-related lending and promote environmentally sustainable investments. Beneficiaries will include existing Wema Bank customers with qualifying businesses and graduates from accelerator programs, such as the Investing in Young Businesses in Africa initiative.

“

As a bank whose legacy is rooted in empowerment, this agreement presents remarkable opportunities to scale our impact even further.

EIB Vice President Ambroise Fayolle described the agreement as a crucial step towards boosting youth employment and gender inclusion in Nigeria. "This first financial agreement with Wema Bank is an important contribution to strengthen youth employment, gender equality and women’s empowerment in Nigeria," Fayolle stated. Wema Bank's Managing Director and CEO, Moruf Oseni, added that the facility would enable the bank to deepen its support for underserved segments of the economy, reinforcing its commitment to inclusion and economic empowerment for Nigerian youths.

“

In tandem with our commitment to inclusion, this facility is strategically focused not only on helping more businesses access critical financial support, but also on addressing gender gaps and creating opportunities for Nigerian youths to become economically active and self-employed.