Wema Bank Secures €50 Million Deal with EIB Global to Boost SMEs, Youth, and Women

Wema Bank has secured a significant €50 million (approximately N78.5 billion) financing agreement with EIB Global, the European Investment Bank's development arm, aimed at expanding access to credit for small and medium-sized enterprises (SMEs) across Nigeria. The agreement, signed at Wema Bank's headquarters in Lagos, marks the first collaboration between the two institutions.

The facility prioritizes supporting youth and women entrepreneurs, with at least 50% of the loans earmarked for youth-owned enterprises to foster entrepreneurship and job creation. The remaining 50% will target businesses owned, managed, or primarily serving women. This initiative is backed by the European Union's Global Gateway program and aligns with Nigeria's Financial Inclusion Strategy, promoting inclusive economic growth.

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This first financial agreement with Wema Bank is an important contribution to strengthen youth employment, gender equality and women’s empowerment in Nigeria. We also support entrepreneurs in adopting best practices in green financing. This is our responsibility as the EU climate bank and a key partner of Global Gateway.

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

Ambroise Fayolle, EIB Vice President, highlighted the agreement's role in promoting youth employment and gender equality 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," he stated. Moruf Oseni, Managing Director and CEO of Wema Bank, expressed that the facility will enable the bank to deepen its support for underserved economic segments and scale its impact, particularly in addressing gender gaps and empowering Nigerian youth.

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