Access Bank linked to Nigerian banker Aigboje Aig-Imoukhuede secures new deal to boost SME lending in Ghana

Omokolade Ajayi -
Key Points
  • IFC and Access Bank have partnered to provide $10 million for SME financing in Ghana, with a focus on supporting women-owned businesses.
  •  Access Bank aims to triple its women-owned SME loan portfolio to $60 million by 2028, boosting economic growth and job creation in Ghana.
  • The initiative targets sectors such as agriculture and renewable energy, with 25% of funding directed towards women-owned SMEs, reducing the gender credit gap.

The International Finance Corporation (IFC) has partnered with Access Bank, the flagship subsidiary of Access Holding, a leading financial services group led by Nigerian banker Aigboje Aig-Imoukhuede, to increase financing for small and medium-sized enterprises (SMEs) in Ghana.

The partnership is expected to drive economic growth, job creation, and particularly support women-owned businesses in the country.

As part of the deal, the IFC will provide up to $10 million in local currency for an unfunded risk-sharing facility. This facility will guarantee 50 percent of SME loans, capping loans at $20 million in Ghanaian cedi to mitigate currency risks.

The initiative targets sectors like agriculture, health, education, and sustainable industries, promoting energy efficiency and waste reduction. At least 25 percent of the funds will go to women-owned SMEs, aimed at closing the credit gap for female entrepreneurs.

Focus on women-owned businesses

Through this partnership, Access Bank is poised to triple its women-owned SME loan portfolio to $60 million by 2028, according to the bank’s Managing Director, Olumide Olatunji. He noted that the collaboration with IFC will enable Access Bank to provide crucial financial support to Ghanaian small businesses, driving their growth and contribution to the national economy.

The RSF is part of IFC’s Small Loan Guarantee Program, backed by the European Fund for Sustainable Development under the EU's Global Gateway strategy. In addition to financing, IFC will offer advisory services to improve Access Bank’s SME lending practices, helping businesses enhance their financial management capabilities.

Access Bank expands solar financing efforts

Access Bank, founded in 1988 and now part of Access Holdings, operates over 700 branches worldwide, serving 60 million customers across 22 markets, including sub-Saharan Africa, the UK, and Dubai. The bank employs 28,000 people in Nigeria and has representative offices in China, Lebanon, and India.

Demonstrating its commitment to sustainability, Access Bank recently launched the 'Switch to Solar' initiative, providing critical financing for renewable energy solutions. In partnership with the International Finance Corporation (IFC), Access Bank is now increasing financing for Ghana's small and medium-sized enterprises (SMEs). 

This collaboration builds on IFC's decade-long support for Ghana's economy, totaling nearly $2 billion in financing acrosss key sectors, including healthcare, energy, and agribusiness.