Access Holdings Plc, a pan-African financial services organization led by Nigerian multimillionaire Herbert Wigwe, has received $280 million in funding from the Development Finance Corporation (DFC) to promote small and medium-sized enterprises (SMEs) in Nigeria.
The pan-African financial group announced that the credit line, which coincides with its objective of increasing private sector participation in the country, will be used to fund SMEs as part of its mission to build shared wealth.
The credit line will be disbursed to assist the operations of SMEs in the best performing sectors of the Nigerian economy and will benefit at least 4,000 small enterprises in Nigeria, with special focus placed on female-owned small firms in non-oil industries.
DFC CEO Scott Nathan stated that the investment in Access Bank exemplifies the United States’ support for private sector-led development in Nigeria and throughout West Africa.
He went on to add that the $280-million loan will be used to increase financial inclusion in Nigeria and empower women, thereby boosting the country’s economy.
Access Bank is a subsidiary of Access Holdings, Nigeria’s largest financial services group and a transnational banking conglomerate with activities in more than 10 African nations, including South Africa, Ghana, Kenya, Nigeria, Rwanda, Gambia, and Mozambique.
The group also has active operations in the United Kingdom, China, India, Lebanon, and the United Arab Emirates.
Access Holdings raised $1.7 million from foreign donors during its Charity Polo Tournament about two weeks ago to boost education in Nigeria, as it moves to build and equip more than 100 classroom blocks in underserved areas of the country.
