Wema Bank’s Empowerment Boost: $50 Million Credit Facility with ECOWAS
In a groundbreaking move, Wema Bank, Nigeria’s leading financial institution, has entered into a strategic partnership with the ECOWAS Bank for Investment and Development (EBID). The signing ceremony for the $50 million credit facility took place in Lome, Togo, on Monday, November 20, 2023, marking a significant step in empowering Wema Bank’s diverse customer base.
Unveiling the Empowerment Strategy: Focus on Women and Agriculture
Moruf Oseni, Wema Bank’s Managing Director/CEO, revealed that the partnership with EBID aligns with Wema Bank’s commitment to impact SMEs and empower lives through innovation. The $50 million credit facility will further enhance Wema Bank’s loan disbursement capacity, with a specific focus on empowering women and fostering growth in the agricultural sector.
Targeted Impact: Women and Agriculture at the Forefront
Mr. Oseni emphasized that the credit facility’s allocation is strategically targeted at two major areas—women and agriculture. Recognizing the pivotal role of women in societal progress, Wema Bank aims to amplify its support for women-specific solutions and female businesses nationwide. Additionally, the funds will intensify efforts in the agricultural sector, recognizing the crucial role of food security in economic stability.
ECOWAS President’s Endorsement: Aligning with Sustainable Development Goals
George Agyemkum Donkor, the President and Chairman of the Board of Directors at ECOWAS, lauded the partnership, emphasizing the importance of empowering women and supporting the agricultural sector. He highlighted the alignment of the credit facility with Sustainable Development Goals (SDGs) 5 (gender equality) and 2 (food security), acknowledging Wema Bank’s role in driving the Nigerian economy.
Sustaining Wema Bank’s Legacy: Empowering Lives through Innovation
Wema Bank, known for its history of empowering customers, has added another chapter to its legacy through this partnership. The collaboration with EBID will strengthen Wema Bank’s capacity to provide financial support to various segments, including SMEs, youth, students, and corporates. This strategic move reinforces Wema Bank’s commitment to empowering lives through innovation.
About EBID and Wema Bank: Driving Development and Resilience
Providing context, the article introduces the ECOWAS Bank for Investment and Development (EBID) as a regional investment and development bank. Wema Bank, as the pioneer of Africa’s first fully digital bank, ALAT, is highlighted as one of Nigeria’s most resilient banks with a legacy of trust and resilience, serving over one million individuals, families, and businesses across Nigeria.
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