Dipo Olowookere
By Dipo Olowookere
A credit facility of N500 million has been granted to a Nigerian lender, Accion Microfinance Bank (Accion MFB) for use in the growth of small and medium-sized enterprises in the country.
The loan was given by Citibank Nigeria as part of efforts to enhance the development of microfinance sector in the country as well as SMEs.
Citibank Nigeria chief executive, Mr Akin Dawodu, stated that “Citi is committed to working with microfinance partners in support of the national financial inclusion strategy by availing credit to micro and small enterprises in Nigeria.”
“We are delighted to partner with microfinance enablers such as OPIC and Accion MFB for the benefit of SMEs and micro entrepreneurs, thereby contributing to the economic development of the country,” he added.
It was noted that the loan deal will also support the Central Bank of Nigeria National Financial Inclusion Strategy (NFIS) to reduce the number of excluded population by bringing them into the formal banking fold.
Managing Director of Accion MFB, Mrs Bunmi Lawson, explained that, “This funding from Citibank will enable Accion Microfinance Bank expand its financial services to a larger number of micro entrepreneurs across the country leading to economic empowerment and job creation for more Nigerians.
“We hope that other financial institutions will emulate Citibank by providing loans to the Microfinance banks which will in turn ensure that we truly meet the credit needs of the average Nigerian entrepreneur.”
