Banking
Wema Bank Secures $35m Funding Package to Support SMEs
By Dipo Olowookere
A funding package worth $35 million has been secured by Wema Bank Plc from two international banks to support the growth of Small and Medium scale Enterprises (SMEs) in the country.
Information made available to Business Post revealed that Wema Bank signed a Line of Credit Agreement with the African Development Bank (AfDB), which has already disbursed the $15 million agreed by both parties.
Also, the innovative bank, which pioneered Africa’s first fully digital bank called ALAT, has secured a $20 million LOC from the Islamic Corporation for the Development of the Private Sector (ICD). The agreement was signed at the 3rd Africa Islamic Finance Forum.
Commenting on the development, Managing Director of Wema Bank Plc, Mr Segun Oloketuyi, explained that the funds will help bolster the bank’s vision of building a sustainable retail sector by supporting micro, small and medium scale enterprises.
SMEs are one of the greatest contributors to Nigeria’s economic growth. Research has shown that the sector has a similar effect worldwide, contributing to over 55 percent of GDP and over 65 percent of total employment in high-income countries.
Also, SMEs account for over 60 percent of GDP and over 70 percent of total employment in low-income countries, while they contribute over 95 percent of total employment and about 70 percent of GDP in middle-income countries.
“We believe efforts like this, ultimately helps to create jobs, accelerate industrialization, redistribute wealth and fight poverty,” Mr Oloketuyi said.
Wema Bank, through its newly-launched ALAT, the first fully digital bank in Africa, will deploy the line of credit towards bolstering funding for SMEs in Nigeria.
On his part, Acting CEO and General Manager of ICD, Mr Mohammed Al Ammari, confirmed his excitement about the partnership, stressing that it will further deepen its footprint in Africa, where a significant portion of its investment portfolio is domiciled.
“ICD’s line of investment portfolio has been heavily concentrated in Africa over the years, seeking opportunities to grow funding for SMEs and provide economic-stimulating investments within the region,” he said.
Wema Bank has continued to grow its capacity to provide solutions tailored to suit the lifestyle of its customers and built to deliver value to all stakeholders.
Last May, the lender launched ALAT, a digital bank that allows you open an fully-functional account without visiting a physical branch.
Wema Bank incentivizes savings by putting a 10 percent interest rate on savings goal. ALAT customers can also save together as a group in a model similar to the popular Ajo or Esusu.
In reaching out to the unbanked and underbanked, the Bank also introduced Agent Banking services in all regions of the country. Through agents signed on to the service, Wema Bank takes banking services to existing customers and prospects wherever they may be.
By Modupe Gbadeyanka
In recognition of its strategic leadership in advancing the growth and resilience of small and medium-sized enterprises (SMEs), Union Bank of Nigeria Plc has been honoured by the Association of Small Business Owners of Nigeria (ASBON).
The lender was rewarded by the group for its suite of solutions designed to enable business expansion and long-term value creation.
At the Nigeria National SME Business Awards, held recently in Lagos, Union Bank was given the Best SME Growth Banking Initiatives Award for 2025.
The ceremony was organised by ASBON in partnership with the Lagos State government through the Ministry of Commerce, Cooperatives, Trade and Investment.
The event convened stakeholders from the public and private sectors to recognise individuals and organisations driving meaningful impact across Nigeria’s SME ecosystem.
Receiving the award on behalf of the bank, its Head of SME Segment, Mr Ayokunnumi Abraham, described the recognition as a strong endorsement of the organisation’s commitment to supporting small and medium-sized businesses.
“We are honoured to receive this recognition, which reflects Union Bank’s continued commitment to helping SMEs grow by making banking simpler, faster, and more accessible.
“Through enhancements to our specialised platforms such as Union360, we have meaningfully reduced the time it takes for businesses to come on board and begin transacting.
“These improvements have shortened onboarding, increased digital adoption among our SME customers, and supported the acquisition of new business clients. Our focus remains on delivering practical solutions that help Nigerian businesses thrive,” he stated.
By Modupe Gbadeyanka
The stellar contributions of Polaris Bank Limited to youth employment, talent development, and workforce empowerment across Nigeria have not gone unnoticed, as the company was recently recognised at an event in Lagos.
At the 2026 Jobberman Partners’ Convening, the financial institution was bestowed with the Private Sector Champion Award.
The award recognises private sector organisations that have demonstrated exceptional commitment and leadership in advancing youth employability through impactful recruitment initiatives, graduate trainee programmes, executive hiring support, candidate assessment programmes, and strategic partnerships that create sustainable career opportunities for young Nigerians.
Themed From Impact to Action: Collectively Designing the Future of Youth Employment in Nigeria, the convening focused on fostering collaboration between the private sector and other stakeholders to expand access to meaningful employment opportunities and equip young Nigerians with the skills and opportunities required to succeed in an evolving economy.
On the recognition, Jobberman commended Polaris Bank for consistently going beyond transactional partnerships to deliver measurable impact within Nigeria’s employment ecosystem. The renowned recruitment firm described Polaris Bank as a credible and purpose-driven institution committed to advancing youth employability and supporting the future of work in Nigeria.
The Head of Talent Management at Polaris Bank, Ms Cynthia Sanyaolu, reaffirmed the lender’s commitment to empowering young Nigerians and strengthening the nation’s workforce through strategic people-focused initiatives designed to create long-term economic and social impact.
“This recognition reflects Polaris Bank’s unwavering belief in the potential of the Nigerian youths and our commitment to building platforms that enable them to thrive professionally and economically.
“At Polaris Bank, we see talent development and youth empowerment as critical drivers of national growth and sustainable development,” she stated.
Over the years, Polaris Bank has continued to invest in initiatives that promote learning, career growth, workforce inclusion, and economic empowerment.
Through strategic Graduate Trainee recruitment programmes via its flagship Polaris Graduate Intensive Training (PGIT) and Polaris Tech Ignite Training (TechIGNITE), among other talent development initiatives, and collaborative partnerships, the bank remains committed to supporting the next generation of Nigerian professionals while contributing to national development.
By Aduragbemi Omiyale
Plans are underway by Ecobank Transnational Incorporated (ETI) to approach the international debt market for a capital raise.
The parent company of the Ecobank Group intends to use proceeds from the proposed exercise to refinance “the concurrent any-and-all tender offer of the ETI $350 million 8.750 per cent tier 2 notes due June 2031.”
However, the issuance of the notes is subject to prevailing market conditions and the conclusion of the necessary transaction documentation, a statement signed by the organisation’s chief financial officer, Mr Ayo Adepoju, stressed.
After issuance, the debt instrument may be listed on the London Stock Exchange, with the expectation that the bonds will be traded on its regulated market.
Ecobank noted that it would allocate an amount equivalent to the full net proceeds of the issue of the notes to finance or refinance, in part or in full, new and/or existing eligible assets as described in its Green Bond Framework (Ecobank-Sustainability), as amended and supplemented from time to time.
Ecobank, which has banking operations in 34 countries in Africa, is listed on the Nigerian Exchange (NGX) Limited, the Ghana Stock Exchange and the Bourse Régionale des Valeurs Mobilières (Stock Exchanges).
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