Oikocredit invests USD 10 million in FCMB Limited to support Nigerian SMEs

Social impact investor Oikocredit invested USD 10 million in First City Monument Bank (FCMB) Limited to promote the growth of small and medium enterprises (SMEs) and agricultural enterprises in Nigeria. FCMB Limited focuses on poverty alleviation, empowerment and environmental sustainability.

Photo: ©IFAD/ Bernard Kalu

Investing in these sectors will help contribute to job creation, economic empowerment, and improving the livelihoods of low-income communities in Nigeria.

Acting Managing Director of FCMB, Yemisi Edun, said: “We are excited about this facility as it shows that Oikocredit truly believes in the growth potential of FCMB, the excellent corporate governance structures we have put in place and our strong performance over the years. We are committed to constantly providing opportunities that will enable our customers and other stakeholders to achieve their personal and business aspirations.”

Oikocredit’s Country Manager for Nigeria, Ufuoma Elizabeth Eghwerehe, said: “The Oikocredit loan to FCMB Limited will play an important role in providing credit to unbanked small and medium businesses during these challenging Covid-19 times. It will also enhance Oikocredit’s lending in Africa and promote its strategic objective of development impact by providing the much-needed loans in this time of crisis.’’

This article was originally published by Oikocredit.