Proparco and First City Monument Bank (FCMB) partner to strengthen access to finance SMEs in Agri business and women-led businesses in Nigeria. Proparco has signed three agreements on January 20, 2025, to support FCMB’s strategy to further strengthen its position in the SME market and expand its impact-driven financing activities.
Proparco has approved a $35 million senior credit line for FCMB, together with two guarantees – ARIZ for €3 million and Euriz for €6 million thanks to the support of the European Union (EFSD program). These transactions will enable FCMB to consolidate its medium- and long-term credit activities, specifically targeting SMEs. The funding will support FCMB in financing SMEs in high-potential sectors such as agriculture (90%) and women-led enterprises (10%), contributing to initiatives like FARM3 and CHOOSE AFRICA. Through these new transactions, Proparco enhances its historical partnership with FCMB, supported since 2014.
Recognised as one of Nigeria’s most SME-focused banks, FCMB has a proven track record in digital innovation with tailored solutions for its clients. The bank has been named Best SME Bank in Nigeria at the Asian Banker Middle East and Africa Regional Awards for two consecutive years.
The financing contributes to Sustainable Development Goals (SDG) such as SDG 2 (Zero Hunger) by facilitating access to financing for companies contributing to the production of essential food products such as rice and cooking oil, and SDG 8 (Decent Work and Economic Growth). This financing underscores FCMB and Proparco’s commitment to gender equality.
These projects align with Proparco’s 2023–2027 strategy which prioritizes investing in sustainable and resilient economies. This collaboration with a forward-thinking and committed bank like FCMB, allows Proparco to reaffirm its mandate to foster inclusive and impactful economic growth.
Djalal Khimdjee, Proparco’s Deputy Chief Executive Officer, commented: “This partnership with FCMB demonstrates our commitment to supporting impactful financial institutions in emerging markets. Together with FCMB, we are enabling the growth of SMEs, advancing gender equality, and strengthening food security in Nigeria. This is a vital step in building a sustainable and resilient economy.”
Yemisi Edun, the Managing Director of FCMB, said:” Our partnership with Proparco stems from our shared commitment to fostering inclusive and sustainable growth. By supporting SMEs in critical sectors like agriculture and women-led businesses, we are building a stronger and more resilient economy for all Nigerians. This latest support from Proparco will further accelerate our efforts to empower businesses, create jobs, and drive positive change across communities.”
This article was initially published by AFD.
