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HomeBusinessNigeria's Ecobank to target MSMEs with N50 bln 10-year bilateral credit ~CEO

Nigeria’s Ecobank to target MSMEs with N50 bln 10-year bilateral credit ~CEO

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Ecobank Nigeria on Wednesday said it plans to target Micro, Small and medium scale enterprises (MSMEs) and small corporates in the country with the N50 billion bilateral credit it secured recently.

Managing director of the bank, Patrick Akinwuntan has said the fund will deploy to further generate and bolster activities in the sector thereby driving the much-needed growth in the country, provide jobs and support wealth creation.

He pointed out that the bank recognises MSMEs as the drivers of post COVID-19 economic recovery for Nigeria.

“The proceeds of the financing will support MSMEs in the country and is particularly useful for this segment where access to bank loans is considered as the biggest impediment to growth.

“As MSMEs currently account for about half of the country’s gross domestic product and circa 96 percent of the total number of businesses, this support will definitely make a positive impact,” Akinwuntan was quoted as saying in a statement by the bank.

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He noted that “As an MSME friendly bank, we have been helping them with capacity building; providing simple and easy access to loans in various sectors including manufacturing, agriculture, creative industry, healthcare, general commerce and services.

“Our robust digital platforms help facilitate transaction convenience for our clients particularly during this Covid pandemic and helped with the ease of doing business.

Our award winning Omnilite digital banking platform helps businesses with a wide array of payment services electronically, while our POS machines and Ecobankpay solutions are widely deployed to assist with collections.”

Also speaking, the bank’s Executive Director, Commercial Banking, Carol Oyedeji said Ecobank has been supporting small businesses.

“The bank has entered strategic partnerships with various development institutions to support both funding and risk sharing for MSME lending across various sectors of the economy. Small business owners can therefore avail themselves of this opportunity presented to grow and further expand,” Oyedeji said.

On Monday, Ecobank Nigeria said it has secured N50 billion in 10-Year bilateral subordinated loan to help boost its capital adequacy ratio by 300 basis points.

It said the “transaction proceeds would be deployed to support Micro, Small and Medium Scale Enterprises (MSMEs) and Small Corporates.”

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