One of Nigeria’s leading financial institutions, Access Bank has said that it is committed to helping Small and Medium Enterprises (SMEs) recover from the impact of the COVID-19 pandemic.
The Group Managing Director of the bank, Herbert Wigwe stated this after the bank secured a $50 million loan from the International Finance Corporation (IFC).
He said the funds would “help Access Bank Plc increase its liquidity to several Nigerian small and medium-sized enterprises (SMEs) in navigating the economic challenges of COVID-19”.
“In Nigeria, SMEs contribute over 45 per cent of national Gross Domestic Product, accounting for about 96 per cent of businesses and 84 per cent of employment. Access Bank, therefore, recognises the importance of SMEs to economic stability and is going the extra mile to ensure that such businesses are adequately financed to weather these testing times. IFC’s funding will not only enable us to extend financial relief to our clients across all sectors during the pandemic but beyond the COVID-19 crisis as well. Our partnership with IFC will help Nigerian businesses weather COVID-19 and set a course for recovery,” he added.