Access Bank, DEG Launch $100M Fund for Nigerian MSMEs and Women Entrepreneurs

Empowering Small Businesses and Advancing Gender Finance in Nigeria

In a landmark move that underscores their commitment to supporting the growth and development of micro, small and medium enterprises (MSMEs) in Nigeria, Access Bank plc, a leading Pan-African financial institution, and DEG, a subsidiary of Germany's KfW Group, have joined forces to unlock a strategic $100 million senior loan facility. This groundbreaking partnership aims to empower Nigerian small businesses, with a particular focus on women-led enterprises, to thrive and contribute to the country's economic prosperity.

The signing of this transformative agreement took place on the sidelines of the prestigious Africa CEO Forum in Abidjan, Côte d'Ivoire, solidifying the shared vision of Access Bank and DEG to drive financial inclusion and spur entrepreneurial growth across the African continent, starting with Nigeria.

Addressing the MSME Financing Gap in Nigeria

Access to capital has long been a critical challenge for small businesses in Nigeria, hindering their ability to grow, innovate, and create much-needed employment opportunities. According to industry estimates, over 90% of registered companies in Nigeria are classified as MSMEs, yet they often struggle to secure the necessary financing to scale their operations and reach their full potential.

This new $100 million facility, which is a joint effort between Access Bank, DEG, FinDev Canada, and the Austrian Development Bank, aims to bridge this financing gap and empower Nigerian entrepreneurs to unlock their true potential. By providing access to long-term, affordable financing, the partners hope to catalyze the growth of MSMEs, particularly those led by women, and drive sustainable economic development across the country.

Empowering Women Entrepreneurs in Nigeria

At the heart of this partnership is a strong focus on advancing gender finance and supporting women-led businesses in Nigeria. The facility will prioritize lending to enterprises owned or managed by women, recognizing the crucial role they play in driving economic progress and job creation.

According to the Access Bank leadership, women-owned and -led businesses represent over 90% of the registered corporate entities in Nigeria and are a significant employer of labor in the country. By channeling resources towards these enterprises, the partners aim to unlock the vast untapped potential of Nigerian women entrepreneurs, empowering them to grow their businesses, create jobs, and contribute to the overall economic development of the nation.

Diversifying Sectoral Reach and Supporting Innovation

The $100 million facility is designed to be sector-agnostic, allowing Access Bank to deploy the funds across a wide range of industries and business models. This approach recognizes the diverse nature of the Nigerian MSME landscape, where entrepreneurs are driving innovation and growth in sectors ranging from agriculture and manufacturing to technology and services.

By adopting a flexible and inclusive lending strategy, the partners hope to support a wide array of small businesses, from those seeking working capital to fuel their day-to-day operations to those in need of longer-term financing for asset acquisition and expansion. This holistic approach aims to cater to the varied financing needs of Nigerian MSMEs, enabling them to unlock new opportunities for growth and success.

Strengthening the Access Bank-DEG Partnership

The $100 million facility represents the fourth loan agreement between Access Bank and DEG, further solidifying their long-standing and trusted partnership. This latest collaboration builds on the institutions' shared commitment to driving financial inclusion and supporting the growth of small businesses across Africa, with Nigeria serving as a strategic anchor for their joint efforts.

Roland Michelitsch, a representative from DEG, emphasized the significance of this partnership, stating, "It's a milestone signing with our long-trusted partner Access Bank Nigeria. This $100 million facility is not just about capital; it's about creating opportunities and helping micro-entrepreneurs, small and medium-sized companies in Nigeria to have access to finance, to create a future for their businesses and for the people."

Aligning with the Sustainable Development Goals

The Access Bank-DEG partnership aligns closely with the United Nations Sustainable Development Goals (SDGs), particularly SDG 5 (Gender Equality), SDG 8 (Decent Work and Economic Growth), and SDG 9 (Industry, Innovation, and Infrastructure). By channeling resources towards women-led enterprises and supporting the growth of MSMEs, the partners are actively contributing to the achievement of these global development objectives.

This strategic collaboration not only addresses the pressing financing needs of Nigerian small businesses but also serves as a catalyst for inclusive and sustainable economic development. By empowering entrepreneurs, particularly women, to thrive and expand their operations, the partners are paving the way for job creation, innovation, and the overall strengthening of Nigeria's MSME ecosystem.

Expanding Reach and Impact Across Africa

While the immediate focus of this partnership is on Nigeria, the long-term vision of Access Bank and DEG extends beyond the country's borders. As Roland Michelitsch noted, "Whilst we expand outside of the Nigerian business, it is clear that Nigeria remains the anchor, and this partnership with DEG that is being evidenced by the signing of this $100 million facility is clear evidence of the growing relationship and the impact that we want to make in the African continent, starting with Nigeria."

By leveraging their combined expertise and resources, the partners aim to replicate the success of this initiative in other African markets, contributing to the continent's overall economic transformation and the empowerment of small businesses and women entrepreneurs across the region.

Conclusion: A Transformative Partnership for Nigerian MSMEs

The $100 million senior loan facility between Access Bank and DEG represents a significant milestone in the journey towards financial inclusion and the empowerment of small businesses in Nigeria. By addressing the critical financing gap faced by MSMEs, particularly those led by women, this partnership has the potential to unlock new avenues for growth, innovation, and job creation, ultimately contributing to the sustainable development of the Nigerian economy.

As Access Bank and DEG continue to deepen their collaboration and expand their reach across Africa, this landmark agreement serves as a testament to the power of strategic partnerships in driving positive change and creating a more inclusive and prosperous future for all. Through this initiative, the partners are not only supporting the dreams and aspirations of Nigerian entrepreneurs but also paving the way for a more equitable and resilient economic landscape across the continent.

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