Wema Bank Partners with ECOWAS Bank, Secures $50M

Wema Bank, Nigeria’s leading financial institution, has joined forces with the ECOWAS Bank for Investment and Development (EBID), sealing a $50 million credit facility deal. This collaboration, signed in Lome, Togo, on Monday, November 20, 2023, is set to pave the way for impactful empowerment initiatives tailored for Wema Bank’s diverse customer base.

Aligned with EBID’s strategy to bolster Small and Medium Enterprises (SMEs) in the region, this credit facility allows Wema Bank to expand its loan disbursement capacity, reaching more Nigerians and business owners. Moruf Oseni, Wema Bank’s Managing Director/CEO, highlighted the bank’s commitment to innovation-driven impact and its mission to empower lives as the driving force behind this partnership.

Oseni emphasized that the $50 million facility would focus on two key areas—women empowerment and agriculture. Recognizing the pivotal role of women in society, he stressed the importance of supporting female businesses nationwide. Additionally, the funds will be directed towards the agricultural sector to contribute to food security, a crucial aspect of economic stability.

George Agyemkum Donkor, President and Chairman of the Board of Directors at ECOWAS, expressed anticipation for this long-awaited partnership. He underscored the significance of empowering women and providing resources for the agricultural sector, aligning with Sustainable Development Goals (SDGs) 5 and 2—gender equality and food security.

This strategic collaboration aims to strengthen Wema Bank’s capacity to finance loans across various segments, including SMEs, youth, students, and corporates. With a history of supporting customers in numerous ways, Wema Bank’s partnership with EBID marks a significant step towards achieving its mission of empowering lives through innovation.

About EBID: The ECOWAS Bank for Investment and Development (EBID) stands as a prominent regional investment and development bank, financing credible projects across diverse sectors. Established by the 15 Member States of the Economic Community of West African States (ECOWAS), including Nigeria, EBID plays a vital role in fostering economic development in the region.