Wema Bank secures €50 million EIB loan to support SMEs

By Henry Obetta 

Wema Bank has obtained a €50 million (N78.5 billion) financing facility from the European Investment Bank’s development arm, EIB Global. The loan is intended to broaden credit access for small and medium‑sized enterprises, with a particular emphasis on businesses owned by women and youth.

The agreement, signed in Lagos, represents the first transaction between EIB Global and Wema Bank. Under the terms, at least 50 percent of the loans will be allocated to youth‑owned enterprises, while the remainder will support businesses that are owned, managed, employ, or primarily serve women.

At the signing ceremony, EIB Vice President Ambroise Fayolle remarked: “This first financial agreement with Wema Bank is an important contribution to strengthen youth employment, gender equality and women’s empowerment in Nigeria.”

Fayolle added: “We also support entrepreneurs in adopting best practices in green financing. This is our responsibility as the EU climate bank and a key partner of Global Gateway.”

EIB Global notes that the initiative is backed by the European Union’s Global Gateway programme and aligns with Nigeria’s Financial Inclusion Strategy. The bank will also provide technical assistance to Wema Bank under its Greening the Financial Sector Programme to enhance climate‑related lending and promote sustainable investments.

Wema Bank Managing Director and Chief Executive Officer Moruf Oseni commented on the deal: “As a bank whose legacy is rooted in empowerment, this agreement presents remarkable opportunities to scale our impact even further.”

He added: “This facility is strategically focused not only on helping more businesses access critical financial support, but also on addressing gender gaps and creating opportunities for Nigerian youths to become economically active and self‑employed.”

Oseni assured that qualified businesses, including participants in entrepreneurship programmes, would benefit from the funding.