Nigeria: First City Monument Bank at the bedside of female entrepreneurship
The Board of Directors of the African Development Bank (AfDB) has approved a $ 50 million loan to the First City Monument Bank (FCMB). This amount is intended for local businesses and women-empowered businesses in the agribusiness, manufacturing, health and renewable energy sectors.
“The AfDB is pleased to support FCMB’s strategy to become a dominant player to meet the financing needs of local businesses. This project will extend valuable resources to critical but underserved segments during the ongoing Covid-19 pandemic, with its negative macroeconomic impacts, ”said Stefan Nalletamby, AfDB Director of Financial Sector Development.
In addition, the Pan-African Bank will provide a technical assistance grant of $ 200,000 through its Positive Financing Action for Women in Africa (AFAWA) initiative supported by the Women’s Entrepreneurship Financing Initiative.
The grant is expected to complement the loan by enabling FCMB to provide non-financial services, including training, and strengthen its monitoring and reporting functions.
FCMB is a Nigerian commercial bank with approximately 5 million customers. Its total assets were around $ 5 billion at the end of 2020.