Wema Bank signs $50million facility with ECOWAS Bank

Nigeria’s foremost financial institution and leading innovator, Wema Bank, has signed a credit facility of $50m with the ECOWAS Bank for Investment and Development (EBID).

The fund is reserved specifically to support and promote empowerment initiatives for Wema Bank’s diverse customers.

According to Wema Bank, the facility was signed at an event held in Lome, Togo.

The $50,000,000 Credit Facility assigned to Wema Bank aligns with EBID’s strategy of impacting SMEs across the sub-region via partnerships with banks and reputable financial institutions that have a significant reach within the subregion.

Wema Bank’s Managing Director/CEO, Moruf Oseni, disclosed that the bank’s unrelenting quest to drive impact and its mission of empowering lives through innovation, were what motivated the partnership with EBID.

He stated that the facility “Is targeted for impact across two major areas—women and agriculture, adding, “Beyond creating women-specific solutions, we are critically acclaimed for supporting women and female businesses nationwide and now, we can take our impact to greater heights.”

President and Chairman of the Board of Directors at ECOWAS, George Agyemkum Donkor, emphasised the importance of women empowerment and the need to continue providing actors in the agricultural sector with resources to enhance produce.