First Bank Nigeria Ltd. announced a partnership with the United Kingdom’s government-owned development bank, CDC Group, in securing a N41.5 billion facility.
The bank said the facility will channel funding to women-owned and led businesses and also local Small and Medium-sized enterprises in Nigeria.
Making Financial Inclusion A Reality
The partnership will support the bank in delivering financial solutions for underbanked and financially excluded members of the society.
The bank will be allocating about 12.5 billion nairain credit facilities for women entrepreneurs and will also be supporting its new product offering, FirstGem, which is intended to boost gender inclusion by improving the bank’s lending to women business founders.
The partnership between the Nigerian bank and its UK parent company will be renamed British International Investment from April, the Nigerian bank said in a statement yesterday.
Putting The Underbanked On The Financial Map
A statement from First Bank said CDC’s promise will make an extended offer available to all of its customers, including the 59 million financially marginalised members of society that allow them to participate in the formal economy.
Nick O’Donohoe, the chief executive officer of CDC, stated that an important aspect of growing productive, lasting growth in rural and urban areas in Nigeria is financial inclusion.
Bank First CEO “Adesola Adedutan” said that not only do the two organizations benefit from this partnership, but that both organizations also have an opportunity to contribute to sustainable and inclusive growth in Nigeria.
For additional information, please contact:
First Bank of Nigeria Limited: Folake Ani-Mumuney
CDC Group: Andrew Murray-Watson | M: +44 7515 695232
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