Oikocredit invests USD 10 million in FCMB Limited to support Nigerian SMEs and agricultural enterprises
This is Oikocredit’s first investment in the bank, which aims to support low-income communities by increasing its lending to SMEs and agricultural enterprises during the Covid-19 pandemic.
03 June 2021, Amersfoort, the Netherlands – Social impact investor Oikocredit invested USD 10 million in First City Monument Bank (FCMB) Limited to promote the growth of small and medium enterprises (SMEs) and agricultural enterprises in Nigeria. FCMB Limited focuses on poverty alleviation, empowerment and environmental sustainability.
Investing in these sectors will help contribute to job creation, economic empowerment, and improving the livelihoods of low-income communities in Nigeria.
Acting Managing Director of FCMB, Yemisi Edun, said: “We are excited about this facility as it shows that Oikocredit truly believes in the growth potential of FCMB, the excellent corporate governance structures we have put in place and our strong performance over the years. We are committed to constantly providing opportunities that will enable our customers and other stakeholders to achieve their personal and business aspirations.”
Oikocredit’s Country Manager for Nigeria, Ufuoma Elizabeth Eghwerehe, said: “The Oikocredit loan to FCMB Limited will play an important role in providing credit to unbanked small and medium businesses during these challenging Covid-19 times. It will also enhance Oikocredit’s lending in Africa and promote its strategic objective of development impact by providing the much needed loans in this time of crisis.’’
Social impact investor and worldwide cooperative Oikocredit has 45 years of experience funding organisations active in financial inclusion, agriculture and renewable energy.
Oikocredit’s loans, equity investments and capacity building aim to enable people on low incomes in Africa, Asia and Latin America to improve their living standards sustainably.
Oikocredit finances 544 partners, with total outstanding capital of € 856.3 million (as at 31 March 2021). For more information see: www.oikocredit.coop.
FCMB is the retail and commercial banking arm of FCMB Group Plc, a financial services Group with operations in Nigeria and the United Kingdom. From its early origins as an investment bank, FCMB transitioned into a full-fledged commercial bank in 2012 and has since grown to become one of the top 10 banks in Nigeria by total assets. Through its network of 205 branches, FCMB serves more than 4.5 million customers across Nigeria. The bank focuses on niche segments including mid-market corporates, retail, agriculture and SMEs.
Note for editors
For more information or to request an interview, please contact Jasmin Panjeta, Communications Business Partner, Oikocredit International, telephone: +31 33 422 4040, email: firstname.lastname@example.org
- 24 June 2021 - Oikocredit invests € 2.3 million in Fin’Elle to support women entrepreneurs in Côte d'Ivoire
- 10 June 2021 - Oikocredit invests USD 2.5 million in Grace and Mercy to expand lending to women in rural communities across Nigeria
- 03 June 2021 - Oikocredit invests USD 10 million in FCMB Limited to support Nigerian SMEs and agricultural enterprises