Glamtush
No Result
View All Result
  • Home
  • News
    • Education
    • Health
    • Metro/Crime
    • Nigeria News
    • Photo News
    • World News
  • Politics
  • Business & Brands
  • Entertainment
    • Celebrities
    • Movies
    • Music
    • Telemundo
    • Telenovelas
  • Sports
  • Fashion
    • Accessories
    • Celeb Style
    • Designers
    • Lookbook
    • Style Crush
    • Trends
    • Who Wore It Better
  • Features
    • Dear Angie
    • Interviews
    • Opinions
  • Beauty
    • Hair
    • Skin
    • Nails
  • Lifestyle
    • Career
    • Food & Drinks
    • Fitness
    • Travels
    • Weddings
  • Events
  • Relationship
  • Home
  • News
    • Education
    • Health
    • Metro/Crime
    • Nigeria News
    • Photo News
    • World News
  • Politics
  • Business & Brands
  • Entertainment
    • Celebrities
    • Movies
    • Music
    • Telemundo
    • Telenovelas
  • Sports
  • Fashion
    • Accessories
    • Celeb Style
    • Designers
    • Lookbook
    • Style Crush
    • Trends
    • Who Wore It Better
  • Features
    • Dear Angie
    • Interviews
    • Opinions
  • Beauty
    • Hair
    • Skin
    • Nails
  • Lifestyle
    • Career
    • Food & Drinks
    • Fitness
    • Travels
    • Weddings
  • Events
  • Relationship
No Result
View All Result
Glamtush
No Result
View All Result
Home Business & Brands

FirstBank Partners With CDC/BII To Support Women And Small Business Owners With US$100 Million Credit Facility

byAngela Davies
March 8, 2022
in Business & Brands
Afreximbank
Share on FacebookShare on TwitterShare on Whatsapp
  • Facility to strengthen FirstBank’s commitment to gender financing with US$30 million targeted to women-owned and led businesses.
  • Partnership will enhance funding to local SMEs to boost growth and promote financial and social inclusion across Nigeria.
  • The facility adds US$100 million to CDC/BII’s contribution to the 2XChallenge

 

First Bank of Nigeria Limited, Nigeria’s premier and leading financial inclusion services provider, has announced its partnership with CDC Group, the UK Government’s development finance institution on a US$100 million finance facility to FirstBank.

READ ALSO

Adeduntan Sustains His Winning Streak, Pioneers Leadership Excellence In Banking

Black Market Dollar To Naira Exchange Rate Today 23 June 2022

This new facility will direct funding to women-owned and led businesses as well as to local small and medium-sized enterprises (SMEs) in Nigeria.

The deal will support FirstBank to deliver financial solutions that help to address the challenge of limited access to capital faced by underbanked and underserved groups in the country. As part of the new facility, a minimum of US$30 million will be allocated in the form of credit lines to women entrepreneurs. The facility will also support FirstBank’s ‘FirstGem’ gender-focused services offering, which takes steps to promote gender inclusion by improving lending and support to female entrepreneurs.

The new partnership between CDC, which will be renamed British International Investment in April, and FirstBank demonstrates a shared mission to spur sustainable, productive and inclusive growth in Nigeria.

CDC’s commitment will facilitate an expanded offer by FirstBank to its clientele, which will accelerate financial inclusion and increase opportunities for marginalized groups, including an estimated 59 million unbanked Nigerians, to participate in the country’s formal economy. As such, the partnership will capitalize on FirstBank’s expansive network of over 700 branches and 150,000+ agents, leveraging its market-leading expertise to scale financial solutions to underbanked entrepreneurs and populations.

In addition, CDC/BII will support FirstBank with a technical assistance programme which will build on the Bank’s knowledge base of the women-led and women-owned businesses in its portfolio, strengthening the Bank’s technical capabilities and ability to reinforce its commitment to gender-based initiatives. This will enable the Bank to further leverage the facility to provide vital funding to scale business growth across Nigeria’s market – increasing job creation and improving livelihoods throughout the country.

The facility’s target to increase financial inclusion and opportunities for women qualifies this facility under the 2x Challenge – a commitment by the development finance institutions (DFIs) of the G7 to mobilise capital to support increased economic empowerment for women in emerging economies. Moreover, the US$100 million commitment aligns with the UN’s Sustainable Development Goal 5 Gender Equality and Goal 8 Decent Work and Economic Growth.

Nick O’Donohoe, Chief Executive of CDC Group, said,  “Promoting financial inclusion is a key component for advancing sweeping productive and sustainable growth across both rural and urban areas in Nigeria. This facility will channel CDC’s flexible and long-term capital toward expanding the financial solutions made available to women entrepreneurs, who are often the drivers of small business ideas and services to their communities.

“Our commitment demonstrates a deepening of British partnership with Nigeria’s businesses, as we collaborate to unlock the potential for entrepreneurial success and economic growth across the country.”

READ ALSO  Polaris Bank Promotes SMEs, Sponsors 2021 Fashion Souk

 Adesola Adeduntan, Managing Director / Chief Executive Officer, FirstBank said, “Beyond the mutual benefits this partnership offers to both organisations, this transaction offers yet, another occasion for FirstBank to contribute immensely, to the United Nation Sustainable Development Goals.

“Enabling financial inclusion for SMEs has been a strategic priority for FirstBank over the last 128 years.  Similarly, FirstBank has been at the forefront of financially empowering women-owned and women-led businesses on the continent.  This partnership with CDC/BII offers a fantastic opportunity to accelerate the momentum.

“At FirstBank, we remain ever committed to fostering financial inclusion, creating wealth for the underserved, enhancing access to quality education and health care, improving lives and empowering women.”

Related

Related Posts

FirstBank
Business & Brands

Adeduntan Sustains His Winning Streak, Pioneers Leadership Excellence In Banking

June 24, 2022
Dollar To Naira
Business & Brands

Black Market Dollar To Naira Exchange Rate Today 23 June 2022

June 23, 2022
Polaris Bank
Business & Brands

RT $200bn: Polaris Bank Sensitises Non-Oil Exporters, Urge Them To Key Into Programme

June 22, 2022
Afreximbank
Business & Brands

FirstBank Partners With ELOY Foundation To Promote The Sustainability Of Female Owned Small Businesses 

June 20, 2022
New Falomo Towers
Business & Brands

Governor Sanwo-Olu, Tony Elumelu, Officially Launch The Development Of The New Falomo Towers

June 20, 2022
Dollar To Naira Exchange Rate
Business & Brands

Black Market Dollar To Naira Exchange Rate Today 17 June 2022

June 17, 2022
Next Post
Akpanudoedehe Resigns

BREAKING: APC CECPC Secretary, Akpanudoedehe Resigns

E-Magazine Covers

Lace Styles
Passport

Passport Details Of Boy In Ekweremadu’s ‘Organ Harvesting’ Saga Revealed

June 24, 2022
Organ Harvesting

Organ Harvesting: What Ike Ekweremadu Told British High Commission

June 24, 2022
Mercy Chinwo

Evangelist Calls Out Gospel Singer Mercy Chinwo Over Her Engagement Ring

June 24, 2022
Enugu North Senatorial Zone

Shame To Narcissists Of No Value In Enugu North Senatorial Zone – Chike Omenkpa

June 24, 2022
Pubic Hair

Gynaecologist Warns Women Against Shaving Pubic Hair (See Why)

June 24, 2022
FirstBank

Adeduntan Sustains His Winning Streak, Pioneers Leadership Excellence In Banking

June 24, 2022
Pedophile

“You’re A Pedophile,” Wike Fires Ned For Attacking Him

June 24, 2022
Gunmen

Gunmen Kidnap DPO In Nasarawa, Demand N5m

June 23, 2022
Ike Ekweremadu

JUST IN: UK Court Denies Bail To Ike Ekweremadu, Wife

June 23, 2022
Mercy Chinwo

Gospel Artiste, Mercy Chinwo Set To Wed

June 23, 2022

Glamtush is a fashion, beauty and lifestyle online magazine. We bring to you latest trends in fashion, beauty and lifestyle as well as those making the fashion world interesting and adorable.

  • About Us
  • Advertise
  • Terms And Conditions
  • Write for Us

© 2022 Glamtush

No Result
View All Result
  • Home
  • News
    • Education
    • Health
    • Metro/Crime
    • Nigeria News
    • Photo News
    • World News
  • Politics
  • Business & Brands
  • Entertainment
    • Celebrities
    • Movies
    • Music
    • Telemundo
    • Telenovelas
  • Sports
  • Fashion
    • Accessories
    • Celeb Style
    • Designers
    • Lookbook
    • Style Crush
    • Trends
    • Who Wore It Better
  • Features
    • Dear Angie
    • Interviews
    • Opinions
  • Beauty
    • Hair
    • Skin
    • Nails
  • Lifestyle
    • Career
    • Food & Drinks
    • Fitness
    • Travels
    • Weddings
  • Events
  • Relationship

© 2022 Glamtush