Wema Bank, EIB Global sign €50m SME financing deal

Wema Bank, a leading commercial bank in Nigeria, has announced a significant collaboration with the European Investment Bank's (EIB) development arm, EIB Global, securing a €50 million financing facility aimed at expanding credit access for small and medium-sized enterprises (SMEs). The agreement, which took place on Friday, 19 June 2026, at Wema Bank's headquarters in Lagos, represents the first such transaction between EIB Global and the Nigerian bank. This partnership underscores a growing emphasis on financial inclusion and economic empowerment, particularly among marginalized groups such as women and youth.

Under the terms of the agreement, the €50 million facility will be allocated with specific targets. At least half of the funds—approximately €25 million—are designated for youth-owned enterprises, with the other half targeting businesses operated, managed, employed, or primarily serving women. This strategic allocation aims to foster entrepreneurship, create jobs, and drive inclusive economic growth. The initiative is part of broader efforts to address systemic barriers faced by these groups in accessing traditional banking services.

The agreement is supported by the European Union’s Global Gateway programme, which seeks to enhance connectivity and sustainable development across Africa. It also aligns with Nigeria’s Financial Inclusion Strategy, which aims to increase access to financial services for previously underserved populations. By leveraging this partnership, Wema Bank hopes to contribute meaningfully to national economic goals while reinforcing its reputation as an institution committed to social equity and development.

In addition to the financial support, EIB Global has pledged to offer technical assistance to Wema Bank through its Greening the Financial Sector programme. This initiative is designed to help the bank improve its climate-related lending practices and encourage sustainable investment strategies. Such measures reflect a global shift toward integrating environmental considerations into financial planning, ensuring that economic growth does not come at the expense of ecological health.

The beneficiaries of this facility will include Wema Bank’s existing clients who operate qualifying SMEs, as well as graduates of select entrepreneurial training programs. These programs include the Investing in Young Businesses in Africa initiative, a component of the Team Europe program, which is dedicated to nurturing young entrepreneurs, especially women and youth. This integration of educational and financial support highlights a multifaceted approach to fostering long-term economic resilience and innovation.

At the signing ceremony, EIB Vice President Ambroise Fayolle emphasized the significance of the agreement, stating that it contributes to strengthening youth employment, gender equality, and women’s empowerment in Nigeria. He highlighted the role of the EU as a climate-focused institution and underscored the importance of partnerships like this one in advancing sustainable development objectives.

Moruf Oseni, the Managing Director and CEO of Wema Bank, expressed his enthusiasm for the partnership, noting that it provides an opportunity to amplify the bank’s impact on the economy. He stressed the bank’s commitment to inclusivity and its determination to support vulnerable communities through targeted financial interventions. Oseni also assured that qualified businesses, particularly those engaged in entrepreneurial ventures, will have access to the necessary resources to thrive.

The presence of high-level officials, including Wema Bank’s Deputy Managing Director Oluwole Ajimisinmi, Executive Director Olukayode Bakare, and the European Union Ambassador to Nigeria and ECOWAS, Gautier Mignot, during the signing ceremony underscores the political and institutional backing behind the initiative. Their attendance signals a collective recognition of the potential benefits of such collaborations for both local and international stakeholders.

Looking ahead, the success of this partnership could serve as a model for future initiatives aimed at enhancing financial accessibility and promoting sustainable development. As EIB Global continues its operations in Nigeria, having already invested approximately €2.3 billion since its inception in 1978, the new facility adds another layer to its ongoing contributions to the nation’s infrastructure, innovation, and economic diversification. The coming months will likely see increased activity as Wema Bank begins implementing the loan disbursement process and engaging with the targeted beneficiary groups.