To increase access to sustainable finance in Nigeria, Canada’s Development Finance Institution, FinDev Canada,  has announced the provision of a loan of up to US$ 40 million to Stanbic IBTC, a member of Standard Bank Group, to pave the way for a long-term partnership in the Sub-Saharan African region.

 

 

 

FinDev Canada’s loan will support Stanbic IBTC Bank’s sustainability-related activities in Nigeria and support the development of productive sectors of the economy, including agribusiness, health, education, affordable housing, and sustainable infrastructure.

 

 

 

It will also increase access to finance for micro, small and medium-size enterprises, and financing for climate change mitigation and adaptation. At least 30% of the loan amount is dedicated to women-owned or led enterprises.

 

 

Nigeria’s economy heavily relies on micro, small and medium enterprises, which generate an estimated 84% of employment and account for 96% of businesses.  While women own 41% of the micro-enterprises segment, many remain unbanked due to a persistent gender financing gap.

 

 

 

The partnership with Stanbic IBTC Bank, which boasts of a network of 130 branches,  provides FinDev Canada the opportunity to expand its reach to these crucial, but often underserved segments of the Nigerian economy.

 

 

 

Speaking on the partnership, the Chief Executive Officer at FinDev Canada, Lori Kerr expressed the readiness of the company to support development and economic growth through the private sector.

 

 

 

“Market development is a key priority for FinDev Canada and the partnership with Stanbic IBTC Bank offers a tremendous opportunity to enhance access to capital for important sectors of Nigeria’s economy, contributing to stronger markets and improving the livelihoods of women and men.

 

 

 

“Our partnership with Stanbic IBTC Bank is also an opportunity to continue to expand our impact in Sub-Saharan Africa in the years to come,” Kerr stated.

 

 

 

In his remarks, the Chief Executive, Stanbic IBTC Bank, Wole Adeniyi stated noted that the financial commitment not only fuels the bank’s vision for a more sustainable future, but also underscores our unwavering dedication to fostering equal opportunities.

 

 

 

“Empowering women and advancing sustainable initiatives is not just a financial decision, it is a commitment to building a world where prosperity knows no gender, and where every investment is a step towards a brighter, more sustainable future. Together, with this significant partnership with FinDev Canada, we pave the way for a future where financial strength and social impact walk hand-in-hand,” Wole added.