MSMEs represent 96% of all businesses in Nigeria, testifying to their critical role for the Nigerian economy. However, most SMEs still lack access to appropriate sources of financing needed to develop their activity.
Created in 1982, FCMB currently ranks among Nigeria’s top 10 banks. As part of its growth strategy, FCMB ambitions to further support SMEs, through tailored products and services to entrepreneurs.
Proparco’s support will help FCMB extend its financing to a greater number of SMEs in Nigeria. It is estimated that this risk-sharing facility agreement could support close to 245 MSMEs in the country and contribute to create or maintain more than 440 jobs.
This is Proparco’s second operation with FCMB. In 2012, Proparco granted a $ 25 million loan to the Nigerian bank in order to support the bank’s lending activity to the infrastructure sector.
This project contributes to the French initiative Choose Africa, launched by the AFD Group in 2019, which ambitions to dedicate €2.5Bn to accelerate the growth of MSMEs in Africa by 2022.