‘€50m European Bank Facility To Expand SME Lending’

Wema Bank Plc has secured a €50 million (N78.5 billion) financing facility from the European Investment Bank through its development arm, EIB Global, to expand lending to small and medium-sized enterprises (SMEs) across Nigeria.

The agreement, signed on June 19, 2026, in Lagos, marks the first transaction between the European Investment Bank and Wema Bank Plc, with a strong focus on financial inclusion and private sector growth.

Under the arrangement, at least 50 per cent of the credit line will be directed to youth-owned businesses, while the remaining half will support enterprises owned, managed by, or primarily serving women. The facility is expected to improve access to affordable financing, drive entrepreneurship and support job creation across key sectors of the Nigerian economy.

The initiative is backed by the European Union’s Global Gateway programme and aligns with Nigeria’s Financial Inclusion Strategy, which aims to widen access to formal credit for underserved groups.

In addition to the funding, the European Investment Bank will provide technical assistance to Wema Bank under its Greening the Financial Sector programme. The support is designed to strengthen climate-focused lending practices and encourage environmentally sustainable investments among beneficiaries.

Eligible recipients include Wema Bank customers with qualifying businesses, as well as graduates of selected accelerator programmes such as the Investing in Young Businesses in Africa (IYBA) initiative, which supports young entrepreneurs, particularly women and youths.

Speaking at the signing ceremony, the vice president of the EIB, Ambroise Fayolle, described the agreement as a step towards promoting youth employment and gender inclusion in Nigeria.

“This first financial agreement with Wema Bank is an important contribution to strengthening youth employment, gender equality and women’s empowerment in Nigeria.

We also support entrepreneurs in adopting best practices in green financing.

This is our responsibility as the EU climate bank and a key partner of Global Gateway,” he said.

The managing director and chief executive officer of Wema Bank, Moruf Oseni, said the facility would enable the bank to deepen its support for underserved segments of the economy.

“As a bank whose legacy is rooted in empowerment, this agreement presents remarkable opportunities to scale our impact even further. In tandem with our commitment to inclusion, this facility is strategically focused not only on helping more businesses access critical financial support, but also on addressing gender gaps and creating opportunities for Nigerian youths to become economically active and self-employed,” Oseni said.

He added that the bank would ensure that qualified businesses benefit from the opportunity.

The two institutions said the partnership reflects their shared commitment to youth employment, gender equality, access to finance for women entrepreneurs and young enterprises, and environmental sustainability.