Wema Bank has finalized a €50 million financing agreement with EIB Global, the development arm of the European Investment Bank, to increase credit availability for small and medium-sized enterprises.
The facility is designed to bridge the financing gap for SMEs, a critical segment of the Nigerian economy that often faces limited access to formal banking services.
The deal underscores the growing role of European development institutions in supporting financial inclusion across Africa.
By partnering with a local lender, EIB Global aims to leverage Wema Bank’s existing distribution network to reach underserved business owners.
This structure allows the European lender to deploy capital efficiently while relying on local expertise for credit assessment and disbursement.
For Wema Bank, the agreement provides a stable source of funding to expand its SME portfolio without immediately increasing its cost of funds from local interbank markets.