As a way of scaling up the bank’s SME business portfolio, the African Guarantee Fund through its subsidiary AGF West Africa has signed an agreement of N3.8 billion with FSDH Merchant Bank.
According to a statement by the company, access to finance is a major constraint to business growth.
The statement added that is even more difficult for SMEs and women-led businesses to access funding without difficulties in Nigeria.
It further explained that the partnership between African Guarantee Fund and FSDH Merchant Bank is aimed at reducing this gap
Bukola Smith, the Managing Director of FSDH Merchant Bank, said “The impact of the scheme at FSDH is to promote investments in growing sectors of the Nigerian economy like agriculture, healthcare, technology, and the female economy
“This transaction will open more opportunities for us to support the growth of the economy on a considerable scale and we will keep working with all relevant stakeholders to maintain this momentum.”
She added that the agreement with African Guarantee Fund would support the bank’s commitment to assisting women-owned businesses and SMEs in closing the funding gap.
“The N3.8 billion credit line will strengthen our short-term business loans and will be deployed directly to mid-sized companies and through SME aggregators, business incubators, investment acceleration programmes for businesses who are willing to scale and our women in the business initiative,” she said.
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