First City Monument Bank (FCMB) has partnered with the Mastercard Foundation to provide accessible and affordable loans to 100,000 Micro, Small, and Medium Enterprises in order to scale their operations and provide work opportunities for young Nigerian women and men.
According to a statement, the programme aims at moving Nigerian youths out of poverty, the statement further stated that it was being executed through a $27.8 million (about N15.5 billion) MSME Revitalisation Fund, ensuring that qualified MSMEs could access loans for their business at a single-digit interest rate.
“70 percent of the MSME Revitalisation Fund targets women-owned MSMEs in agribusiness, the creative industry, and the digital sector.
"The remaining 30 percent will be deployed to meet the funding needs of youth-owned enterprises and businesses run by vulnerable members within Nigeria.”
Commenting on the partnership, Yemisi Edun, the Managing Director, FCMB, described it as a purpose-driven intervention that would further help break the barriers limiting MSMEs’ productivity and overall success in Nigeria.
“The past few years have been very challenging for individuals, households, and businesses in Nigeria.
"Now more than ever, all hands must be on deck to create opportunities that will sustainably enable people and businesses to find their footing and stand on more solid ground.
“We are proud to partner with the Mastercard Foundation to rebuild businesses, drive recovery, and stimulate economic growth by providing the much-needed support to Nigerians to engage in productive activities.
“As a caring and inclusive institution, we will deploy our products, services, and other excellent offerings to ensure that this partnership achieves the desired results.”
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