On Monday, January 20, the French agency for financing the private sector in developing countries, Proparco announced that it had approved a $35 million senior credit line in favor of the First City Monument Bank (FCMB). This financing is accompanied by ARIZ portfolio guarantees for 3 million euros (3.1 million dollars) and Euriz for 6 million euros. This represents a total of 44.3 million dollars.

Nigerian SMEs mainly face challenges in accessing finance in a context of rising interest rates and high inflation. This financing will make it possible to support small and medium-sized enterprises (SMEs), which constitute FCMB's customers, primarily in sectors with high potential such as agriculture (90%) and businesses run by women (10%). These funds should also strengthen the medium and long-term credit activities of this financial institution, recognized as one of the most SME oriented banks in Nigeria

According to Yemisi Edun, managing director of FCMB, “by supporting SMEs in key sectors such as agriculture and women-led businesses, we are building a stronger and resilient economy for all Nigerians.” For the latter, “this support from Proparco will accelerate our efforts to empower businesses, create jobs and generate positive change within communities.” These credit lines are granted to the credit institution in a context where access to finance represents one of the main challenges for Nigerian SMEs. They contribute to the achievement of the Sustainable Development Goals (SDGs).