The CDC Group, the United Kingdom’s development finance arm, will give First Bank of Nigeria Ltd. a $100 million loan line to boost women-owned enterprises and small firms in Africa’s largest economy.
According to the business, the money would “address the dilemma of limited access to finance experienced by underbanked and underserved communities in the country.”
According to the statement, a minimum of $30 million would be granted to women entrepreneurs in the form of loan lines. To expand credit access, the facility will use First Bank’s 700 branches and 150,000 banking agents in Africa’s most populated country.
According to the CDC, 59 million Nigerians, or nearly a quarter of the population, are unbanked.
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