U.S agency earmarks $280m to back Access Bank

A commitment letter for $280 million in funding for Access Bank Plc in Nigeria was signed on Monday by the International Development Finance Corporation (DFC) of the United States.

The DFC is a development finance institution run by the American government that offers safe private investment options for developing markets. The letter’s signatories included Roosevelt Ogbonna, Managing Director of Access Bank, and Scott Nathan, Chief Executive Officer of DFC.

According to a statement released on Monday, the loan will help close the financing gap for small and medium-sized businesses (SMEs) and boost financial inclusion in Nigeria. Additionally, it would strengthen the bank’s resolve to help Nigerian women-owned enterprises.

“DFC’s investment in Access Bank demonstrates U.S. support for private sector-led development in Nigeria and throughout West Africa,” said DFC CEO Scott Nathan.

The $280 million loan from DFC would increase women’s empowerment and financial inclusion in Nigeria, supporting the nation’s economic growth. The plan, according to U.S. Ambassador Mary Beth Leonard, is a positive development for Nigeria.