First City Monument Bank has partnered with the Mastercard Foundation to provide subsidised loans to Micro, Small, and Medium Enterprises to scale their operations and create work opportunities for young Nigerian women and men.
The programme which was part of the Mastercard Foundation’s Young Africa Works strategy in Nigeria is aimed to move Nigerian youths out of poverty.
The partnership was being executed through a $27.8m MSME Revitalisation Fund, ensuring that qualified MSMEs could access loans for their business at a single-digit interest rate.
About 70 per cent of the MSME Revitalisation Fund targets women-owned MSMEs in agribusiness, the creative industry, and digital sector. The remaining 30 per cent will be deployed to meet the funding needs of youth-owned enterprises and businesses run by vulnerable members within Nigeria.”
The Managing Director of First City Monument Bank, Yemisi Edun, described the partnership as a purpose-driven intervention that would further help break the barriers limiting MSMEs’ productivity and overall success in Nigeria.
According to Mrs Yemisi Edun, “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.”
Source: FCMB partners Mastercard Foundation to empower SMEs – StocksWatch (stocksng.com)