Swedfund Invests $30m In Access Bank To Boost MSMEs

Swedfund, a Swedish state-owned development finance institution, has invested $30 million in Access Bank Plc, one of Nigerian leading commercial banks.

This is to enhance financing for micro, small, and medium enterprises (MSMEs) in Nigeria.

This investment aims to provide long-term capital and capacity building to underserved MSMEs, supporting sustainable private sector development and inclusive growth in the country.

With Nigeria’s recent unemployment rate at five percent and over half of its 220 million population under the age of 30, there is a critical need for job creation and workforce development.

The investment is expected to help alleviate economic challenges, including insecurity, food shortages, and inflation, by bolstering the resilience of MSMEs.

Swedfund’s Regional Director for West Africa, Mr. Kitanha Toure, stressed the importance of this partnership.

“Swedfund’s investment advances sustainable private sector development and encourages inclusive growth by expanding access to finance. Access Bank’s strong market presence and dedicated MSME strategy make it an ideal partner to reach MSMEs in need of financing,” Mr. Toure said.

The investment also aligns with the 2X Criteria, a global standard for gender finance, highlighting Access Bank’s recognition as the best SME bank for women entrepreneurs in Africa.

This funding is part of a $295 million syndicate led by the Dutch development finance institution (FMO), and includes contributions from other Nordic and European institutions such as BII, BIO, Finnfund, and Norfund.