Wema Bank has secured a €50 million (about N78.5 billion) funding facility from EIB Global, the development arm of the European Investment Bank, to increase access to finance for small and medium-sized enterprises (SMEs) across Nigeria.
The agreement, signed on June 19, 2026, at Wema Bank’s headquarters in Lagos, marks the first partnership between the two institutions. The initiative is designed to support business growth, encourage entrepreneurship, and create more economic opportunities for women and young people.
Under the arrangement, at least half of the funding will be directed to youth-owned businesses. The goal is to help young entrepreneurs expand their operations, create jobs, and contribute to economic development. The remaining 50 percent of the facility will support businesses owned, managed, or largely serving women, helping to bridge financing gaps that often limit their growth.
The funding programme is supported by the European Union’s Global Gateway initiative and aligns with Nigeria’s broader efforts to improve financial inclusion and expand access to capital for underserved groups.
Beyond providing funding, EIB Global will also offer technical assistance to Wema Bank through its Greening the Financial Sector Programme. This support is aimed at helping the bank strengthen environmentally responsible lending practices and encourage investments that promote sustainability and climate resilience.
The financing will be available to eligible Wema Bank customers operating qualified businesses. It will also benefit participants from selected entrepreneurship support programmes, including the Investing in Young Businesses in Africa (IYBA) initiative. The programme focuses on empowering young entrepreneurs, particularly women and youths, by providing resources and opportunities to scale their ventures.
Speaking during the signing ceremony, EIB Global Vice President Ambroise Fayolle said the partnership reflects a commitment to improving youth employment and promoting gender equality in Nigeria.
According to him, the agreement will help create opportunities for young entrepreneurs and women while encouraging businesses to adopt environmentally sustainable practices. He added that supporting inclusive economic growth remains a key priority for EIB Global and the European Union.
Wema Bank’s Managing Director and Chief Executive Officer, Moruf Oseni, described the facility as an important step toward deepening the bank’s impact on underserved sectors of the economy.
He stated that Wema Bank has always focused on empowerment and inclusion, and the new funding will allow the institution to extend financial support to more businesses. Oseni noted that the initiative would help reduce gender-related barriers to finance while creating opportunities for young Nigerians to become self-employed and economically productive.
He assured that the bank would ensure qualified businesses benefit from the programme and gain access to the resources needed for growth and expansion.
Both organisations said the partnership demonstrates their shared commitment to promoting entrepreneurship, supporting women-led enterprises, creating jobs for young people, improving access to finance, and encouraging sustainable business practices.
EIB Global also highlighted its long-standing presence in Nigeria, noting that it has invested approximately €2.3 billion in the country since 1978. Its investments have supported sectors such as transportation, climate adaptation, innovation, digital technology, agribusiness, logistics, and SME development.
The signing ceremony was attended by senior officials from both organisations, including representatives of Wema Bank and the European Union delegation in Nigeria.
