Montreal (Quebec), 20 May 2025 – Canada’s bilateral Development Finance Institution, FinDev Canada, joins Germany’s Development Bank, DEG, Austria’s Development Bank, OeEB, and Netherlands-based pension fund, ILX Management B.V, to announce the signing of a USD 100 million syndicated facility to Access Bank, one of the leading banks in Africa. The facility will support micro, small and medium-sized enterprises (MSMEs), including women-owned enterprises across Nigeria.
FinDev Canada will contribute USD 25 million as part of the DEG-led syndicated facility. The funding will enable Access Bank to expand its MSME portfolio by providing both inclusive financial and non-financial services to underserved segments including women, rural, and agribusiness clients.
MSMEs play a significant role in Nigeria’s economy, contributing approximately to 86% of its employment sector. However, limited access to financial services remains a critical barrier for enterprise growth, particularly for women entrepreneurs, due to insufficient collateral, inadequate credit information, limited capacity, and high interest rates. Therefore, private capital investments are critical to addressing these barriers, enhancing financial inclusion, and supporting entrepreneurship.
Access Bank is committed to advancing gender equality within its organization and across its portfolio. As part of this commitment, at least 30% of the facility will be directed towards women-owned enterprises. This will enable the bank to offer discounted financial services, educational resources, networking opportunities, and market integration assistance. Additionally, Access Bank promotes women’s economic empowerment through its employment and leadership opportunities, incentives, and corporate initiatives.
This marks FinDev Canada’s second transaction with Access Bank. The capital commitment in 2024 supported market development, and gender equality through a syndicated facility led by FMO. Both commitments are 2X aligned, demonstrating the financial institution's dedication to advancing women’s economic empowerment.
“Recognizing development finance is more critical than ever, we’re proud to support Access Bank with a second commitment to strengthen economic growth and advance gender equality in Nigeria. This represents an important step towards the inclusive and sustainable development of Africa’s most populous country. By combining our knowledge and resources with dedicated investment partners, we can empower women entrepreneurs, develop underserved markets, and support job creation,” said Lori Kerr, CEO at FinDev Canada.
“At Access Bank, we remain steadfast in our commitment to driving economic transformation and fostering inclusive growth across all the countries we operate. This partnership not only strengthens our ongoing efforts to empower women in business but also reinforces our support for Nigeria’s MSME sector, which plays a pivotal role in the country’s economic development. Through strategic collaborations like this, we continue to enhance opportunities for underserved communities, and we look forward to building on this success to impact even more lives across Africa,” commented Roosevelt Ogbonna, Managing Director/Chief Executive Officer of Access Bank Plc
About FinDev Canada
FinDev Canada is Canada’s bilateral Development Finance Institution (DFI), supporting development through the private sector. We provide financing, investment, and blended finance solutions, as well as technical assistance and advisory, to promote sustainable and inclusive growth in emerging markets and developing economies (EMDEs), in alignment with the Sustainable Development Goals (SDGs) and Paris Agreement commitments. Find out more about FinDev Canada at www.findevcanada.ca.
About Access Bank
Access Bank PLC, a wholly owned subsidiary of Access Holdings PLC, is a leading full-service commercial bank operating through a network of more than 700 branches and service outlets spanning 3 continents, 24 countries and over 60 million customers. The Bank employs over 28,000 people in its operations in Africa and Europe, with representative offices in China, Lebanon, India, and the UAE.
Access Holdings, Access Bank’s parent company, has been listed on the Nigerian Stock Exchange since 1998. The Bank is a diversified financial institution which combines a strong retail customer franchise and digital platform with deep corporate banking expertise, proven risk management and capital management capabilities. The Bank services its various markets through three key business segments: Corporate and Investment Banking, Commercial Banking, and Retail Banking. The Bank has enjoyed what is Africa’s most successful banking growth trajectory in the last 20 years, becoming one of the continent’s largest retail banks.
As part of its continued growth strategy, Access Bank is focused on mainstreaming sustainable business practices into its operations. The Bank strives to deliver sustainable economic growth that is profitable, environmentally responsible, and socially relevant, helping customers to access more and achieve their dreams.
More information: https://www.accessbankplc.com
Media Contacts
FinDev Canada: Media@findevcanada.ca
Access Bank: MediaRelations@ACCESSBANKPLC.com