ACCESS BANK GET $15M TO LEND TO WOMEN

Published in Punch of Monday, June 12, 2006

 The International Finance Corporation, the private sector arm of the World Bank Group, has signed an agreement to provide a $15 million loan to Access Bank Plc, for lending to women entrepreneurs.

With this loan, the bank will be one of the first banks in Africa to dedicate lines of credit to finance women-owned businesses.

According to an IFC statement made available to our correspondent on Sunday, this is the first major loan under its Gender Entrepreneurship Markets programme, which is designed to leverage the potential of women in emerging markets.

IFC’s Vice-President, Industries, Mr. Decan Duff, said ‘Women are a driving force in the African economy, but their access to finance is still far too small.  This is why IFC is partnering with Access Bank, a dynamic and innovative local bank, to bridge the gap.  This initiative will increase the contributions of women-owned businesses to the Nigerian economy.

Dear Networkers,

This is a very commendable initiative by Access Bank. The problems women entrepreneurs face in Nigeria is not lack of ideas but lack of access to credit. We hope more banks will follow suit.

Nogi Imoukhuede,
Project Coordinator,
Women's Rights Watch Nigeria-www.rufarm.kabissa.org