Stanbic IBTC receives a loan of up to US$ 40 million from FinDev Canada, Canada’s Development financing Institution, to expand access to sustainable financing in Nigeria.
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A long-term cooperation in the Sub-Saharan African region is made possible by this loan to Stanbic IBTC, a component of Standard Bank Group, which is the largest bank in Africa in terms of assets. The funding from FinDev Canada will help Stanbic IBTC Bank’s sustainability-related initiatives in Nigeria as well as the growth of the country’s productive industries, which include sustainable infrastructure, affordable housing, agribusiness, healthcare, and education.
It will also make financing for climate change adaptation and mitigation more accessible to micro, small, and medium-sized businesses. At least thirty percent of the loan amount is allocated to businesses run or controlled by women. Micro, small, and medium-sized enterprises (MSMEs) constitute 96% of firms and are expected to create 84% of jobs in Nigeria.
Despite making up 41% of the microenterprise sector, many women are still unbanked as a result of the ongoing gender funding gap. Through this agreement, FinDev Canada will be able to access these important but frequently neglected sectors of the Nigerian economy. Stanbic IBTC Bank is the seventh largest bank in Nigeria by assets, and it serves over 3 million clients through a network of 130 locations.
Lori Kerr, CEO of FinDev Canada, said, “We are proud to support development and economic growth through the private sector.” “Market development is a top objective for FinDev Canada, and our collaboration with Stanbic IBTC Bank presents a fantastic chance to expand finance access for significant Nigerian economic sectors, strengthening markets and raising both men’s and women’s standard of living.
In the years to come, our collaboration with Stanbic IBTC Bank will provide us with even more chances to increase our influence in Sub-Saharan Africa. Wole Adeniyi, CEO of Stanbic IBTC Bank, said, “As we set out on this transformative journey, I am honored to acknowledge the strategic importance of the financing we have secured to champion sustainable and gender-inclusive financing.” “This financial gift demonstrates our steadfast commitment to promoting equitable opportunities and feeds our goal for a more sustainable future.
In addition to being a wise financial move, empowering women and promoting sustainable initiatives is a commitment to creating a world in which prosperity transcends gender and every investment is a step toward a better, more sustainable future. We are paving the road for a future in which social impact and financial strength go hand in hand with one another with this important relationship with FinDev Canada,” Wole continued.
This deal will support the Sustainable Development targets (SDGs), specifically SDG 8, Decent Work and Economic Growth, SDG 5, Gender Equality, and SDG 13, Climate Action, as well as the long-term development impact targets of FinDev Canada. This transaction is eligible for the 2X Challenge, which aims to reallocate money to projects that enable women in developing nations to take on leadership and entrepreneurial roles, obtain high-quality employment, and access goods and services that increase female economic participation.
