Nigeria : Leading Sustainable Lending in Nigeria , Boosting Growth for Msmes
FCMB, a leading bank in Nigeria, has made significant strides in promoting sustainable banking and financial inclusion for MSMEs in the first half of 2024. The bank disbursed N180 billion in loans to over 800,000 MSMEs across various industries, aiding in their operational improvements, technology adoption, and resilience building. Recognized for its impactful lending, FCMB won accolades at the DBN 2024 Annual Lecture Series and Awards, including Best Bank with the Highest Impact on MSMEs Accessing Credit for the First Time in Nigeria and Highest Disbursement to Sustainability Projects. FCMB s commitment to sustainable banking is driven by the integration of ESG principles into financial decisions, ensuring positive societal impacts. With over 37 million MSMEs contributing nearly half of Nigeria s GDP, the bank s focus on inclusive growth and sustainability is crucial. FCMB s innovative financial solutions, such as the Quick-Loans digital platform, have removed traditional barriers to financing for small businesses. In 2023, FCMB secured over $280 million in funding from Development Finance Institutions (DFIs), further enhancing its ability to support MSMEs, particularly women-led businesses and those in renewable energy. This funding aligns with the bank s commitment to sustainable development and focuses resources on projects with significant social and environmental impacts. FCMB s emphasis on sustainability and impactful lending sets a new standard for Nigerian banking. By building an ecosystem that connects people, capital, and markets, the bank contributes to a more inclusive, equitable, and sustainable economic future for Nigeria. FCMB s leadership demonstrates that banks can be both profitable and purposeful, paving the way for a new era of banking that prioritizes growth for all.
Source: allafrica.comPublished on 2024-09-18
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