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Promoting financial inclusion in Nigeria with FCMB
Project
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Signature date
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Location
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Nigeria
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Financing tool
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Financing amount (Euro)
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4792749
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Financing details
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NGN 2bn guarantee
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Customer
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FCMB
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Type of customer
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Financial institution
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Project number
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CNG1066
This information is given at the time of signature, without prejudice to any developments in the operation/project.
Proparco has renewed its partnership with the bank FCMB to continue to support the local private sector.
Client presentation
First City Monument Bank (FCMB) was set up in 1982 and currently ranks among Nigeria’s top ten banks. As part of its growth strategy, FCMB aims to further support SMEs, through products and services tailored to entrepreneurs.
Project description
Proparco’s support will allow FCMB, a longstanding partner, to extend its financing to more SMEs in Nigeria and thereby foster financial inclusion.
Project impact
This risk-sharing agreement will support some 245 SMEs in the country and will help create or maintain over 440 jobs.