In brief
Access Bank is the largest bank in Nigeria, with more than 36 million customers. Access Bank serves retail, small and medium-sized enterprises (SMEs) and corporate clients through almost 400 branches across Nigeria. Access Bank has a long history with Development Finance Institutions and has implemented corporate governance and risk management practices, including those related to E&S sustainability. Access Bank’s vision is to become Africa’s gateway to the world. The funding provided by Finnfund will be allocated to strengthen Access Bank’s Tier II capital and enable the bank to provide increased financing to SMEs in Nigeria during the economic crisis due to the COVID-19 pandemic.
Main development impact
Due to the loan facility’s Tier II nature, Access Bank can leverage the facility to attract more funding to finance SMEs. Financing SMEs will enable them to invest in their businesses, which leads to job creation and contributes to the country’s overall economic development and growth, as lack of access to finance is a reason many of these businesses struggle. Further, the bank is a forerunner in women’s financial empowerment. This transaction qualifies for the 2X Challenge portfolio based on the 2X Eligibility Criteria on employment, leadership, and consumption.Investment details
| Name: | Access Bank Plc |
|---|---|
| Project number: | 80000002 |
| Region: | Africa |
| Country: | Nigeria |
| Sector: | Financial institution |
| Signing date (month/year): | December 2020 |
| Currency: | USD |
| Finnfund's financing (commitment): | 10,000,000 |
| Instrument: | Loan |
| Size of the project financing: | USD 93,000,000 |
| Share of Finnfund's financing (%): | 11 % |
| Status: | Active |
| Website: | www.accessbankplc.com |
Please note, that in principle, this information is given at the time of signature according to Finnfund's disclosure policy. However, in the case of investment funds, the share of Finnfund’s financing (%) is disclosed after the fund’s final closing, and information on the portfolio companies financed by the fund is updated at least once a year.
Other investments
| Name | Country | Signing date (month/year) | Currency | Finnfund's financing (commitment) | Instrument |
|---|---|---|---|---|---|
| A.T. Biopower Co. Ltd. | Thailand | 2004 | |||
| Access Bank Plc | Nigeria | July 2024 | USD | 10,000,000 | Loan |
