Wema Bank, EIB Global sign €50m deal to support youth, women-owned SMEs

Wema Bank has secured a €50 million (about N78.5 billion) financing facility from the European Investment Bank’s development arm, EIB Global, to expand access to credit for small and medium-sized enterprises (SMEs), particularly those owned by women and young entrepreneurs.

The agreement, signed on June 19, 2026, at Wema Bank’s headquarters in Lagos, marks the first partnership between EIB Global and the Nigerian lender.

Under the arrangement, at least 50 per cent of the facility will be dedicated to youth-owned businesses to promote entrepreneurship, job creation and inclusive economic growth. The remaining 50 per cent will support businesses owned, managed by, employing or primarily serving women.

The initiative is backed by the European Union’s Global Gateway programme and aligns with Nigeria’s Financial Inclusion Strategy.

Beyond the credit facility, EIB Global will provide technical support to Wema Bank through its Greening the Financial Sector (GFS) Programme to strengthen climate-related lending practices and encourage environmentally sustainable investments.

Beneficiaries of the scheme will include eligible Wema Bank customers and graduates of selected accelerator programmes, including the Investing in Young Businesses in Africa (IYBA) initiative, a Team Europe programme designed to support young entrepreneurs, particularly women and youths.

Speaking at the signing ceremony, EIB Vice President, Ambroise Fayolle, described the partnership as a significant step toward promoting youth employment and gender inclusion in Nigeria.

“This first financial agreement with Wema Bank is an important contribution to strengthening youth employment, gender equality and women’s empowerment in Nigeria. We also support entrepreneurs in adopting best practices in green financing. This is our responsibility as the EU climate bank and a key partner of Global Gateway,” Fayolle said.

Managing Director and Chief Executive Officer of Wema Bank, Moruf Oseni, said the facility would enable the bank to deepen its support for underserved segments of the economy.

“As a bank whose legacy is rooted in empowerment, this agreement presents remarkable opportunities to scale our impact even further. In line with our commitment to inclusion, this facility is strategically focused not only on helping more businesses access critical financial support but also on addressing gender gaps and creating opportunities for Nigerian youths to become economically active and self-employed,” Oseni said.

He added that the bank would work to ensure that qualified businesses fully benefit from the opportunity.

Both institutions said the partnership reflects their shared commitment to promoting youth employment, gender equality, improved access to finance for women entrepreneurs and young enterprises, as well as environmental sustainability.

According to EIB Global, it has invested approximately €2.3 billion in Nigeria since commencing operations in the country in 1978, supporting projects in sectors such as transport, climate adaptation, innovation, digitalisation, agribusiness logistics and SME financing.

Among those present at the signing ceremony were Wema Bank’s Deputy Managing Director, Oluwole Ajimisinmi; Executive Director, Olukayode Bakare; and the European Union Ambassador to Nigeria and ECOWAS, Gautier Mignot.