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Olugbemi. Adeyinka Ogunleye
2 months ago
Overview
FMO, FCMB Sign $25 Million Agreement To Aid Small Businesses In Nigeria
In a move aimed at bolstering Nigeria’s economic landscape, the Dutch Entrepreneurial Development Bank (FMO) and First City Monument Bank (FCMB) have inked a transformative $25 million NASIRA guarantee agreement. This initiative, funded by the European Commission, marks a pivotal step towards supporting agricultural ventures, youth initiatives, and women-owned small and medium enterprises (SMEs) in Nigeria, without the traditional requirement of collateral.
The NASIRA program, renowned for its innovative approach, empowers local banks to extend financial support to entrepreneurs typically considered too risky for conventional loans. This agreement highlights a strategic effort to stimulate job creation amidst Nigeria’s daunting economic challenges, including high unemployment rates and currency depreciation
Credit:Chioma Kalu