To increase access to sustainable finance in Nigeria, Canada’s Development Finance Institution, FinDev Canada,provides a loan of up to US$40 millionto Stanbic IBTC. This loan to Stanbic IBTC, a member of Standard Bank Group, Africa’s largest bank by assets, paves the way to a long-term partnership in the Sub-Saharan African region.
FinDev
Canada’s loan will support Stanbic IBTCBank’s
sustainability-related activities in Nigeria and support the development of
productive sectors of the economy, including agribusiness, health, education,
affordable housing, and sustainable infrastructure. It will also increase access
to finance for micro, small and medium-size enterprises, and financing for climate
change mitigation and adaptation. At least 30% of the loan amount is dedicated
to women-owned or led enterprises.
Nigeria’s
economy heavily relies on micro, small and medium enterprises, which generate
an estimated 84% of employment and account for 96% of businesses. While women own
41% of the micro-enterprises segment,many remain unbanked due to a persistent gender financing gap.
L-R: Eric Fajemisin, Executive Director, Corporate and Investment Banking, Stanbic IBTC Bank; Lori Kerr, Chief Executive Officer, FinDev Canada; Wole Adeniyi, Chief Executive, Stanbic IBTC Bank and Paulo Martelli, Chief Investment Officer, FinDev Canada at the signing ceremony of a US$ 40 million loan partnership to boost Sustainable Finance and Gender Finance, which took place in Canada recently.
Through our
partnership with Stanbic IBTC Bank, the seventh largest bank in Nigeriaby
assets, serving over 3 million clients through a network of 130 branches, FinDev
Canada can expand its reach to these
crucial but often underserved segments of the Nigerian economy.
“We are proud to supportdevelopment and economic growth
through the private sector” declared Lori Kerr, Chief Executive Officer at FinDev
Canada.“Market development is a
key priority for FinDev Canada and the partnership with Stanbic IBTC Bankoffers
a tremendous opportunity to enhance access to capital for importantsectors of
Nigeria's economy, contributing to stronger markets and improving the
livelihoods of women and men. Our partnership with
Stanbic IBTC Bankis also an opportunity to continue to expand our impact in
Sub-Saharan Africa in the years to come.”
“As we embark on this
transformative journey, I am honored to acknowledge the strategic importance of
the financing we have secured to champion sustainable and gender-inclusive
financing,” said Wole Adeniyi, Chief Executive, Stanbic IBTC Bank. “This
financial commitment not only fuels our vision for a more sustainable future
but also underscores our unwavering dedication to fostering equal
opportunities. Empowering women and advancing sustainable initiatives is not
just a financial decision, it is a commitment to building a world where
prosperity knows no gender, and where every investment is a step towards a
brighter, more sustainable future. Together, with this significant partnership
with FinDev Canada, we pave the way for a future where financial strength and
social impact walk hand-in-hand," Wole added.
 |
| L-R: Lori Kerr, Chief Executive Officer, FinDev Canada and Wole Adeniyi, Chief Executive, Stanbic IBTC Bankat the signing ceremony of a US$ 40 million loan partnership to boost Sustainable Finance and Gender Finance, which took place in Canada recently. |
This transaction will contribute to FinDev Canada’s
long-term development impact goals and the Sustainable Development Goals (SDGs)
particularly SDG 8, Decent Work and Economic Growth, SDG 5, Gender
Equality, and SDG 13, Climate Action.
This transaction qualifies for the 2X
Challenge, which seeks to shift more capital towards investments
that empower women in developing countries,
to access entrepreneurship and leadership opportunities, quality jobs, and
products and services that enhance their economic participation.
About FinDev
Canada
FinDev Canada is
Canada’s bilateral Development Finance Institution (DFI), supporting development
through the private sector. We provide financing, investment, and blended
finance solutions, as well as technical assistance and knowledge, to promote
sustainable and inclusive growth in emerging markets and developing economies
(EMDEs) aligned with the Sustainable Development Goals (SDGs) and Paris
Agreement commitments. FinDev Canada is a wholly owned subsidiary of Export
Development Canada (EDC). Find out more about FinDev Canada at www.findevcanada.ca.
About Stanbic IBTC Holdings
Stanbic IBTC Holdings is the leading end-to-end
financial solutions provider in Nigeria, offering a wide range of products and
services across corporate, business, and personal banking, stockbroking, insurance,
and asset management. The recent establishment of its fintech subsidiary, Zest
Payments, further underscores its commitment to provide innovative financial
solutions. Stanbic IBTC plays a pivotal role in driving Nigeria's growth,
leveraging deep local insights and international expertise enhanced by being a
member of Standard Bank Group, Africa’s largest bank by assets. Find out more
about Stanbic IBTC onwww.stanbicibtc.com.
About the
2X Challenge
The 2X
Challenge was founded in 2018 by the development finance institutions (DFIs)
from the G7 as a call to action to shift more capital towards investments that
empower women in developing countries to access entrepreneurship and leadership
opportunities, quality jobs, and products and services that enhance their
economic participation. More information about the 2X Challenge can be found
here: https://www.2xchallenge.org
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