Access Bank secures 295 million US dollars to support small businesses

Access Bank, Nigeria's largest lender by assets, has secured a syndicated loan of $295 million from foreign lenders. This loan aims to support small businesses currently grappling with high financing costs and accelerating inflation. The Dutch development bank FMO led the group of lenders, which also included British International Investment, Belgian Investment Company for Developing Countries, as well as funds from Canada, Finland, Norway, and Sweden, Access Bank stated in an email statement. This round of financing is a significant step for Access Bank in addressing the economic challenges faced by small businesses in Nigeria. By providing these funds, the bank hopes to promote growth and stability in the small business sectors during a time of economic uncertainty.