Ecobank Nigeria recently disclosed that the bank’s newly sourced N50bn credit will be deployed to support micro, small and medium-scale enterprises and small enterprises in the country.
According to the Manging Director of the Bank, Patrick Akinwuntan in a statement on Wednesday titled ‘Ecobank Nigeria targets MSMEs with recent N50bn subordinated funding’ said
“The proceeds of the financing will support MSMEs in the country and is particularly useful for this segment where access to bank loans is considered as the biggest impediment to growth.
“As MSMEs currently account for about half of the country’s gross domestic product and circa 96 per cent of the total number of businesses, this support will definitely make a positive impact.”
“As an MSME-friendly bank, we have been helping them with capacity building; providing simple and easy access to loans in various sectors including manufacturing, agriculture, creative industry, healthcare, general commerce and services.
“Our robust digital platforms help facilitate transaction convenience for our clients particularly during this COVID-19 pandemic and helped with the ease of doing business.