Wema Bank has signed a €50 million SME financing deal with EIB Global to support women- and youth-led businesses across Nigeria. The agreement, sealed at the lender’s Lagos headquarters, marks the first partnership between Wema Bank and EIB Global, and is aimed at widening access to credit for entrepreneurs often underserved by traditional lending.
What the Wema Bank deal covers
Under the agreement, at least half of the loans will be directed to youth-owned enterprises, while the remainder will support businesses owned, managed by, employing or primarily serving women. The structure deliberately targets two groups that drive much of Nigeria’s economic activity yet frequently struggle to secure affordable finance. By earmarking the funds, the partners hope to ensure the money reaches those who need it most.
Backing women and young entrepreneurs
The credit line is framed around promoting gender equality, youth employment and environmentally sustainable investment. For women-led firms in particular, limited access to capital has long been a barrier to growth, and dedicated funding can help close that gap. Young entrepreneurs, meanwhile, often lack the collateral or track record banks demand, making targeted facilities an important route into formal finance and expansion.
More than money
Beyond the loan itself, EIB is providing technical assistance to Wema Bank through a programme designed to green the financial sector and strengthen sustainable lending. The support is intended to help the bank meet the agreement’s objectives and build expertise in climate-related investment. Pairing finance with capacity-building can make such facilities more effective, improving how funds are deployed and tracked over time.
Linking to wider programmes
The funds will reach eligible Wema Bank customers as well as graduates of accelerator initiatives that support young African businesses, including a Team Europe effort focused on women and young people. Tying the credit line to these pipelines helps channel money toward enterprises that have already shown promise, increasing the odds that the financing translates into jobs, growth and lasting businesses.
Why it matters
Small and medium enterprises are central to Nigeria’s economy and employment, but a persistent financing gap holds many back. Partnerships that bring international capital alongside local banks can help bridge that gap, especially for women and youth. If well managed, the deal could support new businesses, create jobs and demonstrate a model for inclusive, sustainable lending that others might follow.
A model for inclusive finance
The partnership reflects a wider trend of development finance institutions teaming up with local banks to channel capital toward groups the market often overlooks. By pairing funding with technical support and tying disbursement to clear social targets, such deals try to ensure money delivers measurable impact rather than simply expanding loan books. For Nigeria, where small businesses dominate the economy but access to affordable credit remains limited, the model could prove influential if it succeeds. The inclusion of climate and sustainability objectives also signals how green considerations are increasingly woven into mainstream lending. Ultimately, the test will be how many viable women- and youth-led enterprises secure financing, grow and create jobs, and whether the approach can be scaled up by other banks and partners across the country.
The agreement adds to a growing push to fund inclusive enterprise in Nigeria. Viorah TV will continue to follow how the financing is rolled out and the businesses it supports.
