BOI, AGF Signal $50m Deal to Scale Girls-owned MSMEs
The Financial institution of Business (BOI) and African Assure Fund (AGF) have signed a $50 million Mortgage Portfolio Assure framework that may assist scale up monetary and help providers to women-owned companies and Micro, Small and Medium Enterprises (MSMEs) in Nigeria.
The settlement, which was signed on the Africa Funding Discussion board in Rabat, is backed by African Growth Financial institution’s Affirmative Finance Motion for Girls in Africa (AFAWA) initiative. The transaction can be phased out in three tranches over a 10-year interval.
Olasupo Olusi, BOI managing director/CEO, stated on the signing occasion that by way of AGF’s help, the financial institution will deepen its dedication to Nigerian enterprises and supply them with sources to scale their operations, innovate for influence and develop into new markets.
He defined that the portfolio, which ensures as much as N75 billion, will unlock unprecedented alternatives for small enterprises that symbolize a resilient, inclusive and sustainable financial future for Nigeria.
The partnership, in line with him, aligns with the BOI’s mission to drive industrial transformation and imaginative and prescient to guide “Nigeria right into a future outlined by alternative, fairness and resilience.”
He stated that over the previous decade, BOI has disbursed over ₦1.6 trillion in loans, supported hundreds of thousands of MSMEs and created over 9 million jobs.
On its half, AGF has, since inception, unlocked greater than $5 billion in SME financing, by way of partnerships with 250 associate monetary establishments throughout 44 African international locations.
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“This settlement with AGF amplifies our capability to go even additional,” Olusi harassed, commending the Fund for its unwavering dedication to supporting growth throughout the continent.
“Your work in de-risking investments and enhancing monetary inclusion has been instrumental in enabling transformative change, and we’re honored to collaborate with you on this mission.
“The partnership features a complete threat sharing mechanism that focuses on supporting MSMEs, Girls-Owned enterprises and Inexperienced companies to advertise environmental sustainability and gender fairness.
“By prioritising women-owned companies and environmentally sustainable enterprises, we’re saying that girls should not simply take part in Nigeria’s financial story—they have to lead it. We’re saying that sustainable, climate-conscious practices usually are not non-compulsory—they’re crucial,” Olusi added.
In his remarks, Jules Ngankam, AGF group chief govt officer, stated, “This transaction with the main Growth Finance Establishment in Nigeria is a superb milestone that may considerably influence Nigeria’s economic system by unlocking as much as USD 100 million in financing for SMEs.
“AGF will even present tailor-made ensures and technical help in the direction of the particular SME merchandise provided by BOI, concentrating on Girls, Youth and Inexperienced Companies.”
Each events see the settlement as a begin of a long-term strategic relationship, and offers an ideal intersection of the AGF’s mission to unlock financing for SMEs, and BOI’s mandate to catalyse Nigeria’s industrialization and financial transformation.