CEM REPORT | As a means to reduce unemployment and poverty, First City Monument Bank (FCMB), a member of FCMB Group Plc, has partnered with the Mastercard Foundation to provide single-digit interest rate loans to Hundred Thousand (100,000) Micro, Small, and Medium Enterprises (MSMEs).
The initiative which is aimed at supporting young Nigerian women and men in the MSMEs sector scale their operations will be executed through a novel $27.8 million (about N15.5 billion) MSME Revitalization Fund will ensure that qualified MSMEs access subsidized loans for their business.
While 70 percent of the MSME Revitalization Fund targets women-owned MSMEs in agribusiness, the creative industry, and digital sector, the rest 30 percent will be deployed to meet the funding needs of youth-owned enterprises and businesses run by vulnerable members within Nigeria.
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Managing Director, FCMB, Yemisi Edun, speaking on the partnership, described it as a purpose-driven intervention that would further help break the barriers that limit MSMEs’ productivity and overall success in Nigeria.
“The past few years have been very challenging for individuals, households, and businesses in Nigeria. Now more than ever, all hands must be on deck to create opportunities that will sustainably enable people and businesses to find their footing and stand on more solid ground.
“We are proud to partner with the Mastercard Foundation to rebuild businesses, drive recovery, and stimulate economic growth by providing the much-needed support to Nigerians to engage in productive activities. As a caring and inclusive institution, we will deploy our products, services, and other excellent offerings to ensure that this partnership achieves the desired results.”
The Mastercard Foundation’s Country Head for Nigeria, Chidinma Lawanson, commented said the partnership will help increase their support to more young Nigerians.
“This partnership will enable us to scale our support to reach even more young people and communities that have been affected by the pandemic. Together with our partners and others, we will continue to ensure that our efforts enable young people, especially young women, to access quality education, skills, and financial services so that they can transition to dignified and fulfilling work.”
Young Africa Works is the Mastercard Foundation’s strategy to enable 30 million young people, particularly young women, across Africa to access dignified work.
