First City Monument Bank (FCMB), a member of the FCMB Group Plc has partnered with Mastercard Foundation to provide subsidised loans to 100,000 Micro, Small and Medium Enterprises (MSMEs) in the country to boost their operations and create job opportunities for young Nigerians.
The programme, which is part of the Mastercard Foundation’s Young Africa work strategy in Nigeria, is aimed at sustainably moving the Nigerian youth out of poverty.
Speaking on the initiative, the Managing Director of FCMB, Mrs Yemisi Edun, said the programme was being executed through a fresh fund of $27.8 million, an equivalent of about N15.5 billion.
“The MSMEs revitalisation fund ensures that qualified MSMEs can access loans for their businesses at a single digits interest rate, 70 per cent of the MSMEs revitalisation fund targets women-owned MSMEs in agribusiness, the creative industry and digital sectors. The remaining 30 per cent will be deployed to the funding needs of youth-owned enterprises and businesses in Nigeria.
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On the partnership, she described it as a purpose-driven intervention that would further help to break the barriers that limit MSMEs productivity and success in the country.
She said: “The past few years have been very challenging for individual 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 thrive.
“We are proud to partner with the Mastercard Foundation to rebuild businesses, drive recovery and stimulate economic growth by providing the much-needed support for Nigerians to engage in productive activities.
“As a large and inclusive institution, we will deploy our products, services and other excellent offerings to ensure that this partnership achieves the desired results.”
