Toronto/Abuja – FinDev Canada, Canada’s development finance institution, has joined forces with global partners DEG (Germany), OeEB (Austria), and ILX (Netherlands) to provide a $100 million USD syndicated loan to Nigeria’s Access Bank. The funding will significantly enhance support for micro, small and medium-sized enterprises (MSMEs) and women-led businesses, aligning with global efforts to drive inclusive and sustainable economic growth.
MSMEs account for over 86% of employment in Nigeria, yet they continue to face limited access to financing. This facility enables Access Bank to offer tailored financial services to underserved sectors, including rural entrepreneurs, agribusinesses, and women-owned enterprises. FinDev Canada is contributing $25 million USD, building on its initial $50 million loan to Access Bank in 2024.
Importantly, 30% of the proceeds are earmarked for women entrepreneurs, with Access Bank set to provide not only lower-interest loans, but also business education, mentoring, and networking to support long-term sustainability. The initiative directly supports the goals of the 2X Challenge, a G7-backed commitment to advance women’s economic empowerment.
This investment reflects Canada’s growing role in Africa’s fintech and financial inclusion landscape. It also follows the launch of the Canada-Africa Strategy earlier this year and sets the stage for deeper collaboration at the Canada-Africa Fintech Summit (CAFS) 2025, to be held in Toronto this August.
Nigeria’s booming fintech market—with over 56% of young adults using digital saving platforms—continues to attract global attention. Access Bank, with a presence in 24 countries and a customer base of over 60 million, is well positioned to scale innovative, inclusive financial services across Africa.
