African Development Bank backs First City Monument Bank

The African Development Bank has backed First City Monument Bank (FCMB) to the tune of $50m.

The line of credit has been created support access to finance for small and medium-sized and women-owned businesses.

FCMB will use the credit to expand lending activities to boost the country’s post-pandemic economic recovery and drive more inclusive and climate-resilient growth. It focusses on enterprises in Nigeria’s agribusiness, manufacturing, healthcare and renewable energy sectors.