Access Bank Botswana, a subsidiary of the Nigeria-based Access Bank Group, recently agreed to borrow USD 20 million from the Organization of the Petroleum Exporting Countries (OPEC) Fund for International Development to on-lend to micro-, small and medium-sized enterprises (MSMEs), with USD 6 million of the total earmarked for women-run businesses.
Musonda Chishimba, Acting Managing Director of Access Bank Botswana, stated, “This partnership will enable Access Bank Botswana to deliver much-needed access to finance for small businesses, provide these businesses with trade finance solutions through tailored financial products and promote the use of digital banking channels to help accelerate the growth of SMEs [small and medium-sized enterprises] across the country.”
Access Bank Botswana provides retail and wholesale banking services such as loans, savings, digital banking, insurance and investments. As of December 2022, the institution reported customer deposits of BWP 7.3 billion (USD 547 million), a gross loan portfolio of BWP 6.8 billion (USD 512 million) and total assets of BWP 9.3 billion (USD 700 million).
Established in 1989, Access Bank Group offers corporate, business and personal banking services in 17 countries in Africa and Eurasia with the goal of contributing to “sustainable economic growth that is profitable, environmentally responsible and socially relevant.” As of March 2023, Access Bank Group reported quarterly after-tax profits of NGN 72 billion (USD 104 million) on total assets of NGN 16 trillion (USD 23 billion). Access Bank Group is owned by Access Corporation, which was founded in 2022 and controls companies that provide services such as banking, pensions, insurance and payment processing.
The OPEC Fund was established in 1976 by the members of OPEC, a group of countries – 13 as of 2023 – that cooperate on the sales of petroleum products. The OPEC Fund seeks “to stimulate economic growth and alleviate poverty in all disadvantaged regions of the world.” During 2022, the fund committed USD 1.6 billion to 48 projects.
By Renata Samadova, Research Associate
Sources and Additional Resources
OPEC Fund press release
https://opecfund.org/media-center/press-releases/2023/opec-fund-loan-to-access-bank-botswana-will-boost-lending-to-women-owned-businesses
Access Bank Botswana homepage
https://botswana.accessbankplc.com
Access Bank Botswana 2022 financial results
https://botswana.accessbankplc.com/sites/default/files/investor-documents/Access_Bank_Finacial_Results_2022_Final_F.pdf
Access Bank Group homepage
https://www.accessbankplc.com
Access Bank Group financials
https://investorrelations.accessbankplc.com/pages/Investor-Relations/Financial-Reports.aspx
OPEC Fund homepage
https://opecfund.org
Previous MicroCapital article on OPEC Fund
https://www.microcapital.org/microcapital-brief-opec-fund-donating-1m-to-uncdf-to-boost-energy-access-reduce-emissions-starting-in-madagascar-tanzania/
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