The Netherlands Development Finance Company, which is also known by its Dutch acronym FMO, recently issued a loan of USD 10 million to the unit of Nigeria’s Access Bank Plc that operates in the Democratic Republic of Congo (DRC) to increase its financing of small and medium-sized enterprises (SMEs).
Access Bank CEO Herbert Wigwe commented, “Over the years, Access Bank has partnered with FMO to successfully deliver strategic financing for various segments across several regions. As one of the first major investments in Congo’s financial sector, this loan facility supports Access Bank’s effort to improve financing for the SME segment which indeed holds high potential for the enhanced growth of the country’s economy.”
Established in 1989, Access Bank provides institutional, commercial and retail banking services via 310 branches in nine African countries and the UK. The firm’s non-banking subsidiaries are: (1) United Securities Limited; (2) Access Homes and Mortgages Limited; and (3) Access Investment and Securities. As of 2018, Access Bank had total assets of NGN 4.9 trillion (USD 13.6 billion) and gross earnings of NGN 528 billion (USD 1.5 billion). One of its goals is to “engender a sustainable economy and promote a greener environment.”
Established in 1970, FMO is 51-percent held by the Dutch government and 49-percent by private sector institutions. The bank works toward the UN’s Sustainable Development Goals by funding capacity development as well as placing debt and equity investments in sectors such as agribusiness, financial institutions and energy. As of 2018, the bank reported a portfolio of EUR 9.6 billion (USD 10.8 billion).
Sources and Additional Resources
FMO press release
https://www.fmo.nl/news-detail/a517f0c2-a382-44aa-88b4-f7a0bc648181/fmo-makes-its-first-investment-in-democratic-republic-of-congo-s-financial-sector
FMO homepage
https://www.fmo.nl/
Access Bank homepage
https://www.accessbankplc.com/
Access Bank DRC homepage
https://congo.accessbankplc.com/
FMO 2019 annual report
https://annualreport.fmo.nl/2018/reports/ir2019/at-a-glance
MICROCAPITAL BRIEF: FMO, PROPARCO Loan $80m to Banco Supervielle of Argentina for SMEs
https://www.microcapital.org/microcapital-brief-fmo-proparco-loan-80m-to-banco-supervielle-of-argentina-for-smes/
SPECIAL REPORT: SheInvest to Deliver $1.1b to Women in Africa, Access Bank’s “Beta Friends” Bringing Digital Savings to Market Sellers, Women Move Slowly to Mobile Money: All at European Microfinance Week
https://www.microcapital.org/special-report-sheinvest-to-deliver-1-1b-to-women-in-africa-access-banks-beta-friends-bringing-digital-savings-to-market-sellers-women-move-slowly-to-mobile-money-all-a/
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