MICROCAPITAL BRIEF: Standard Life Organization Borrows $3m from Oikocredit to Invest in MSMEs, Education in Nigeria - MicroCapital Oikocredit Invests in Nigeria

Standard Life Organization, an NGO in Nigeria, recently agreed to borrow USD 3 million for three years from Oikocredit, a Dutch cooperative. Standard Life provides health services and skills training as well as lending to micro-, small and medium-sized enterprises, including many schools.

The organiation’s CEO, Oyegue Osazee, said the funding “will help our current and new clients to grow their businesses. It will also boost our work with schools that helps provide the necessary structures, facilities, materials and working capital to ensure quality low-cost child education.”

Standard Life is a microfinance institution that was founded in 2010 and since has served 600,000 people. Based in Benin City, it has 89 branches in 15 Nigerian states.

Founded in 1975, Oikocredit invests debt and equity in financial inclusion, agriculture and renewable energy in Africa, Asia and Latin America seeking “to improve the quality of life of low-income people or communities in a sustainable way.” As of June 2022, Oikocredit had investments valued at EUR 1.0 billion (USD 1.0 billion), deployed via 500 partners.

Sources and Additional Resources

Oikocredit press release
https://www.oikocredit.coop/k/en/n2613/news/view/355351/9049/oikocredit-invests-us-1-000-000-in-standard-life-organisation-to-support-low-income-entrepreneurs-in-nigeria.html

Standard Life homepage
https://standardlife.org.ng

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