THE Mastercard Foundation has collaborated with First City Monument Bank (FCMB) to give subsidized loans to 100,000 Micro, Small, and Medium Enterprises (MSMEs) to help them scale their operations and create jobs for young Nigerian women and men.
The initiative, which is part of the Mastercard Foundation’s Young Africa Works strategy in Nigeria, aims to lift Nigerian youths out of poverty on a long-term basis. It is being carried out through a new $27.8 million (approximately N15.5 billion) MSME Revitalisation Fund, which ensures that qualified MSMEs have access to low-interest loans for their businesses.
Women-owned MSMEs in agribusiness, the creative industry, and the digital sector receive 70% of the MSME Revitalisation Fund.
Yemisi Edun, FCMB’s Managing Director, hailed the alliance as a “purpose-driven initiative” that will assist break down the hurdles that hinder MSMEs’ productivity and overall success in Nigeria.
She said, “The past few years have been very challenging for individuals, households, and businesses in Nigeria. Now more than ever, all hands must be on deck to create opportunities that will sustainably enable people and businesses to find their footing and stand on more solid ground.
“We are proud to partner with the Mastercard Foundation to rebuild businesses, drive recovery, and stimulate economic growth by providing the much-needed support to Nigerians to engage in productive activities. As a caring and inclusive institution, we will deploy our products, services, and other excellent offerings to ensure that this partnership achieves the desired results.”
The Mastercard Foundation’s Country Head for Nigeria, Chidinma Lawanson, commented, “This partnership will enable us to scale our support to reach even more young people and communities that have been affected by the pandemic.
Together with our partners and others, we will continue to ensure that our efforts enable young people, especially young women, to access quality education, skills, and financial services so that they can transition to dignified and fulfilling work.”
