Stanbic IBTC Bank Partners with FinDev Canada to Boost Sustainable and Gender-Inclusive Finance in Nigeria
In a significant move to enhance access to sustainable finance in Nigeria, Stanbic IBTC Bank has secured a loan of up to US$40 million from Canada’s Development Finance Institution, FinDev Canada. This financial backing, aimed at fostering long-term collaboration across Sub-Saharan Africa, is set to strengthen Stanbic IBTC Bank’s efforts in supporting sustainability-related initiatives in key sectors of the Nigerian economy.
The loan from FinDev Canada will be directed towards critical areas such as agribusiness, health, education, affordable housing, and sustainable infrastructure, promoting broader economic development in Nigeria. Additionally, it will enhance access to finance for micro, small, and medium-sized enterprises (MSMEs) and further climate change mitigation and adaptation efforts. Importantly, at least 30% of the funds are allocated to women-owned or women-led enterprises, addressing the persistent gender financing gap in the region.
Nigeria’s economy heavily relies on MSMEs, which contribute to 96% of the country’s businesses and provide 84% of employment. Although 41% of micro-enterprises are owned by women, many of these businesses remain underbanked due to limited access to finance. This partnership between FinDev Canada and Stanbic IBTC Bank, the seventh-largest bank in Nigeria by assets, offers a pathway to reaching underserved segments of the Nigerian economy.
Lori Kerr, CEO of FinDev Canada, expressed her pride in supporting Nigeria’s development through private sector engagement. “Market development is a top priority for FinDev Canada, and this partnership with Stanbic IBTC Bank presents a valuable opportunity to expand access to capital for key sectors in Nigeria. It contributes to stronger markets and improves livelihoods, particularly for women. We look forward to deepening our impact in Sub-Saharan Africa through this partnership.”
Wole Adeniyi, Chief Executive of Stanbic IBTC Bank, emphasized the transformative nature of the partnership. “This financing enables us to lead the charge for sustainable and gender-inclusive financing. Our commitment to empowering women and advancing sustainable initiatives goes beyond financial gains—it is about creating a future where prosperity is inclusive, and social impact is at the heart of every investment. This partnership with FinDev Canada lays the foundation for a future where financial strength and social progress are intertwined.”
This transaction aligns with FinDev Canada’s long-term development goals and the United Nations Sustainable Development Goals (SDGs), particularly SDG 8 (Decent Work and Economic Growth), SDG 5 (Gender Equality), and SDG 13 (Climate Action). Additionally, it qualifies for the 2X Challenge, an initiative aimed at increasing capital for investments that empower women in developing countries through entrepreneurship, leadership opportunities, and access to quality jobs.
Through this collaboration, both Stanbic IBTC Bank and FinDev Canada are poised to make a lasting impact on Nigeria’s economy, fostering inclusive growth, gender equality, and sustainable development.
9News Nigeria/NAN
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