Access Bank Plc

Debt : July 2024

BIO has granted a USD 20 M loan to Access Bank Plc, a Nigerian commercial bank, as part of a USD 295M loan package led by FMO.

Amount

$ 20,000,000.00

Type of investment

Debt

Development impacts

Local economic growth

Beneficiary locations

Africa: Nigeria

Investment field

Financial Institutions

Activity

K64.99 Other financial service activities, except insurance and pension funding n.e.c.

Organisation

Access Bank Plc

Website

https://www.accessbankplc.com/

Domicile

Nigeria

More investments in

Access Bank Plc

Debt € 15,024,304.02 (2019)
Debt € 2,232,142.82 (2006-2014)

The funding will reinforce the capital base and support the SME portfolio growth of Access Bank Plc, including women and youth, to improve their access to finance. Access Bank is a leading institution in Nigeria’s banking sector, with a strong presence in both retail and corporate banking.

Recognized as a systemic bank, AB plays a crucial role in stabilising and influencing Nigeria's financial landscape due to its significant impact and extensive reach.

Access Bank Plc is part of Access Bank Group, with an extensive global presence, operating over 600 branches across three continents, 21 countries, and serving more than 60 million customers.

Development impacts

Local economic growth
Supporting increasing access to financing for MSMEs.

Contributing to the growth of the SME portfolio by exclusively channelling the funds to SMEs, with 50% directed towards "underserved" groups, including agriculture, rural areas, women-led businesses, youth, and microentrepreneurs. The funds will support businesses across Nigeria’s diverse real economy sectors, such as trade and commerce, manufacturing, agriculture, construction, ICT and more, promoting entrepreneurship, business expansion and formalization.

E&S Impact

AB agreed on an action plan that tackles:

the set-up of an external grievance mechanism,
the definition of standard environmental and social clauses to be included in clients’ contract, and
the commitment to publicly disclose climate targets and policies.

Situation at the time of investment

BIO performed an onsite due diligence, showing that the Borrower has a comprehensive Environmental and Social Management System in place, structurally embedded in the credit review process. Access Bank has a team of 8 full-time employees dedicated to environmental and social matters and for high-risk projects calls upon external consultants for support. Furthermore, the bank is a signatory of the main sector initiatives (Equator Principle, UN Principles for Responsible Banking, UNGC, PCAF), has a set of sustainability policies and has a strong focus on Green Bonds and climate finance.

Risk Category: A