geo/nigeria
Zalgroup joins the SME Finance Forum to add value and create wealth for MSMEs in Nigeria

New Member: SunTrust Bank provides unique financial services and products to consumers

Tunde Kehinde of Lidya on Finance and the Digital Divide

Zenith Bank, a leading Nigerian commercial bank, joins the SME Finance Forum

Washington D.C, January 31, 2024 – Nigeria’s Zenith Bank has joined the SME Finance Forum as the global membership network’s latest member. The 240+ members of the Forum are SME financing experts operating in 190 countries who share the common goal of expanding access to finance to small businesses worldwide through knowledge exchange and innovation.
“SME Finance Forum is delighted to welcome Zenith Bank, a leading bank in Nigeria and Africa, into our network. I am confident they will further contribute towards our decade-long efforts in expanding access to financial services for SMEs. We have been building a global network of SME-focused institutions imparting knowledge, scaling innovations, sharing best practices and influencing policy shifts, and we are proud to welcome Zenith Bank today,” said Qamar Saleem, CEO of the SME Finance Forum.
Zenith Bank is a commercial bank founded in 1990 and headquartered in Nigeria. Zenith Bank has subsidiaries in Ghana, Sierra Leone, The Gambia, the United Kingdom and United Arab Emirates. It currently has over 400 branches and cash offices.
“Through our association with the SME Finance Forum, Zenith Bank aims to grow our SME franchise, learn from world-class organizations and members, gain access to trainings and international resources, participate in Communities of Practice, and network with our peers and key players,” said Lanre Oladimeji, DGM, Group Head Retail & SME Banking at Zenith Bank.
About SME Finance Forum
The SME Finance Forum was established by the G20 Global Partnership for Financial Inclusion (GPFI) in 2012 as a knowledge center for data, research, and best practice in promoting SME finance. As an implementing partner for the GPFI, the International Finance Corporation (IFC) was tasked with managing the initiative. The Forum operates a global membership network of +240 members that brings together financial institutions, technology companies, and development finance institutions to share knowledge, spur innovation, and promote the growth of SMEs.
Discover the SME Finance Forum members:
https://www.smefinanceforum.org/members/member-list
About Zenith Bank
Zenith Bank PLC is headquartered in Nigeria with subsidiaries in Ghana, Sierra Leone, The Gambia, the United Kingdom and United Arab Emirates. The bank commenced operations in May 1990 and currently has over 400 branches and cash offices.
Learn more:
Website: https://www.zenithbank.com/
Facebook: https://www.facebook.com/zenithbank/
Twitter: https://twitter.com/ZenithBank
Linkedin: https://www.linkedin.com/company/zenith-bank-group/
Zenith Bank
Headquartered in Lagos, Nigeria, Zenith Bank Plc has over 500 branches and business offices in prime commercial centres in all states of the federation and the Federal Capital Territory (FCT).

MEDA
MEDA (Mennonite Economic Development Associates) is an international economic development organization founded in 1953 whose mission is to create business solutions to poverty.


Asante
Asante Financial Services Group is a Credit-Led Neo Bank that supports Africa’s growth through provision of financial services to growing businesses.
Proparco Supports the Nigerian Bank FCMB to Strengthen its Commitment to High-impact SMEs and Climate Projects
In Nigeria, micro, small and medium enterprises (MSMEs) represent 96% of the country's businesses. They create jobs (84% of employment) and contribute to national wealth (48% of national GDP). However, access to financing is their main challenge today.
One of Nigeria’s most SME friendly banks, First City Monument Bank Limited, is well positioned to offer financing solutions adapted to these companies. It is a specialized organization that has developed a solid digital offering, the Quickloan platform, for SMEs. The bank has strong growth ambitions in this segment.
FCMB was recognised as the Best SME Bank in Nigeria at the Asian Banker Middle East and Africa Regional Awards for the second year running. It is recently the most decorated bank by development finance institutions in Nigeria, with nine awards in the last four months, for its impact on the segment. Proparco's intervention in both financing and risk sharing will enable FCMB to strengthen its positioning in the high-impact SME segment and in climate projects. Proparco's financing supports FCMB's objective of promoting the financial inclusion of women through the SheVentures program implemented by FCMB in 2019 which offers women entrepreneurs dedicated solutions such as interest-free and concessional loans, as well as adapted training and mentoring. As such, the project is eligible for the 2X Challenge.
As for the EURIZ portfolio guarantee, it will provide a 70% guarantee for the bank's loans to high-impact SMEs: SMEs run by women or young people, SMEs operating in the agriculture, education, health and digital sectors, young startups or green SMEs. Launched in May 2019 with the support of the European Union and the European Development Fund, as well as the African, Caribbean and Pacific (OACPS) Group of States, the EURIZ guarantee aims to facilitate access to credit for SMEs, particularly in high-impact development sectors, in order to help them play their essential role in economic growth and job creation. It is also part of Choose Africa, a French initiative targeting African SMEs.
By collaborating with FCMB, a key player in SME financing in Nigeria, AFD Group is facilitating the financing of local economic players who are facing the impact of the Covid-19 crisis. The project aims to foster the development of the local private sector in sectors and segments that are critical to achieving sustainable and inclusive economic growth. As a result, it will contribute to SDG 8 ("Decent Work and Economic Growth"), 5 ("Gender Equality"), 7 ("Clean Energy"), and 13 ("Combating Climate Change").