Breaking News Today: Funding of N109 billion Extended To 500,000 Nigerians by Wema Bank

Breaking News Today: Funding of N109 billion Extended To 500,000 Nigerians by Wema Bank

Breaking News Today: According to Wema Bank, the nation’s Corporate Social Responsibility (CSR) and Corporate Social Investment programs have helped over 500,000 Nigerians obtain funds totaling over N109 billion.

The bank announced in a statement that it had invested over N50 billion in its Sustainable Finance program and given approximately N58.9 billion in uncollateralized loans to female MSMEs under its SARA initiative.

The bank stated that in 2018, it broadened its focus on socio-economic issues beyond the confines of corporate social responsibility (CSR) and implemented the Corporate Social Investment (CSI) policy as a means of realizing the sustainability vision of offering solutions for societal impact.

Speaking about this development, Mr. Moruf Oseni, the managing director and CEO of Wema Bank, stated that all of the bank’s social impact programs span the five main pillars of corporate social investment, which are as follows:

Economic empowerment, education, the environment, finance, and health, and it also states that more than 500,000 individuals nationwide have benefited thus far.

He stated that the bank has established a Green Energy Finance Facility to help Small and Medium Enterprises (SMEs) and individuals lower their emissions through the generation of electricity.

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The facility offers SMEs access to up to N10 million for renewable energy solutions in their business operations and processes, as part of the drive to build climate resilience through the financing of adaptation measures.

Regarding Sustainable Finance, he stated that Wema Bank is dedicated to the methodical reduction of financed emissions by reducing lending to high-risk sectors of the economy and encouraging investment in more sustainable industries like waste management, renewable energy, gender finance, smart agriculture, and so on.

With improved incentives for the adoption of sustainable business practices, almost N50 billion has been invested in sustainable firms so far.

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