British International Investment (BII), the United Kingdom’s development finance institution and impact investor, has partnered with First City Monument Bank (FCMB) to launch a $50 million credit facility aimed at expanding access to finance for Micro, Small, and Medium-sized Enterprises (MSMEs) across Nigeria.
Seventy per cent of the facility is earmarked for MSMEs in northern Nigeria, a region BII describes as historically underserved by traditional lenders.
The remaining 30 per cent will be directed toward supporting women-owned businesses nationwide, in a move expected to accelerate financial inclusion and enterprise growth.
The initiative is designed to close the widening funding gap confronting MSMEs operating in key sectors such as agriculture, trade, manufacturing and technology. It also targets underserved communities where access to affordable and structured finance remains limited.
The partnership also includes support for internal capacity-building, market-opportunity assessments and enhanced operational efficiency to help beneficiary businesses strengthen performance and scale sustainably.
FCMB’s Managing Director, Yemisi Edun, said the partnership will significantly expand the bank’s reach and impact on small enterprises across the country.
She said: “Our partnership with British International Investment strengthens our ability to channel resources where they matter most, deepen financial access for underserved groups, and create pathways for long-term economic participation across the country.
As of September 2025, we provided over ₦533 billion credit lines to thousands of businesses nationwide.”
Edun added that widening access to finance for entrepreneurs, especially in the North and among women-led ventures, is central to FCMB’s mission to stimulate productivity, create jobs and strengthen local industries.
The British Deputy High Commissioner in Lagos, Jonny Baxter, described the investment as a practical expression of the UK’s commitment to deepening economic cooperation with Nigeria.
Baxter said the initiative would also support innovation in SME financing models across the banking sector.
Similarly, BII’s Managing Director and Head of Africa, Chris Chijiutomi, said the intervention is targeted at removing the structural barriers that have long prevented entrepreneurs from accessing affordable credit.
The BII–FCMB collaboration supports the United Nations Sustainable Development Goals 5 (gender equality) and 8 (decent work and economic growth).
The Central Bank of Nigeria recently named FCMB the Best SME-Focused Bank, noting that the institution accounted for 24 per cent of all SME lending in the country in 2024—granting ₦432 billion out of the total ₦1.8 trillion issued by banks within the year.
