WATCH THE VIDEO HERE By Adedapo Adesanya The Dutch entrepreneurial development bank, FMO, and Nigerian lender, First City Monument Bank (FCMB), have signed a $25 million guarantee agreement to fund entrepreneurs limited by risks from pooling funds. The guarantee will enable FCMB to expand its funding to agricultural, youth, and women-owned SMEs without requiring collateral, targeting a client group typically deemed too risky by banks. Funded by the European Commission, NASIRA is one of FMO’s most innovative programs, encouraging local banks to extend their funding to small entrepreneurs without collateral. Often, the FMO guarantee – that effectively replaces the collateral – is not fully
FCMB Gets $25m to Fund Disruptive Business Models in Agric
