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Nigeria : WEMA BANK taps trade lines of over $50m, with $20m in development finance for SME segment

July 8, 2014

Wema Bank, which is making robust moves towards growth, has obtained trade lines of credit worth more than US$50 million tapping different foreign correspondent banks recently.

The bank has also acquired over US$ 20million in development finance and both the fund raising moves are intended at delivering supports to the SME sector among other areas of the national economy.

These acquirements have cemented Wema Bank s status as an able institution for managing major international trade transactions, delivering crucial finances and rendering supports to the SMEs at the same time emphasizing the foreign financial institutions faith in the risk management processes of the bank.

Wema BanK, which was set up in 1945, had earlier disclosed its dedication to deliver worthy financial assistance across economic sectors of Nigeria, with focus on the SME segment.

Industry observers and investors have described Wema Bank s recent revisit to profitability as excellent considering the hurdles witnessed by the bank prior to the arrival of its new management.

It can be stated certainly that the new management s dedication to revive the company via putting new measures into action has led to wonderful results. And the bank has gone back to the profitable zone by a period of four years. Moreover, the transformation process undertaken by the Wema BanK management has facilitated formation of strong corporate governance and risk management frameworks in the end.

The Nigerian lender serves its customers via delivering a range of international trade and treasury services.

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Source: TendersInfo (India)

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