News Column

Wema Bank Secures U.S.$50 Million to Support SMEs

July 8, 2014

Wema Bank has revealed that it recently secured over $50 million in trade lines from various foreign correspondent banks and development finance.

The fund is to enable the bank support small and medium scale enterprises (SMEs), amongst others. A statement from the bank noted that through the development, Wema Bank has reaffirmed its capacity to handle large international trade transactions, provide necessary finance and support for SMEs whilst also underscoring the confidence of foreign financial institutions in its risk management system.

Wema Bank assured its customers of its commitment towards providing value-adding financial support to various sectors of the Nigerian economy - especially as it relates to SMEs.

"Wema Bank's recent return to profitability has been hailed as outstanding by industry watchers and investors given the challenges faced before the new management came on board.

"However, the management's commitment to the transformation process it put in place has been hugely successful and has seen it return to profitability within four years whilst also instituting sound corporate governance and risk management frameworks in the process," it added. Wema Bank offers various international trade and treasury services to its customers.

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Source: AllAfrica

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