Access Bank, a Nigerian multinational commercial bank, has provided Small and Medium Enterprises (SMEs) operating in the country’s health sector with a one billion naira credit facility.
Access Bank‘s Executive Director in charge of Retail Banking, Mr Victor Etuokwu, while disclosing the development, said the bank is committed to advancing its role towards supporting the economy.
According to Etuokwu, “we have a huge portfolio where we lend to businesses. Access Bank has the highest loan book in the industry at over 3 trillion naira. As you know, with our merger with Diamond Bank, we are going to lend more to SMEs and I can say that as it is, we are the bank for SMEs”.
Also speaking on the development, the Business Development Director, Medical Credit Fund, Fisayo Ogunsanya said the health sector had the potential to contribute significantly to the country’s Gross Domestic Product.
Ogunsanya called on entrepreneurs in the sector to take advantage of the opportunities in the external environment by investing in technology that could drive their businesses.
Nigeria’s health system faces tough and complex challenges at the moment, exacerbated by new pressures such as its aging population, the prevalence of chronic ailments, and intensive use of expensive yet vital health technologies. Access to adequate financing for the health sector is not only desirable, but also an essential priority for the country.
Access Bank is presently one of the five largest banks in Nigeria in terms of assets, loans, deposits and branch network. The merger of Access Bank and Diamond Bank on April 1, 2019, has made Access Bank the largest bank in Sub-Saharan Africa.