United States Government and First City Monument Bank (FCMB) Enter Partnership to Strengthen Nigeria’s Private Health Sector

May 8, 2024 – At a ceremony held at the First City Monument Bank (FCMB) Headquarters in Lagos, Nigeria, the U.S. Agency for International Development (USAID) Mission Director Melissa Jones affirmed the U.S. government’s commitment to strengthen Nigeria’s health sector and private sector resilience with a new partnership agreement.

Under the terms of the agreement, USAID and the United States International Development Finance Corporation (DFC) will collaborate with FCMB to facilitate $10 million in new loans. The new partnership will assist FCMB to expand access to finance for underserved borrowers,  underserved borrowers and SMEs in the health sector in Nigeria, the health sector, and small and medium-sized enterprises throughout Nigeria.

“I commend the DFC for its commitment to improving local access to quality healthcare. This partnership will help close the gap in healthcare financing. This means more Nigerians will have access to better healthcare facilities. First City Monument Bank welcomes the opportunity to collaborate with healthcare providers and SMEs nationwide to build a healthier, more productive future for our nation,” said FCMB Managing Director, Mrs Yemisi Edun.

“As demonstrated by this partnership, the United States government is eager to continue collaborating with the financial sector to improve access to credit for underserved borrowers,  including small and medium enterprises, in the health sector., and thereby stimulate economic growth,” said Mission Director Melissa Jones. “In addition to  supporting FCMB's increased lending in the health sector, we are committed to work with FCMB to disburse loans to the agriculture and renewable energy sectors through our existing partnerships.”

This partnership is intended to boost the following key areas:

• Loans in the Healthcare Sector: Loans will be used to support businesses in the following areas: hospitals, health centers, clinics, diagnostic centers, pharmacies, maternal health facilities, procurement of medical equipment, construction and renovation of health facilities.
• Loans to SMEs: The bank’s focus will include  financial support for working capital, equipment procurement, construction, and restructuring of commercial properties for  small and medium sized enterprises.

For more information contact the Development Outreach and Communications Team at Abujadoc@usaid.gov

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About USAID: USAID leads international development and humanitarian efforts to save lives, reduce poverty, strengthen democratic governance, and help nations progress beyond assistance.  In Nigeria, USAID supports humanitarian assistance, health systems strengthening, transparent and accountable governance, basic education, and a more market-led, trade-friendly economy. For more information about USAID and its programs, please visit www.usaid.gov/nigeria  and follow us on Facebook and Twitter @USAIDNigeria

About DFC: The U.S. International Development Finance Corporation (DFC) is the U.S. Government’s development finance institution. DFC partners with the private sector to finance solutions to the most critical challenges facing the developing world today. DFC invests across sectors including energy, healthcare, infrastructure, agriculture, and small business and financial services. DFC investments adhere to high standards and respect the environment, human rights, and worker rights.

About First City Monument Bank: First City Monument Bank is a member of the FCMB Group Plc. FCMB is committed to fostering inclusive and sustainable growth within its communities by building a supportive ecosystem rooted in Africa and connecting people, capital, and markets.