IFC, a member of the World Bank Group, announced new financing of ZAR1.2 billion ($100 million) to support FNB’s lending to small and medium enterprises, with a focus on women-owned businesses.
The financing falls under the IFC SME Push Program, a comprehensive, multi-stakeholder initiative that intends to promote lending and strengthen support for small and medium enterprises by the formal banking sector.
“FNB is committed to actively supporting and growing SMEs as an engine of job creation, economic growth and innovation. As the SME bank of choice, our value proposition is based on understanding the challenges that small businesses navigate and offering solutions that remove this everyday angst. At FNB we also appreciate the important role that women-owned businesses play in our economy. We feel that women run businesses require much more airtime and we hope to grow this segment of the market,” says Mike Vacy-Lyle, FNB Business Chief Executive Officer.
The IFC SME Push Program was launched in June 2017 to channel up to ZAR40 billion ($3 billion) into South African SMEs.
“IFC applauds and supports FNB’s continued expansion of services to small and medium enterprises, with a new focus on women. We look forward to an even stronger partnership to increase our impact South Africans that have been historically disadvantaged and that can make a major contribution to the local economy,” says Aliou Maiga, IFC Regional Head for the Financial Institutions Group in Africa.