IFC, Coronation Merchant Bank to boost Nigeria’s trade finance with $40m
IFC, a member of the World Bank Group has announced a $40 million Trade Finance Guarantee facility to Coronation Merchant Bank under its Global Trade Finance Program.
This will enable Coronation Merchant Bank to establish and expand correspondent banking partnerships with severalinternational banks in IFC’s Trade Finance program, broadening access to finance in Nigeria.
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IFC’s Global Trade Finance Program (GTFP) will offer confirming banks full or partial guarantees to cover the trade-related payment obligations of Coronation Merchant Bank. The program supports trade with emerging markets worldwide, allowing participants to conveniently finance their imports and exports and promotes the flow of goods and services between developing countries.
Commenting on the partnership with IFC, Banjo Adegbohungbe, Acting Managing Director of Coronation Merchant Bank stated that “The GTFP partnership is a critical milestone for us in our journey to become a leading financial institution in Nigeria. We are delighted to partner with the IFC in providing trade finance solutions to our customers and we assure all our clients of our continued support to enable them to achieve their business objectives.”
“We welcome Coronation Merchant Bank to the Global Trade Finance Program, which has been very active in Nigeria in the past. This relationship will help improve the bank’s trade with other countries and create new economic opportunities in Nigeria,” said Kevin Njiraini, IFC’s Director for Southern Africa and Nigeria.
“The partnership attests to the continued growth of the Nigerian financial sector and restatesIFC’s commitment to emerging markets around the world.”
Coronation Merchant Bank was established in 2015 to provide wholesale banking to a long under-served market. The Bank offers Investment and Corporate Banking, Private Banking/Wealth Management and, Global Markets/Treasury Services to its clientele.
