Aig-Imoukhuede-led Access Holdings gets $10 million to boost SME growth in Sierra Leone

Access Holdings Plc, a leading African financial services group led by Nigerian banker and investor Aigboje Aig-Imoukhuede, has struck a deal to expand lending to small businesses in Sierra Leone. The agreement, signed through its subsidiary Access Bank Sierra Leone, is with the International Finance Corporation, the private sector arm of the World Bank

 As part of the arrangement, Access Bank Sierra Leone will receive an unfunded risk-sharing facility of up to $10 million in local currency. The program is designed to ease constraints for small and medium-sized enterprises, a sector widely seen as the backbone of Sierra Leone’s economy but chronically underserved by banks.

The facility is expected to support about $20 million in fresh loans, with at least 25 percent earmarked for women-led companies. Access Bank has also set a goal of more than doubling the share of female-owned firms in its SME portfolio, aiming to push that figure above 50 percent in the next five years.

IFC backs Access Bank to widen access to credit

The facility is part of IFC’s Small Loan Guarantee Program, which shares credit risk to help banks expand SME lending. Backed by the World Bank’s International Development Association, it offers first-loss coverage to encourage financing in fragile and low-income countries.

In addition, IFC will provide technical support to Access Bank and train 50 SMEs—many women-led—in financial management and business skills to improve loan readiness and long-term survival. “Through our collaboration with IFC, Access Bank Sierra Leone is unlocking opportunities for women entrepreneurs, extending finance in underserved markets and strengthening local businesses,” said Ganiyu Sanni, managing director of Access Bank Sierra Leone.

Access Bank, IFC boost SME finance

Abdu Muwonge, the World Bank Group’s joint country representative for Sierra Leone, called it a “critical step” toward closing the financing gap. “SMEs drive job creation and growth in Sierra Leone, where they account for nearly 90 percent of private businesses. With this partnership, many will finally access the credit they need to expand,” he said.

The IFC deal comes less than a year after Access Bank acquired Standard Chartered’s Sierra Leone unit, expanding its branch network and strengthening its corporate banking platform. The transaction marked the exit of the British lender from the market and reinforced Access Holdings’ strategy of building scale in underbanked economies.

Access Holdings deepens West African presence

For Chairman Aigboje Aig-Imoukhuede, who returned to the group in 2024, Sierra Leone, where Small and medium-sized enterprises account for about 70 percent of jobs, represents part of a wider African push to grow retail and corporate banking where credit is scarce but demand is rising.

IFC’s $43.5 million portfolio in the country already spans agribusiness and financial services, with new investments planned in energy and telecoms. By offering guarantees in local currency, IFC also shields lenders and borrowers from exchange-rate volatility—a persistent challenge in the fragile economy.