IFC Partners with Coronation Merchant Bank to Boost Trade Finance in Nigeria


Tuesday, March 03, 2020 / 09:46 AM / By IFC / Header Image Credit: EcoGraphics


IFC, a member of the World Bank Group, today 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 several international banks in IFC's Trade Finance program, broadening access to finance in Nigeria.


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 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 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 restates IFC'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. In 2019, Coronation Merchant Bank received awards such as Best Investment Bank in Nigeria by Global Finance, Best Investment Bank in Nigeria by World Finance, Best Investment Bank by Global Banking and Finance Review, and Best Investment Bank by Global Business Outlook.


The partnership with Coronation Merchant Bank underscores IFC's commitment to Nigeria. IFC has invested in several projects in heavy manufacturing, technology and financial services amongst other key sectors in the country.


About IFC

IFC-a sister organization of the World Bank and member of the World Bank Group-is the largest global development institution focused on the private sector in emerging markets. It works with more than 2,000 businesses worldwide, using its capital, expertise, and influence to create markets and opportunities where they are needed most. In 2019, IFC delivered more than $19 billion in long-term financing for developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org.

Proshare Nigeria Pvt. Ltd.


Related News

1.         Four Policy Reforms Nigeria Must Adopt To Drive Inclusive Growth - Ms. Eme Essien Lore, IFC

2.        IFC Estimates $1.5trn Annual Global Deficit For Women-Owned SMEs

3.        IFC, West African Stock Exchange Partner to Strengthen Corporate Governance

4.        Ecobank Nigeria To Host Regional Trade Forum 2020; Reiterates Africa Wide Network Advantage

5.        Addressing FDI Barriers to Take Advantage of the Regional Trade Opportunity

6.        From CFA franc to the Eco: A Mere Name Change or Something More?

7.        Italian Trade Agency Opens Office in Lagos, Restates Support for Economic Growth in Nigeria

8.       Intra-Regional Trade Key To Increasing Private Capital Investments Into Africa

9.        The UK Steps Up to the Plate in the New Scramble for Africa

10.    UK-AIS 27 Commercial Deals Worth Over 6.5bn Pounds

11.     70 Nigerian Companies To Participate At The Maiden UK-Africa Summit

12.     Nigeria Investment Guide: The Facts That Matter About Nigeria

13.     AfCFTA Will Industrialize Africa - Kunle Elebute

14.    Impact Assessment Study and Economy-Wide Implications of AfCFTA on the Nigerian Economy

15.     WAEMU Currency Reforms Unlikely to Affect Sovereign Ratings

16.    Here Comes The Eco

17.     Why Investing in Africa is Good for UK Firms

18.    South Africa's Investment Summit Secures $25bn of Fresh Funding

19.    The French-backed CFA franc is Going. Will The New Eco Be as Stable?

Proshare Nigeria Pvt. Ltd.

Proshare Nigeria Pvt. Ltd.

Related News