The International Finance Corporation and Access Bank Plc have entered a framework agreement valued at about $500 million to provide local currency financing to businesses across Africa. The deal was signed on Monday in Kigali by IFC Managing Director Makhtar Diop and Access Holdings Plc Chairman Aigboje Aig-Imoukhuede.
The partnership aims to expand access to financing in the currencies in which African businesses operate and earn revenue, reducing foreign exchange risks and supporting financial stability. Funds will target micro, small, and medium-sized enterprises (MSMEs), agribusiness, housing, and infrastructure projects, while also helping to develop deeper local currency capital markets.
Access Bank will deploy the financing across multiple markets, including Nigeria, Angola, Botswana, the CEMAC region, Democratic Republic of Congo, Ghana, Tanzania, UEMOA, Uganda, and Zambia.
“This partnership provides a strong regional platform to expand access to local currency financing across Nigeria and multiple African markets,” Aig-Imoukhuede said in a statement. “By combining Access Bank’s extensive African footprint with IFC’s development finance capabilities, the framework will support the deployment of funding at scale to MSMEs, infrastructure, agribusiness, housing, and other high-impact sectors.”
Diop emphasized the importance of currency alignment. “African businesses grow stronger when financing is aligned with the currencies in which they operate and earn,” he said. “This partnership will help deepen local currency markets and support sustainable private sector growth across the continent.”
The agreement reflects a broader push by African governments and financial institutions to shift toward local currency borrowing to mitigate exposure to dollar shortages, exchange-rate volatility, and rising external debt costs.
The facility combines IFC’s global expertise in development finance with Access Bank’s pan-African network to channel long-term capital into priority sectors, with expected benefits including job creation, enhanced food security, and improved housing and infrastructure.