Oikocredit invests US$ 1,000,000 in Standard Life Organisation to support low-income entrepreneurs in Nigeria
Three-year term loan will support Nigerian NGO and microfinance institution’s work with low-income women, men and children
Amersfoort, the Netherlands – Social impact investor and worldwide cooperative Oikocredit is providing a three-year term loan of US$ 1,000,000 to Standard Life Organisation, a Nigerian NGO and microfinance institution that empowers low-income households and communities through financial services and capacity building.
With this investment, Oikocredit reinforces its commitment to support financial inclusion in Nigeria through partnerships with socially oriented financial institutions.
Standard Life Organisation provides much-needed individual and group finance to micro, small and medium enterprises for financial security, job creation and retention, and business growth. It also promotes access to affordable education by investing in privately owned primary and secondary schools.
Oyegue Osazee, Chief Executive of Standard Life Organisation,said: “Oikocredit’s loan will help our current and new clients to grow their businesses. It will also boost our work with schools that helps provide the necessary structures, facilities, materials and working capital to ensure quality low-cost child education.”
Ufuoma Eghwerehe, Oikocredit's Investment Manager for Nigeria and Ghana, said: “We are excited to enter this new partnership with Standard Life Organisation in supporting low-income women and men in improving their businesses and livelihoods in Nigeria. Our partnership will also enhance access to quality education for children from low-income families. We are proud to continue scaling up our social impact in Nigeria by supporting local communities we serve.”
About Standard Life Organisation
Standard Life Organization (SLO) is a Nigerian NGO (non-governmental organisation) and microfinance institution founded in 2010. It focuses on improving the lives of financially challenged people, especially women, in rural, semi-urban and urban areas through small loans, responsive financial empowerment and pragmatic skills-based capacity building.
SLO has financially impacted the lives of over 600,000 women and men, mostly small business entrepreneurs. Headquartered in Benin City, Edo State, it has 89 branches in 15 states of the Nigerian federation. Its work includes education finance and health outreach.
For more information see: www.standardlife.org.ng
About Oikocredit
Social impact investor and worldwide cooperative Oikocredit has 47 years of experience funding organisations active in financial inclusion, agriculture and renewable energy.
Oikocredit's loans, equity investments and capacity building aim to enable people on low incomes in Africa, Asia and Latin America to improve their living standards sustainably.
Oikocredit finances over 500 partners, with total outstanding capital of € 1,014.7 million (at 30 June 2022).
For more information:www.oikocredit.coop.
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Note for editors
For more information or to request an interview, please contact: Viviana Cordero, Communications Business Partner, Oikocredit International, telephone: +31 33 422 4040, email: vcordero@oikocredit.org.