- The Enterprise Development Centre of Lagos Business School and Fast Credit launched a N2 billion loan initiative offering single-digit interest rates to support SME growth and productivity.
- The programme provides loans from N5 million at 9% annual interest, focusing on business viability and integrity rather than heavy collateral requirements.
- This partnership aims to ease funding challenges for over 39 million MSMEs, enabling expansion, job creation, and stronger contributions to Nigeria’s GDP.
Nigeria’s Micro, Small and Medium Enterprises (MSMEs) received a significant boost as the Enterprise Development Centre (EDC) of Lagos Business School partnered with Fast Credit to launch a N2 billion single-digit interest loan initiative targeted at strengthening SME productivity and expansion.
With more than 39 million MSMEs accounting for over 80% of employment in Nigeria, access to affordable finance has remained one of the sector’s biggest challenges—especially with commercial loan rates ranging between 22% and 30%.
The new initiative is therefore positioned as a practical solution to ease funding pressures on small businesses and stimulate broader economic activity.
Speaking at the unveiling in Lagos, Yetunde Faulkner, Acting Managing Director of Fast Credit Finance Company Ltd., announced that the company is providing N2 billion in SME financing at a single-digit interest rate of 9% per annum.
“We are empowering EDC’s SME community with access to affordable financing through our partnership with BOI, offering loans from N5 million and above at 0.75% monthly interest,” Faulkner said.
According to her, the initiative is designed to help SMEs expand operations, hire more workers, and maintain profitability despite rising business costs and macroeconomic pressures.
Dr. Nneka Okekearu, Director of EDC at Pan-Atlantic University, described the partnership as a “historic step” toward addressing the country’s long-standing SME financing deficit.
“Entrepreneurs have struggled with high double-digit loans for years. This partnership introduces single-digit loans that can genuinely scale businesses,” she said.
Okekearu noted that the initiative will enable many SMEs—especially manufacturers—to increase output. She added that a business owner operating with only N2 million can now access up to N10 million, improving production capacity and profit margins.
Aviomoh Daniel, Executive Director at Fast Credit, emphasized that the assessment process focuses on business viability, profitability, and entrepreneur integrity, noting that collateral is a secondary consideration. He encouraged SMEs to maintain proper business structures, including registering as limited liability companies.
To access the loan, SMEs are required to provide a 12-month bank statement, BVN, NIN, TIN, company profile, valid ID, verifiable credit history, guarantor details, and vendor invoice, among other documentation.
Participants at the unveiling described the programme as timely and impactful. Business consultant Feyikemi Odunuga said the facility would help entrepreneurs—especially manufacturers—access much-needed capital. EDC alumna Kachi Salvation added that the initiative’s single-digit rate will offer “major relief” to small businesses navigating rising costs.
The initiative was launched during the Fast Credit–EDC SME Breakfast Meeting, themed “Reimagining Business Models for Inclusive Growth in Africa.” The event brought together entrepreneurs and ecosystem leaders to explore strategies for boosting SME resilience and sustainability.
With inflation and operational costs escalating, the Fast Credit–EDC partnership is expected to drive business expansion, job creation, and stronger GDP contributions—reinforcing MSMEs as a core driver of Nigeria’s economic future.
