Diaspora Nigerians launch venture fund and SME Bank to boost Nigerian economy

SME Banking
13/02/2024News

According to BusinessDay, diaspora Nigerians are spearheading a groundbreaking initiative to invigorate Nigeria's economy by establishing a N100 billion Venture Capital Fund and a specialized SME bank. This move comes amid market-friendly reforms by the federal government and a pressing need for increased foreign direct investments. With annual diaspora remittances expected to surpass $20 billion, the coalition sees an opportunity to leverage these funds for economic development.

Ekwo Omakwu, a prominent financial consultant and chairman of the diaspora group leading the charge, highlights the significance of diaspora funds in supporting families and driving economic progress in Nigeria. The planned venture capital fund and SME bank aim to capitalize on diaspora expertise and networks, focusing on non-oil sectors to stimulate growth.

Taking concrete steps, the diaspora coalition has incorporated SME Investments Limited in Nigeria. Their primary goal is to collaborate with regulatory bodies like the Central Bank of Nigeria (CBN) and the Securities Exchange Commission (SEC) to establish innovative financial services that promote job creation and alleviate poverty.

With optimism and determination, the diaspora community sees this initiative as a pivotal moment for Nigeria's economic future. By pooling resources and expertise, they envision unlocking new pathways to prosperity and sustainable growth for the nation.

SME Banking community

With Qorus memberships, you gain access to exclusive innovation best practices and tailored matchmaking opportunities with executives who share your challenges.

Related news & insights

SME Banking
14/05/2025News

Chime Enterprise debuts PayTV to bring transparency to payroll

New tool offers real-time visibility into employee pay status.

Insurance
12/05/2025Interview

At work with Iwan Juwono

Iwan Juwono is Head of Insurance at Grab, Southeast Asia’s leading superapp. He shares with Qorus’ Boris Plantier some glimpses...

Digital Reinvention
06/05/2025News

PayPal’s boldest bet yet: Going head-to-head with cash in German retail

"Better Than Cash" isn’t just a slogan—It’s PayPal’s new retail strategy

Digital Reinvention
01/05/2025Article

Financial Innovation Spotlight – April 2025 edition

Here are five standout projects that grabbed our attention, from AXA in France, Maybank in Malaysia, Westpac in Australia, Assurant...

Digital Reinvention
30/04/2025Article

What banks need to know to prepare for the impacts of the FiDA regulation

The EU’s proposed Financial Data Access (FiDA) framework promises transformative impacts for banks and other financial institutions.

SME Banking
30/04/2025Interview

Unveiling the future of agribanking: Bange Bank Cameroun

A subsidiary of Bange SA, Bange Bank Cameroun has played a key role in the country’s social and economic development...

SME Banking
30/04/2025News

Wirex unveils new banking platform tailored for Web3 and crypto businesses

The platform delivers a full suite of financial tools to help these businesses manage their operations securely and efficiently in...

ESG
30/04/2025News

Danske Bank strengthens ESG support for business customers

Danske Bank has announced a new partnership with sustainability software provider Position Green to enhance its ESG (Environmental, Social, and...