Oikocredit invests $500,000 in Victory Empowerment Centre to support women entrepreneurs in Nigeria
Social impact investor Oikocredit invested $500,000 in Victory Empowerment Centre, an NGO focused on improving the living conditions of disadvantaged women through innovative and flexible microfinance services.
The loan will support micro entrepreneurs in improving their businesses and livelihoods and will serve as a conduit for economic empowerment. Oikocredit’s investment is the first international investment that Victory Empowerment Centre has obtained.
Uzoma Emmanuel Nwazuoke, CEO, Victory Empowerment Centre: "Oikocredit’s loan will help reach more of our deserving clients at the bottom of the pyramid. With this loan we will help our existing and new clients to scale up their businesses and improve their socio-economic condition.’’
Ufuoma Eghwerehe, Oikocredit’s Country Manager for Nigeria: “We are delighted to support a small microfinance institution like Victory Empowerment Centre and are proud to be their first international lender. Our partnership will help provide the much needed micro loans to micro, small and medium enterprises in Nigeria, increasing their access to finance in these challenging Covid-19 times. It will also help Oikocredit’s strategic focus on promoting financial inclusion and economic development in Africa, while achieving a higher social impact in the communities we serve.”