IFC partners with Coronation Merchant Bank to boost trade finance in Nigeria
IFC, a member of the World Bank Group, announced a $40 million Trade Finance Guarantee facility to Coronation Merchant Bank under its Global Trade Finance Program.
This will enable Coronation Merchant Bank to establish and expand correspondent banking partnerships with several international banks in IFC’s Trade Finance program, broadening access to finance in Nigeria.
IFC's Global Trade Finance Program (GTFP) will offer confirming banks full or partial guarantees to cover the trade-related payment obligations of Coronation Merchant Bank. The program supports trade with emerging markets worldwide, allowing participants conveniently finance their imports and exports and promotes the flow of goods and services between developing countries.
Commenting on the partnership with IFC, Banjo Adegbohungbe, Acting Managing Director, Coronation Merchant Bank stated: “The GTFP partnership is a critical milestone for us in our journey to become a leading financial institution in Nigeria. We are delighted to partner with the IFC in providing trade finance solutions to our customers and we assure all our clients of our continued support to enable them achieve their business objectives.”
“We welcome Coronation Merchant Bank to the Global Trade Finance Program, which has been very active in Nigeria in the past. This relationship will help improve the bank’s trade with other countries, and create new economic opportunities in Nigeria,” said Kevin Njiraini, IFC’s Director for Southern Africa and Nigeria. “The partnership attests to the continued growth of the Nigerian financial sector and restates IFC’s commitment to emerging markets around the world.”
Coronation Merchant Bank was established in 2015 to provide wholesale banking to a long under-served market. The Bank offers Investment and Corporate Banking, Private Banking/Wealth Management and, Global Markets/Treasury Services to its clientele. In 2019, Coronation Merchant Bank received awards such as Best Investment Bank in Nigeria by Global Finance, Best Investment Bank in Nigeria by World Finance, Best Investment Bank by Global Banking and Finance Review, and Best Investment Bank by Global Business Outlook.
The partnership with Coronation Merchant Bank underscores IFC’s commitment to Nigeria. IFC has invested in several projects in heavy manufacturing, technology and financial services amongst other key sectors in the country.