Nigeria’s Micro, Small, and Medium Enterprises (MSMEs) have received a major boost, as Fast Credit Finance Company Ltd partners with the Enterprise Development Centre (EDC) of Lagos Business School to launch a ₦2 billion SME financing initiative at a single-digit interest rate, aimed at strengthening small business productivity and expansion.
With over 39 million MSMEs contributing more than 80% of employment in Nigeria, access to affordable financing remains one of the sector’s most significant challenges. Commercial loan rates often range between 22% and 30%, putting considerable pressure on small business owners. Fast Credit’s new initiative is positioned as a practical solution to ease these funding constraints, stimulating broader economic growth.
At the Lagos unveiling, Yetunde Faulkner, Acting Managing Director of Fast Credit, revealed that the company will provide ₦2 billion in SME loans at a 9% annual interest rate.
“We are empowering EDC’s SME community with access to affordable financing through our partnership with BOI, offering loans from ₦5 million and above at 0.75% monthly interest,” Faulkner explained.
The programme is designed to help SMEs expand operations, hire more workers, and sustain profitability, even amid rising business costs and macroeconomic pressures.
Dr. Nneka Okekearu, Director of EDC at Pan-Atlantic University, described the partnership as a “historic step” in addressing Nigeria’s long-standing SME financing gap.
“Entrepreneurs have struggled with high double-digit loans for years. This partnership introduces single-digit loans that can genuinely scale businesses,” she said.
Okekearu emphasised that the initiative would allow SMEs—particularly manufacturers—to increase production capacity, improve output, and boost profit margins. Business owners with as little as ₦2 million can now access up to ₦10 million to grow their operations.
Daniel Aviomoh, Executive Director at Fast Credit, noted that the loan assessment focuses on business viability, profitability, and entrepreneur integrity, with collateral as a secondary consideration. SMEs are encouraged to maintain proper business structures, such as registering as limited liability companies, to access funding.
Eligible 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 to apply for the loan.
Participants at the launch praised the programme’s timeliness and impact. Business consultant Feyikemi Odunuga highlighted that it would help entrepreneurs—especially manufacturers—access much-needed capital. EDC alumna Kachi Salvation added that the initiative’s single-digit interest rate offers “major relief” for small businesses navigating rising operational costs.
The initiative was unveiled during the Fast Credit–EDC SME Breakfast Meeting, themed “Reimagining Business Models for Inclusive Growth in Africa.” The event convened entrepreneurs and ecosystem leaders to explore strategies for enhancing SME resilience and sustainability.
Amid rising inflation and operational expenses, the Fast Credit Finance Company Limited – EDC partnership is expected to accelerate business growth, generate employment, and strengthen GDP contributions, reinforcing MSMEs as a key driver of Nigeria’s economic future.
For SME Loan application, you can reach us via:
Phone Call & Chat: +234-9137095376
Email: smeloans@fastcredit-ng.com
