Standard Life Organisation secures $1m from Oikocredit to support low-income entrepreneurs in Nigeria

Social impact investor and worldwide cooperative Oikocredit is providing a three-year term loan of $1 million to Standard Life Organisation, a Nigerian NGO and microfinance institution that empowers low-income households and communities through financial services and capacity building.

With this investment, Oikocredit reinforces its commitment to support financial inclusion in Nigeria through partnerships with socially oriented financial institutions. Standard Life Organisation provides much-needed individual and group finance to micro, small and medium enterprises for financial security, job creation and retention, and business growth. It also promotes access to affordable education by investing in privately owned primary and secondary schools.

Oyegue Osazee, Chief Executive, Standard Life Organisation: ”Oikocredit’s loan will help our current and new clients to grow their businesses. It will also boost our work with schools that helps provide the necessary structures, facilities, materials and working capital to ensure quality low-cost child education.”

Ufuoma Eghwerehe, Oikocredit’s Investment Manager for Nigeria and Ghana: ”We are excited to enter this new partnership with Standard Life Organisation in supporting low-income women and men in improving their businesses and livelihoods in Nigeria. Our partnership will also enhance access to quality education for children from low-income families. We are proud to continue scaling up our social impact in Nigeria by supporting local communities we serve.”