The International Finance Corporation (IFC) has announced that it will be investing $10m on underserved Small and Medium Enterprise (SMEs) in Nigeria and Ghana. The aim is to expand access to finance for high-growth..

The Fund will be managed by CardinalStone Capital Advisers (CCA) – an investment management firm, through their CardinalStone Capital Advisers Growth Fund (CCAGF) initiative which is a private equity fund.

Yomi Jemibewon, Co-Founder and Managing Director of CardinalStone Capital Advisers, said: “This funding represents a significant step towards catalysing growth in small and medium enterprises in Nigeria and Ghana. We look forward to working with the IFC as a partner in this fund as we strive to continuously bring the best practices in operating standards to our investments and investee companies.”

William Sonneborn, IFC Senior Director for Disruptive Technology and Funds said“IFC’s investment in CardinalStone will spur growth of SMEs and facilitate much-needed job creation while creating the ecosystem for a more robust local private equity and mezzanine financing market. He also said “By supporting SMEs in fast-growing markets, we hope to bring best practices that raise the bar for operational improvements and environmental and governance standards across the investee companies.

The investment is part of the IFC SME Ventures programme that supports high-growth entrepreneurs in frontier markets by investing in funds that provide risk capital. According to IFC, the programme has financed over 100 SMEs, which has created over 6,000 direct jobs, many more indirect jobs, and generate tax revenues for governments.