sought a loan for a cultural centre in Lagos, she was told there was no business case. Then she found an art-loving banker to back her. Now she is lighting up stages and screens around the world.
The steady stream of financial assistance helped transform a rundown building into a vibrant hotspot that has hosted former Nigerian president Olusegun Obasanjo and actors such as Forest Whitaker and Ben Stiller. Austen-Peters will be depending on even more support as she expands Terra Kulture to include an academy that will provide certified training and develop more local content.
“The business is growing quite quickly,” Udechukwu said. Access Bank is also implementing the branch model at units in Ghana, Rwanda and Zambia, she said, adding that it plans to launch the initiative in Mozambique in January. Current governor Godwin Emefiele is taking another approach and is penalising banks that don’t lend out 65% of their deposits to small and medium-sized businesses, consumers and other targeted industries. That means lenders need to find their own next success stories.
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