PROJECT

Projects

Summary of Investment Information

Project Number

32629

Company Name

ACCION MICROFINANCE BANK LTD

Date SPI Disclosed

Nov 14, 2014

Country

Nigeria

Region

Africa

Projected Board Date

Dec 16, 2014

Environmental Category

FI-3 - No Impact

Status

Completed

Last Updated Date

Jun 12, 2021

Department

Global Industry, Financial Markets

Industry

Financial Markets

Previous Events

Approved : Mar 19, 2015
Signed : Apr 14, 2015
Invested : Oct 22, 2015

Sector

Commercial Banking - Microfinance

Project Description

The proposed project involves a local currency loan for IFC’s own account of up to NGN400 million (~US$2.43 million) to support the expansion of the lending activities of Accion Microfinance Bank Limited (AMfB or the Company) to micro and small enterprises in Nigeria.

The Company was established as a Central Bank of Nigeria (CBN) regulated microfinance bank in 2007 and has 23 branches in Lagos.

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation