PROJECT

Projects

Summary of Proposed Investment

Project Number

26742

Company Name

AB MICROFINANCE BANK NIGERIA

Date SPI Disclosed

Aug 11, 2008

Country

Nigeria

Industry

Financial Markets

Projected Board Date

Sep 22, 2008

Status

Completed

Sector

Commercial Banking - Microfinance and Small Business

Department

Global Industry, Financial Markets

Environmental Category

FI

Previous Events

Approved : Feb 11, 2011
Signed : Dec 5, 2008
Invested : Jan 2, 2009

Project Description

The project will support the creation and expansion of a new microfinance bank (AB Microfinance Bank Nigeria Limited) in Lagos State of Nigeria. The new bank will provide a broad range of financial services to MSMEs and lower income populations in Nigeria. It expects to start operations in October 2008 and aims to serve approximately 50,000 borrowers and a similar number of depositors by the fifth year of operations.

Sponsor / Cost / Location

Development Impact