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Lagos - IFC, a member of the World Bank Group, has announced that it has signed an agreement to provide financing of about $5m to the AB Microfinance Bank.
The IFC loan will increase access to finance for micro, small and medium enterprises.
These activities promote financial inclusion, job creation and growth in the Nigerian economy.
IFC provided a similar amount for investment in 2008.
The new investment will help AB Microfinance Bank build on its success in offering financial services to new market segments and entrepreneurs serving the base of the economic pyramid. The activities are critical for helping people with low-incomes engage in economic activity to sustain livelihoods and gain access to basic goods and services.
Mattias Grammling, the managing director of the bank, said: "Improving access to financial services for MSMEs (micro, small and medium enterprise) would hasten growth in the informal sector.
"Our partnership with IFC will help soften bottle-necks on loan acquisitions and enable us to provide growth opportunities for MSMEs and lower income clients to foster job creation and economic growth.”
IFC country manager for Nigeria, Solomon Adegbie-Quaynor, said: "Supporting AB Microfinance Bank is consistent with IFC’s core strategy to improve financial inclusion and contribute to economic growth.
"IFC’s investment will provide term funding in naira to make local currency more readily available from AB Microfinance to entrepreneurs.
"This loan will increase access to finance and empower entrepreneurs and micro-businesses, whose credit needs are today primarily met outside the formal banking sector.”
The IFC loan will increase access to finance for micro, small and medium enterprises.
These activities promote financial inclusion, job creation and growth in the Nigerian economy.
IFC provided a similar amount for investment in 2008.
The new investment will help AB Microfinance Bank build on its success in offering financial services to new market segments and entrepreneurs serving the base of the economic pyramid. The activities are critical for helping people with low-incomes engage in economic activity to sustain livelihoods and gain access to basic goods and services.
Mattias Grammling, the managing director of the bank, said: "Improving access to financial services for MSMEs (micro, small and medium enterprise) would hasten growth in the informal sector.
"Our partnership with IFC will help soften bottle-necks on loan acquisitions and enable us to provide growth opportunities for MSMEs and lower income clients to foster job creation and economic growth.”
IFC country manager for Nigeria, Solomon Adegbie-Quaynor, said: "Supporting AB Microfinance Bank is consistent with IFC’s core strategy to improve financial inclusion and contribute to economic growth.
"IFC’s investment will provide term funding in naira to make local currency more readily available from AB Microfinance to entrepreneurs.
"This loan will increase access to finance and empower entrepreneurs and micro-businesses, whose credit needs are today primarily met outside the formal banking sector.”
