|Approval Date||01 Sep 2009|
|Signature Date||03 Dec 2009|
|Planned Completion Date||31 Dec 2012|
|Last Disbursement Planned Date||31 Dec 2012|
|Sovereign / Non-Sovereign||Sovereign|
|DAC Sector Code||24030|
This project consists of technical support from ABN Microfinance Bank Nigeria (ABN) established as a Greenfield microfinance bank to provide financial services to the low-income population of Nigeria. ABN is positioned itself as a full service bank focused on micro, small, and medium-size clients. The project fits well within the Bank’s private sector strategy of strengthening local financial markets in Africa and promoting alternative financial instruments to facilitate credit to the underserved segment of the population in Nigeria. The purpose of the TA is to assist the recipient (ABN) in financing its management and build up activities. The total cost of the capacity building program including a six-month pre-operational phase and a three-year start-up phase is estimated at Euros 3.9 million. The Bank’s TA contribution of Euro 0.7 million which will mainly focus on : (i) training of ABN bank staff (ii) management information systems and (iii) credit risk management.
The Bank support for the establishment and operations of the Access Bank of Nigeria will: (i) Increase revenue of poor households involved in profitable microenterprises (ii) facilitate the building of inclusive financial systems that work for the poor; (iii) increase the proportion of poor households and small businesses with access to sustainable quality financial services;(iv) deepens the financial sector infrastructure; (v) increase existing formal financial institution’s exposure to currently underserved market segments (both geographically and demographically); (vi) stimulate product innovations aimed at the poor and maximum outreach and scale by building up a well balanced loan portfolio of USD 68 million with more than 47000 active borrowers by year five and (vii) encourage RMCs to integrate microfinance into their formal financial sectors
The main beneficiary is ABN, which will extend basic lending and savings products to low income individuals (heads of households, especially women, living in urban and rural areas) and micro entrepreneurs in Nigeria.
Fund for African Private Sector Assistance
AB Microfinance Bank Nigeria
|Last Update||31 Oct 2019|