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Background: AB Microfinance Bank Nigeria's (ABN) seeks long-term funding to support its 4 year business plan (2014-2018) to expand from State to National Microfinance Bank (MFB) in Nigeria and to reach 1 million clients by end 2018, focusing on low-income households, women and micro small enterprises in various sectors (agri-business, manufacturing, retail trade, etc.).
In order to support the expansion of ABN to the national level with a significant increase of its SME portfolio, ABN will require ap proximately USD 20 million to be sourced by term deposits, and medium and long term loans from financial institutions. All of ABN's SME client borrowing requirements are NGN denominated, hence ABN would prefer a NGN-based line of credit (LOC).
ABN started its operations in November 2008 as a microfinance bank regulated by the Central Bank of Nigeria (CBN). ABN is a subsidiary of Access Holding Group, German company specialized in greenfield MFIs in Africa and West Asia. ABN offers a range of financial products and services to micro, small and medium-sized enterprises (MSMEs) and individuals in the lower income strata. ABN raised its capital from NGN 1 bn (Euro 5.0 mln) to 1.5 bn (Euro 7.5 mln) in 2011 to meet the fixed-asset to share capital ratio imposed by CBN. Current shareholders structure is: Access Microfinance Holding AG (50.1%), Impulse Microfinance investment Fund (10.0%), International Finance Corporation (IFC) (15,0%), KfW German Development Bank (12.45%), African Development Bank (AfDB) (12.45%).
ZEGERS Robertus Paulus Johannes - PIFD1