Name: AFRICA SME PROGRAM LOC - AB MICROFINANCE BANK NIGERIA LIMITED
Approval date: 18-sep-2014
Task Manager: ZEGERS Robertus Paulus Johannes, PIFD1
Total cost: 5000000000 Currency: UAC
Source(s) of financing AfDB: 3612286.11
Implementing Agency: AB Microfinance Bank Nigeria
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%).