Accion Microfinance Bank (Accion Nigeria), the Nigerian partner of US-based nonprofit Accion, recently announced it will borrow NGN 500 million (USD 1.58 million) from Citibank Nigeria, an arm of US-based financial services provider Citigroup, for on-lending to “support the development of approximately 5,000 micro and small enterprises in the country.” The loan falls under the auspices of Citi Inclusive Finance, Citigroup’s “specialised unit for microfinance and inclusive finance transactions.”
Accion Nigeria was incorporated in May 2006 and was granted an operating license by the Central Bank of Nigeria in April 2007. Its mission is to provide microfinance services to economically empower microentrepreneurs and other low-income earners in an ethical and profitable manner.
The mission of Accion is to help financial services providers deliver “affordable products” to those who are not served well by the financial sector. Founded in 1961, Accion partners with 90 institutions in 40 countries as of 2017. As of 2015, Accion and its partners held a loan portfolio of USD 7.7 billion outstanding to 5.4 million borrowers and USD 5.6 billion in deposits for 4.4 million savers in 23 countries.
As of 2017, Citibank Nigeria offers lending and deposit services via 13 branches in the country. As of 2016, it recorded total income of NGN 14.7 billion (USD 47 billion). As of 2016, Citigroup reported total assets of USD 1.8 trillion, 200 million customers and 231,000 employees in 160 countries.
By Jacob O’Driscoll, Research Associate
Sources and Additional Information
Citibank grants N500 million loan to Nigerian microfinance bank
http://www.premiumtimesng.com/business/business-news/235873-citibank-grants-n500-million-loan-nigerian-microfinance-bank.html
Citibank Nigeria
http://www.citigroup.com/citi/about/countrypresence/nigeria.html
Accion Nigeria
http://www.accionmfb.com/
Accion
https://www.accion.org/
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