AB Microfinance Bank, a microfinance institution (MFI) based in Nigeria, has, in its first year of operation, disbursed a total of 3,000 loans, according to Corinna Heuer, Head of Banking Services for AB Microfinance Bank [1,2].Loans ranged from NGN 5,000, approximately USD 33, to NGN 1 million, approximately USD 6,688, and were used to begin or support micro, small, or medium enterprises (MSMEs) [1]. MicroCapital reported in 2009 on a loan worth NGN 450 million, approximately USD 3 million, that AB received from the International Finance Corporation (IFC), the investment arm of the World Bank [3].
By Christopher Maggio, Research Assistant
About:
AB Microfinance Bank Nigeria Limited
Description:
AB Microfinance Bank Nigeria Limited is a microfinance institution (MFI) based in the Lagos State of Nigeria. It was created in 2008 by Access Microfinance Holding AG, an investor in MFIs, and Impulse Microfinance Investment Fund, a fund managed by Incofin Invesment Management. According to its website, the MFI offers a “broad range of financial services to micro, small, and medium enterprises (MSMEs) and lower income populations.” The bank’s shareholders include AccessHolding (50.10%), the International Finance Corporation (IFC) (15.00%), the African Development Bank (12.45%), and Impulse Microfinance Investment Fund (10.00%).
AB Microfinance Bank Nigeria Limited does not report to the MIX Market, the microfinance information clearinghouse
Organization’s Website
http://www.ifc.org/ifcext/spiwebsite1.nsf/0/23d1cd628ac4f3a4852574a200683fbc?OpenDocument
Contact Information
Access Microfinance Holding AG
Linienstraße 126
10115 Berlin, Germany
Telephone: +49 30 308747 – 0
Additional Resources:
http://www.accessholding.com/
http://www.mixmarket.org/funders/incofin-impulse
MicroCapital’s Microfinance Universe profile: AB Microfinance Bank
Bibliography:
[1] Vanguard article entitled ‘AB MFB disburses loans to 3,000 beneficiaries’: http://www.vanguardngr.com/2009/12/24/ab-mfb-disburses-loans-to-3000-beneficiaries/
[2] AB Microfinance Bank: http://www.ifc.org/ifcext/spiwebsite1.nsf/0/23d1cd628ac4f3a4852574a200683fbc?OpenDocument
[3] MICROCAPITAL BRIEF: The International Finance Corporation (IFC) to Provide $3m to AB Microfinance Bank Nigeria Limited: https://www.microcapital.org/microcapital-brief-the-international-finance-corporation-ifc-to-provide-3m-to-ab-microfinance-bank-nigeria-limited/
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