Africa Capital and Business Support (ACBS) Limited, a Nigerian financial intermediary, has secured USD 400 million in funds for microfinance institutions (MFIs) in Nigeria. This funding was provided by Mainsail Trading Limited, an investment company based in Dubai, and guaranteed by Suisse Bank Plc, a private bank based in the UK. MFIs participating in the preexisting Mechanised Agricultural and Microcredit Investment Scheme (MAMCIS), an ACBS agricultural funding program for micro- and small-scale farmers in Nigeria, will be the first allowed to participate in the new Africa Investor Protector Programme (AIPP). These MFIs will be provided with local-currency funds via Subordinated Convertible Debentures (SCDs), subordinated debt with a maturity of at least 10 years that can be converted into common stock. The MFIs will have the option of of converting the SCDs into equity and issuing it to the investor, Mainsail.
By Christopher Maggio, Research Assistant
About
Africa Capital and Business Support (ACBS) Limited
Description
Africa Capital and Business Support (ACBS) Limited is a Nigerian financial intermediary. It is the founder of the Mechanised Agricultural & Microcredit Investment Scheme (MAMCIS), an agricultural funding scheme for micro- and small-scale farmers in Nigeria. Through this scheme, ACBS has launched the Africa Investor Protector Programme (AIPP), a program to make USD 400 million available to microfinance institutions (MFIs) that are participating in MAMCIS. There is no financial data available for ACBS.
About
Suisse Bank Plc
Description
Suisse Bank Plc is a private bank based in London. It offers deposits, loans, payment services, currency exchange and other products and services. It was registered in November 2008. As of April 25, 2010, its authorized capital totals EUR 365 million, the equivalent of over USD 487 million.
Additional Resources
Daily Independent article entitled ‘ACBS Secures $400m For Microfinance Banks In Nigeria’: http://www.independentngonline.com/DailyIndependent/Article.aspx?id=12454
MicroCapital’s Microfinance Universe profile: Africa Capital and Business Support (ACBS) Limited
MicroCapital’s Microfinance Universe profile: Suisse Bank Plc
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/
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