IFC Extends N800 Million Lifeline To AB Microfinance Bank

The International Finance Corporation (IFC), a member of World Bank Group, has signed an agreement to provide N800 million ($5 million) to AB Microfinance Bank.

IFC stated that the loan would help the Micro, Small and Medium Enterprises (MSMEs) access fund to build their businesses and also promote financial inclusion, job creation and grow the Nigerian economy.

According to IFC "The new investment will help AB Microfinance Bank build on its demonstrated success in offering financial services to new market segments and entrepreneurs serving the base of the economic pyramid.

Managing Director, AB Microfinance Bank, Mr. Mattias Grammling, said, "Improving access to financial services for MSMEs would hasten growth in the informal sector and our partnership with IFC will help eliminate the bottle-necks on loan acquisitions and enable us provide growth opportunities for MSMEs and lower income clients to foster job creation and economic growth."

In his own remark, IFC Country Manager for Nigeria, Solomon Adegbie-Quaynor said, "Supporting AB Microfinance Bank is consistent with IFC's core strategy to improve financial inclusion and contribute to economic growth. IFC's investment will provide term funding in naira to make local currency more readily available from AB Microfinance to entrepreneurs ".