Citi Nigeria has extended N500 million facility to Accion Microfi nance Bank as part of its support to drive and promote the development of the microfi nance sector in Nigeria.
Th e loan, according to the bank, will fund Accion’s loan portfolio and support the development of approximately 5,000 micro and small enterprises in the country. Th e agreement will also support the Central Bank of Nigeria National Financial Inclusion Strategy (NFIS) to reduce the number of excluded population by bringing them into the formal banking fold. A survey by the Enhancing Financial Innovation and Access (EFInA), showed that as at 2012, about 39.7 per cent or 34.9 million adult Nigerians were excluded from fi nancial services.
Th e NFIS focuses on working with fi nancial institutions to increase access of the unbanked population to banking products under aff ordable terms and conditions with the overall objective to empower people, promote savings culture, increase productivity and reduce poverty. Commenting on the partnership at the signing ceremony, Chief Executive Offi cer, Citi Nigeria, Akin Dawodu, said “Citi is committed to working with Microfi nance partners in support of the national fi nancial inclusion strategy by availing credit to micro and small enterprises in Nigeria. We are delighted to partner with microfi nance enablers such as Overseas Private Investment Corporation, OPIC, and Accion MFB for the benefi t of SMEs and micro entrepreneurs, thereby contributing to the economic development of the country.”
Managing Director/ Chief Executive Offi cer Action Micro Finance Bank, Mrs. Bunmi Lawson on her part said, “Th is funding from Citibank will enable Accion Microfi nance Bank expand its fi nancial services to a larger number of micro entrepreneurs across the country leading to economic empowerment and job creation for more Nigerians. We hope that other fi nancial institutions will emulate Citibank by providing loans to the Microfi nance banks which will in turn ensure that we truly meet the credit needs of the average Nigerian entrepreneur” Accion MfB core values, business philosophy and methodology continue to distinguish it as the leading Microfi nance Bank in Nigeria.
