A member of the World Bank Group, International Finance Corporation (IFC), has signed an agreement to provide US$5 million to a Nigerian Financial institution, AB Microfinance Bank, according local media reports Thursday.
The reports quoted IFC as saying the agreement would allow the bank to access fund to build its businesses, promote financial inclusion and job creation as well as grow the Nigerian economy.
“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 funding in naira to make local currency more readily available from AB Microfinance to entrepreneurs,” IFC Country Manager for Nigeria, Solomon Adegbie-Quaynor, was quoted as saying.
The Chief Executive Officer of the Microfinance Bank, Mr. Mattias Grammling, said, “our partnership with IFC will help eliminate the bottle-necks on loan acquisitions and enable us provide growth opportunities for lower income clients to foster job creation and economic growth.”