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U.S. $ 5 Million Line of Credit to Benefit 1,500 Entrepreneurs and Create 2,500 New Jobs in Nigeria

U.S. $ 5 Million Line of Credit to Benefit 1,500 Entrepreneurs and Create 2,500 New Jobs in Nigeria

The Board of Governors of the African Development Bank Group (AfDB) through its private sector window approved on September 18, 2014 a USD 5 million line of credit (LOC) equivalent in Naira (NGN) to AB Microfinance Bank Nigeria.
AB Microfinance Bank Nigeria (ABN) is a microfinance institution (MFI) which started in 2008 in Nigeria's Lagos state and offers a broad range of financial services to largely micro, small and medium-sized enterprises (MSMEs). Thanks to a good build-up of its banking activities, it currently has 14 branches and has obtained a license to operate as national MFI, being able to operate across the country. At the end of 2013 AB Microfinance Bank had a loan portfolio of well over 30,000 clients and which is growing further rapidly. An increasingly important number of these consist of SME clients, mostly micro-businesses that 'migrated' thanks to business growth to become small enterprises.

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