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.