AB Microfinance Bank Nigeria Limited is currently in the market to raise up to ₦3.0 billion in its Series 4 Commercial Paper Notes under its ₦9.0 Billion Commercial Paper Issuance Programme. The offer opened on August 8 and will close on August 14, 2024.
The commercial paper presents the opportunity to Nigeria’s investing community to have investment in one of the leading microfinance banks in Nigeria owned by the largest Development Financial Institutions in the world.
The fund will be used to fund AB Microfinance Bank’s working capital. AB Microfinance Bank Nigeria Limited is rated ‘A2’ by DataPro and ‘Bbb+’ by Agusto just as Afrinvest Capital Limited is the arranger and dealer. The commercial paper has a tenor of 270 days with a discount rate of 24.5578 percent. According to the notes sent to investors by Afrinvest, the commercial paper has a yield of 30 percent,
AB Microfinance Bank Nigeria Limited was incorporated in Nigeria under the Companies and Allied Matters Act as a Limited Liability Company on 15th May 2008. The Bank is one of the nine (9) national microfinance banks licensed by the Central Bank of Nigeria (CBN).
AB Microfinance Bank is owned by Access Microfinance Holding Germany, which is in turn owned by International Finance Corporation (IFC), Triodos Investment Management, British International Investment, responsibility (Impact investor), LFS Advisory, European Investment Bank, KfW- German Development Bank, and Omidyar-Tufts Active Citizenship Trust. Other direct shareholders of AB Microfinance Bank include African Development Bank, International Finance Corporation (IFC), and KFW- German Development Bank. The shareholders are “AAA” international rated organizations.
AB is a financial institution set up to provide credit to its customers, including individual and corporate clients, for all legally permissible purposes including business development, home improvement, education, or consumption. By building stable relationships with clients, employees, and other stakeholders, AB aims to be the leading Nigerian lender for micro, small and mid-sized companies as well as offer safe and profitable savings opportunities. The Bank is committed to its passion of helping to improve the business opportunities of entrepreneurs by availing them of easy access to affordable loans, also, improving the general financial status of everyone with its deposit accounts.
