AB Microfinance Bank Nigeria
Compared to many other countries in Sub-Saharan Africa, Nigeria’s financial services sector is more developed and diversified, offering a good variety of products and services for corporate and high net worth clients. However its microfinance sector is still at an infant stage, with very few operators of significant scale. This impedes the development of the country’s micro and small business sector and its ability to generate employment and income.
AB Microfinance Bank Nigeria (ABN) was established by AccessHolding and Impulse Microfinance Fund in May 2008, with three other shareholders (as listed below) joining shortly after its foundation. The bank opened its doors to the public on 10th November 2008 after several months of preparation.
In past four years of operations, ABN has built up a solid branch presence across the greater metropolitan area of Lagos, covering all districts of significant microenterprise activity at the end of 2012. ABN’s vision is to become the leading microfinance bank in Nigeria and to set new standards for the Nigerian microfinance sector in terms of professionalism, transparency and efficiency. By delivering appropriate financial services to the target group, AB Microfinance Bank Nigeria seeks to contribute to private sector growth and investment, thus helping to create new business and employment opportunities for the Nigerian population.
Aside from providing business loans to micro and small enterprises, ABN also collects deposits from the public and provides current accounts and a basic range of payment services.