Citibank (Citi) extended a loan of NGN500 million to Accion Microfinance Bank (Accion MFB) in Nigeria to drive and promote the development of the microfinance sector in Nigeria.
This loan will fund Accion’s loan portfolio and support the development of approximately five thousand micro and small enterprises in the country.
The agreement will also support the Central Bank of Nigeria National Financial Inclusion Strategy (NFIS) to reduce the number of excluded population by bringing them into the formal banking fold.
The loan is also part of a long term business partnership between Citi Inclusive Finance, Citi’s specialized unit for microfinance and inclusive finance transactions, and the Overseas Private Investment Corporation (OPIC), the U.S. government’s development finance institution, to provide financing in local currencies to leading microfinance institutions operating in frontier and emerging markets around the world.