Tag: Accion Microfinance Bank (MfB)

By Jeremiah Ilesanmi

Accion Microfinance Bank (MfB) has secured regulatory approvals to raise N2 billion Series 1 Commercial Paper (CP). The capital raising comes under N5 billion Commercial Paper Issuance Programme which started Thursday August 21 and scheduled to close on Friday August 29, 2025.

Announcing the offer during a media briefing held in Lagos, Managing Director, Accion Microfinance Bank, Taiwo Joda said the proceeds from the CP will be used to support the company’s working capital requirements.

He explained that the offer has 270 days tenor, implied yield of 23 per cent, minimum Investment of N5 million representing 5,000 units at N1,000 per unit adding that the settlement date is Monday, September 01, 2025 while maturity date is Monday, May 18, 2026.

“Accion Microfinance Bank Limited is rated ‘A-’ by DataPro Limited, reflecting its strong financial performance and solid liquidity and ability to meet its ongoing obligations. We have a three-year bold strategy plan, to grow the balance sheet. We realized from that time, that beyond the liquidity we were able to generate at that time from those who have consistently supported us in the last 18 years, we need to take a bold step to announce Accion Microfinance Bank in the market and to also raise a commercial paper for the purpose of working capital”.

Read Also: Oladunni elected Fellow of Institute of Security Nigeria

“And that was what led to the board and management agreeing that we should proceed with FBN Quest Merchant Bank as the issuer, to register a programme of N5 billion and in the first series to raise N2 billion for 270 days,” Joda added.

He explained that Accion Microfinance Bank remains a leading Nigerian microfinance institution committed to driving financial inclusion by economically empowering micro-entrepreneurs and low-income individuals.

“As of 2024, it serves approximately 526,000 active customers and is recognized for its strong digital capabilities, robust capitalization, and ethical banking practices. The bank’s credibility is further reinforced by backing and partnership from leading institutions such as Ecobank, Stanbic IBTC, GTBank, Development Bank of Nigeria, Zenith Bank, Wema Bank, Citibank, IFC, and Accion International. It also collaborates with Mastercard to enhance its digital product offerings, delivering innovative credit and savings solutions across digital channels,” Joda said.

According to him, the Bank operates a network of over 80 branches across more than 12 states strategically located within key geo-political zones in Nigeria, including Kano, Ondo, Rivers, Abia, Akwa Ibom, Abuja, Ilorin, and Kaduna. Its head office is situated in Lagos.

Accion Microfinance Bank (MfB) has launched AccionMonie, a transformative digital financial services platform designed to empower individuals, micro, small and medium enterprises (MSMEs) and low-income households.

Through AccionMonie, the microfinance bank is expanding digital capabilities for financial access and empowerment across the spectrum of underserved individuals and businesses.

AccionMonie offers a range of customer-focused features designed to promote financial inclusion and empower users.

One of its unique offerings is Save2Loan, which allows customers to save between N50,000 and N250,000 over 90 days and qualify for a loan worth twice their savings.

This feature is expected to encourage a stronger culture of saving while expanding access to credit. The user-friendly platform offers instant access to essential services, including loans, savings, capital, and other forms of support.

The launch of AccionMonie is a key part of the bank’s “Always there to lend you a hand” campaign, which reinforces its long-standing commitment to small business growth and the welfare of low-income households.

Read Also: NITDA flags off southeast tech talent hunt ahead of GITEX Nigeria 2025

The campaign positions Accion MFB not just as a financial provider but as a trusted partner in its customers’ journey towards business success and economic empowerment.

Chief Executive Officer (CEO) of Accion MfB, Taiwo Joda described the launch of AccionMonie as an important milestone and a testament to the bank’s culture of innovation; one that ensures its products and offerings continue to reflect the evolving needs of its customers.

Joda said: “At Accion Microfinance Bank, we believe in the potential of every MSME to drive inclusive economic growth. That is why we are committed to empowering them with the financial support they need to grow, innovate, and make a lasting impact in their communities and beyond.”

Also speaking, Chief Commercial Officer (CCO) of the bank, Stephen Olalere stated that AccionMonie and the combination of the bank’s extensive network of over 74 branches in 12 states will address the persistent challenge of limited access to financial services faced by many small businesses in Nigeria.

He added that the platform’s user-friendly features will simplify payments and offer much-needed support for both businesses and individuals.

The Chief Digital Officer of the bank, Paul Ehiagbonare said this is a bold move towards digital leadership, maturity and excellence.

Ehiagbonare said: “For us, AccionMonie is a reflection of the much needed customer empowerment through digital tools and technologies. We are not only providing access to finance but standing beside our customers as partners, supporting their ambitions when others may not and doing so timely and more efficiently. Our goal is to be a reliable ally on their journey toward growth, stability, and long-term success.”

In Nigeria, micro, small and medium enterprises (MSMEs) are one of the key growth drivers of the economy.  Estimated at about 37 million, MSMEs currently account for 86 per cent of employment and 48 per cent of Gross Domestic Product (GDP).  However, despite their strong potential, the MSMEs continue to be impacted by existential challenges, notably access to capital and finance, infrastructure and an enabling business environment.