FORTIS MICROFINANCE BANK PLC
Status: Approved investmentWhy disclosure?
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In case of questions
In case of questions, please contact us at disclosure@fmo.nl
Disclaimer
The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.
Who is our customer
Fortis Microfinance Bank PLC (Fortis) is a Nigerian microfinance institution that was founded in 2007. Since inception, Fortis has made an grown considerably and became one of the largest MFIs in the country. Fortis provides microfinance banking services to support entrepreneurship and the empowerment of the large unbanked population with a focus on (mostly female) micro clients and small enterprises.
What is our funding objective?
FMO provides a local currency debt facility equal to EUR 5.0 million to Fortis in Nigeria. The 2.5 year tenor can be extended up to 5 years. Fortis will use this funding to provide loans to its micro clients and small enterprises and thereby stimulate financial inclusion.
Why do we fund this investment?
With almost half the Nigerian population still excluded from financial services, microfinance in Nigeria is still at the developing stage, which is dominated by high interest rates and emerging client protection standards. FMO supports Fortis as one of the leading MFIs in the country to further implement the Client Protection Principles (CPP) with the aim to become CPP certified. The FMO facility will contribute to further financial inclusion and stimulate the further development of financial services.
- Website customer/investment
- http://www.fortismfb.com/en/
- Region
- Africa
- Country
- Nigeria
- Sector
- Financial Institutions
- Effective date
- 12/13/2013
- Total FMO financing
- EUR 5.00 MLN
- Funding
- MASSIF
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Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk
Environmental & Social Category
(A, B+, B or C) - C