FMO provides a local currency debt facility equal to EUR 5.0 million to Fortis Microfinance Bank PLC (‘Fortis’) in Nigeria.
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. Fortis will receive a local currency senior loan equivalent to EUR 5.0 million with a 2.5 year tenor which can be extended up to 5 years. Fortis will use this funding to provide loans to its micro clients and small enterprises.
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 MFI’s 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.
About Fortis Microfinance Bank PLC
Fortis is a microfinance institution which was founded in 2007. Since inception Fortis has made an impressive growth and became one of the largest MFI’s 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.
About FMO
FMO (the Netherlands Development Finance Company) is the Dutch development bank. FMO supports sustainable private sector growth in developing and emerging markets by investing in ambitious entrepreneurs. FMO believes a strong private sector leads to economic and social development, empowering people to employ their skills and improve their quality of life. FMO focuses on three sectors that have high development impact: financial institutions, energy, and agribusiness, food & water. With an investment portfolio of EUR 6.3 billion, FMO is one of the largest European bilateral private sector development banks. www.fmo.nl
