Following the recent announcement of the opening of its first greenfield micro finance institution in Pakistan, Advans SA - the international venture capital company specialised in microfinance - has now opened a new greenfield microfinance institution in Oyo State, Nigeria. Headquartered in the city of Ibadan, La Fayette Microfinance Bank Limited (Advans Nigeria) is the seventh greenfield of the group. Advans Nigeria is 50.1% owned by its founder shareholder Advans SA and FMO is with 15% of the shares one of the minority shareholders.
As a registered microfinance bank, Advans Nigeria offers a complete range of financial services to micro, small and medium-sized enterprises (MSMEs): loans range from NGN 30,000 (about EUR 140) to NGN 1,000,000 (about EUR 4,700), as well as current and savings accounts for both individuals and MSMEs. Ibadan is Nigeria’s third largest city, and Advans Nigeria plans to extend its offer to other regions of Oyo State over the coming years.
