First Bank Nigeria (FBN) Microfinance Limited, the microfinance arm of financial services provider, First Bank Nigeria, has loaned NGN 326 million, the equivalent of over USD 2.1 million, to 1,252 customers since it began operating in January of 2009, according to the microfinance institution’s (MFI’s) Chairman, Ola Oyeola [1,2,3]. Mr. Oyeola’s comments were reported in an online article in the “Daily Triumph” of Nigeria, and were made at the MFI’s “official launch” on December 14, 2009 [1]. The MFI currently operates in 11 locations in the Lagos State of Nigeria, and intends to open four new branches in the first quarter of 2010 [1].
By Christopher Maggio, Research Assistant
About:
First Bank Nigeria (FBN) Microfinance Limited
Description:
FBN Microfinance Limited is the microfinance arm of First Bank Nigeria, a financial services provider based in Lagos. It was incorporated in 2008 and began operations in January of 2009. It currently has 11 locations in the Lagos State.
FBN Microfinance Limited does not report to the MIX Market, the microfinance information clearinghouse.
Organization’s Website:
http://www.firstbanknigeria.com/Subsidiaries/Microfinance/tabid/327/Default.aspx
Just the Facts:
-Country of Incorporation: Nigeria
-Year Incorporated: 2008
-Loans Disbursed: USD 2.1 million (as of 14/Dec/09)
-Customers: 1,252 (as of 14/Dec/09)
-Locations: 11 (as of 14/Dec/09)
-Area of Operation: Nigeria
-Participant(s)/Backer(s)/Investor(s): First Bank Nigeria
-Currency: NGN
-Chairman: Ola Oyeola
Contact Information:
FirstBank
Head Office
Address :
Samuel Asabia House
35, Marina, Lagos,
P.O. Box 5216
Lagos Nigeria
Phone :
+23419052326
Email :
firstcontact@firstbanknigeria.com
Additional Resources:
Daily Triumph article entitled ‘FBN Microfinance Bank grants N326m loans’: http://www.triumphnewspapers.com/fbn16122009.html
Bibliography
[1] Daily Triumph article entitled ‘FBN Microfinance Bank grants N326m loans’: http://www.triumphnewspapers.com/fbn16122009.html
[2] First Bank Nigeria Microfinance Limited: http://www.firstbanknigeria.com/Subsidiaries/Microfinance/tabid/327/Default.aspx
[3] First Bank Nigeria: http://www.firstbanknigeria.com/
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