According to FMO website, the FMO provides high-risk finance to enable the start up of new microfinance institutions, therewith enhancing access to finance in Nigeria. MSMEs have almost no access to finance in Nigeria, despite playing a crucial rule in employment generation and wealth creation. Advans Nigeria will provide means to the bottom of the pyramid, empowering them to progress out of poverty.
The FMO categorized the E&S risk of the project as Category C.
As stated on the company's website, La Fayette Microfinance Bank Ltd (Advans Nigeria) is a financial institution that promotes private sector-led economic and social development in Nigeria. The company is owned by Advans SA (88.5%) and KFW (11.5%).
No project contact information provided at the time of disclosure.
Financial Intermediary - La Fayette Microfinance Bank Ltd (Advans Nigeria):
Address: 2, Adekunle Fajuyi Road, Dugbe, Ibadan, Oyo State
Phone: +234 (0) 7000238267
ACCOUNTABILITY MECHANISM OF FMO
Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW) . A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: https://www.fmo.nl/independent-complaints-mechanism.