LA FAYETTE MICROFINANCE BANK (FMO-31818)

Regions
  • Africa
Where the impacts of the investment may be experienced.
Countries
  • Nigeria
Where the impacts of the investment may be experienced.
Specific Location
Oyo State
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • Netherlands Development Finance Company (FMO)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
C
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Jan 27, 2012
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
La Fayette Microfinance Bank Ltd (Advans Nigeria)
The holder of the loan, grant, or other investment.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 1.12 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported NGN 180
Converted using 2012-01-27 exchange rate.
Loan Amount (USD)
$ 1.12 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported NGN 180
Converted using 2012-01-27 exchange rate.
Bank Documents
Primary Source

Original disclosure @ FMO website

Updated in EWS Sep 13, 2018


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Project Description

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.

Investment Description
  • Netherlands Development Finance Company (FMO)
Contact Information

No contact information provided at the time of disclosure.

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.