Accion Microfinance Bank (MfB) has secured regulatory approvals to raise N2 billion Series 1 Commercial Paper (CP). The capital raising comes under N5 billion Commercial Paper Issuance Programme which started Thursday August 21 and scheduled to close on Friday August 29, 2025.
Announcing the offer during a media briefing held in Lagos, Managing Director, Accion Microfinance Bank, Taiwo Joda said the proceeds from the CP will be used to support the company’s working capital requirements.
He explained that the offer has 270 days tenor, implied yield of 23 per cent, minimum Investment of N5 million representing 5,000 units at N1,000 per unit adding that the settlement date is Monday, September 01, 2025 while maturity date is Monday, May 18, 2026.
“Accion Microfinance Bank Limited is rated ‘A-’ by DataPro Limited, reflecting its strong financial performance and solid liquidity and ability to meet its ongoing obligations. We have a three-year bold strategy plan, to grow the balance sheet. We realized from that time, that beyond the liquidity we were able to generate at that time from those who have consistently supported us in the last 18 years, we need to take a bold step to announce Accion Microfinance Bank in the market and to also raise a commercial paper for the purpose of working capital”.
“And that was what led to the board and management agreeing that we should proceed with FBN Quest Merchant Bank as the issuer, to register a programme of N5 billion and in the first series to raise N2 billion for 270 days,” Joda added.
He explained that Accion Microfinance Bank remains a leading Nigerian microfinance institution committed to driving financial inclusion by economically empowering micro-entrepreneurs and low-income individuals.
“As of 2024, it serves approximately 526,000 active customers and is recognized for its strong digital capabilities, robust capitalization, and ethical banking practices. The bank’s credibility is further reinforced by backing and partnership from leading institutions such as Ecobank, Stanbic IBTC, GTBank, Development Bank of Nigeria, Zenith Bank, Wema Bank, Citibank, IFC, and Accion International. It also collaborates with Mastercard to enhance its digital product offerings, delivering innovative credit and savings solutions across digital channels,” Joda said.
According to him, the Bank operates a network of over 80 branches across more than 12 states strategically located within key geo-political zones in Nigeria, including Kano, Ondo, Rivers, Abia, Akwa Ibom, Abuja, Ilorin, and Kaduna. Its head office is situated in Lagos.
The bank also offers a broad range of savings, deposit, loan, digital channel, and agency banking products designed to help clients build financial resilience while supporting the bank’s loan portfolio. Its strong deposit mobilization underpins operational sustainability and advances its empowerment-focused mission.
“Accion MFB has maintained a strong and resilient financial position, with consistent growth in total assets from N12.88 billion in 2020 to N19.41 billion in 2024, reflecting a 15.45 per cent Compound Annual Growth Rate (CAGR). The bank’s loan portfolio and customer deposits have also expanded significantly, while Net Interest Income continues to rise steadily, reaching N3.85 billion by mid-2025, already 64.9 per cent of the previous year’s total. These indicators highlight the bank’s solid performance and potential for sustained growth,” he said.
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