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Microcred Microfinance Bank Nigeria Limited
Summary of Proposed Investment

This Summary of Proposed Investment is prepared and distributed to the public in advance of the IFC Board of Directors’ consideration of the proposed transaction. Its purpose is to enhance the transparency of IFC’s activities, and this document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only.

Project number 29624
Company nameMC Nigeria Co
Country
Nigeria (IDA)
Sector1Commercial Banking - Microfinance and Small Business
Environmental categoryFI
Department
StatusActive
Date SPI disclosedOctober 18, 2010
Projected board dateNovember 19, 2010
Previous EventsInvested: August 29, 2011
Signed: June 15, 2011
Approved: January 12, 2011
  Overview     Sponsor/Cost/Location     Development Impact     Contacts     Attachments  

Project description
The project will support the creation and expansion of a new microfinance bank MicroCred Nigeria Microfinance Bank Limited (MC Nigeria or the Bank) in Kaduna State of Nigeria. The Bank will provide a broad range of financial services to micro, small and medium enterprises (MSMEs) and lower income populations in Nigeria. The Bank obtained its license from the Central Bank of Nigeria in January 2010 and commenced operations in March 2010. The Bank expects to serve approximately 32,000 borrowers and 76,000 depositors by the fifth year of operations

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