Accion Microfinance Bank Limited has raised N5 billion through its Series 2 Commercial Paper issuance, according to a report by BusinessDay Nigeria. The issuance secured full subscription from investors.
The bank plans to direct the funding towards expanding lending to micro, small and medium-sized enterprises. The reported transaction therefore increases the pool of capital that Accion MFB intends to deploy to that segment of the market.
The available report does not disclose the commercial paper’s interest rate, maturity period or the identities of participating investors. It also does not state when the proceeds will be deployed or provide a breakdown of how the N5 billion will be allocated.
Further details about the planned MSME lending programme remain unclear, including eligible sectors, loan sizes, pricing and geographic coverage. No estimate was provided for the number of enterprises expected to benefit from the additional funding.