IFC Partners with Advans S.A. to Set Up Microfinance Bank in Oyo State
27 Jan 2012 14:43 Africa/Lagos IFC Partners with Advans S.A. to Set Up Microfinance Bank in Oyo State, Nigeria LAGOS, January 27, 2012/African Press Organization (APO)/ -- IFC, a member of the World Bank Group, is investing $1.1 million (174.5 million Nigerian naira) alongside Advans S.A., German development bank KfW, and Dutch development bank FMO to establish La Fayette Microfinance Bank in Oyo State, Nigeria. La Fayette, which is expected to start operations during the fourth quarter of 2012, will serve small and medium enterprises that have limited or no access to formal banking services. Financial surveys indicate that only one in five Nigerian adults owns a bank account, and over half of the country's adult population is excluded from access to financial services. “With the objective of becoming the leading microfinance bank in Oyo State, La Fayette will address a critical gap by providing quality financial services to help small businesses grow and create jobs,” said Claud...