La Fayette MFB (Advans Nigeria)
Advans Nigeria makes loans available to small businesses in Nigeria and therefore encourages the growth of the MSME sector
History and vision: Created in June 2012 and formally incorporated as La Fayette Microfinance Bank Ltd, Advans Nigeria is the seventh greenfield of the Advans Network. Advans Nigeria’s objective is to target MSMEs in urban areas of Nigeria, where market studies have shown that only one in ten entrepreneurs has access to credit.
Network: Advans Nigeria opened its first branch in Ibadan, the country’s third largest city, at the end of January 2013. A second branch opened in May 2013 and three further branches in 2014. In the coming years, Advans Nigeria plans to continue its expansion to cover other regions of Oyo State, home to about 5.5 million inhabitants.
Services: As a registered microfinance bank, Advans Nigeria offers a full spectrum of financial services for MSMEs, including loans ranging from NGN 30,000 (about EUR 140) to NGN 20,000,000 (about EUR 93,600). The MFB also offers current and savings accounts for both individuals and MSMEs.