Advans Nigeria (Advans La Fayette Microfinance Bank) reached an important milestone with the opening of a new branch in the commercial hub of Lagos on 2 July. The microfinance institution will thus be able to support an ever growing number of the 36,994,578 Micro, Small and Medium Enterprises (MSMEs) present in the country, reconfirming its commitment to serve populations lacking access to finance. Advans’ staff, the French Ambassador in Nigeria as well as media were present at the event.
Since opening in 2013 Advans Nigeria has disbursed over 70,000 loans totaling ₦ 40 billion (€ 99M).
Speaking at the official opening Guillaume Valence, Advans Nigeria’s Managing Director, commented: “Micro, Small and Medium Enterprises are the major contributors to growth and economic development as well as the first employer in Nigeria. However, they still lack both the necessary business and financial support to develop their activities. By supporting this population, Advans-La Fayette MFB is contributing to the national objective to reduce the financial exclusion rate to 20% by 2020.”
Also present at the event, Deputy Chief Executive Officer, Obinna Ukachukwu, said: “We are thrilled to be expanding our footprint into the vibrant Lagos market. I am assuring MSMEs here in Lagos that we are about sustainable impact, as a client-oriented financial institution, we believe our core values and relationship-based banking philosophy meet the personal and business banking needs of Lagos MSMEs.”