Project Estimated End Date : 12/31/2017 Status : Active Project Number : 599221 IFC Approval Date : 02/18/2014 Country : Nigeria Disclosure Date : 07/11/2014 Region : Sub-Saharan Africa Business Line : Access To Finance Estimated Total Budget : $832,849.00 Last Updated Date : 07/13/2014 (Project budget includes all project-funded activities) Project Description : Access to Financial Services is low, but improving in Nigeria. By 2012, the proportion of the banked population increased to one third of Nigerians. However, high demand for financial services remains unmet. In order to increase access to financial services for low income and SME customers, AB Microfinance Bank Nigeria in partnership with a local payments processing and switch provider aims to develop a mobile banking and cards solution to enable customers to make transactions remotely at alternative channels. Increased convenience will make it easier for lower income customers to join and use banking services. Expected Development Impact : The overall aim of this project is to increase AB MFB%s outreach beyond traditional branches by encouraging the use of interoperable cards and mobile channels among new and existing customers. Through these channels, ABN will be able to attract new customers, particularly low-income depositors and significantly more deposits so that it can continue to lend affordably to individuals and SMEs that need financing.
Project completion date : 2017-12-31 12:00:00
Major organization : INTERNATIONAL FINANCE CORPORATION (IFC)
Address : 2121 Pennsylvania Avenue, NW Washington, DC 20433 United States Website : http://www1.ifc.org
Country :United States
Financier : International Finance Corporation (IFC),