ACCESS BANK PLC NASIRA PORTFOLIO
Status: Approved investmentWhy disclosure?
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Disclaimer
The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.
Who is our customer?
Access Bank Plc (“AB”) is a full-service commercial bank operating through a network of more than 700 branches and service outlets located in major centers across three continents. Apart from the Nigerian operations, the bank has 11 subsidiaries in Africa, one in the UK (with a branch in Dubai, UAE) and three representative offices: China, India and Lebanon. Access Bank Plc is listed on the Nigerian Stock Exchange since 1998 and provides a wide range of banking and financial services via four main business segments: Corporate & Investment banking, Commercial Banking, Business Banking and Personal Banking.
What is our funding objective?
FMO will provide a revolving unfunded (NASIRA) portfolio guarantee covering loans provided to Nigerian MSMEs affected by the COVID-19 crisis including young & female entrepreneurs.
Why do we fund this investment?
The NASIRA program is a risk sharing facility for local financial institutions. It is an innovative way of unlocking support to underserved segments: young, migrant, women and COVID-19 affected entrepreneurs. The program with Access Bank will have a special focus on Nigerian COVID-19 affected businesses including young & female entrepreneurs. The NASIRA target groups often remain underbanked due to high risks - both perceived and real - involved in lending to them. This is, amongst others, due to absence of collateral and credit history. The guarantee program takes away this hurdle, by agreeing in advance to share possible credit losses. A technical assistance program is ready to support Access Bank in the development of financial and non-financial products and services to these target groups.
What is the Environmental and Social categorization rationale?
Access Bank an existing client of FMO. The bank is classified as E&S Category A in accordance with FMO’s Policy. The clients in Access Bank’s portfolio are active in sectors which have potential significant and adverse environmental and social impacts, such as oil & gas, agriculture and construction. Examples of environmental and social challenges the bank is addressing in its portfolio are occupational health & safety, poor working conditions, affected communities, vandalism of pipelines, and waste management. Access Bank has a team of environmental & social experts within the bank that work with the bank’s clients to mitigate the negative impacts of their activities. Access Bank is a signatory of the Equator Principles. In the last few years, the bank received a number of national and international sustainable banking awards. This is a clear recognition from external stakeholders that Access Bank is performing above sector average on environmental & social risk management. As part of the agreement with Access Bank, the bank will be required to apply the EDFI Exclusion List, local E&S laws and regulations (including the Nigerian Sustainable Banking Principles) and the IFC Performance Standards Framework for certain identified projects.
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| Date | Total FMO financing |
|---|---|
| 8/23/2024 | EUR 0.11 MLN |
| 12/9/2021 | NGN 102.50 MLN |
- Region
- Africa
- Country
- Nigeria
- Sector
- Financial Institutions
- Effective date
- 12/9/2021
- Total FMO financing
- NGN 9635.00 MLN
- Funding
- FMO NV