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Fortis MfB gets €5m credit facility from FMO

Fortis Microfinance Bank Plc says it has gained access to a €5m facility from the Netherlands Development Finance Company, which is also known as FMO.

A statement by the company said the fund, a five year unsecured term loan, would allow the firm, which is listed on the Nigerian Stock Exchange, to increase on lending and strengthen its operations.

The statement quoted the Managing Director, Fortis MfB, as saying, “This loan will ensure that our esteemed customers have access to finance at a cheaper rates and longer tenors.”

The Chief Financial Officer, FMO, Linda Broekhuizen, said Fortis MfB was the first Microfinance that his organisation would be supporting with such a facility in Nigeria.

FMO, which has an investment portfolio of €6.3bn, provides support for private sector growth in developing and emerging markets by investing in ambitious entrepreneurs.

According to Broekhuizen, FMO approved the loan because Fortis has positioned itself to provide microfinance banking services to support entrepreneurship and the empowerment of the large unbanked population.

The FMO official added, “Fortis will receive a local currency senior loan equivalent to €5m FMO supports Fortis as one of the leading MFI’s in the country to further implement the client protection principles with the aim to become CPP certified. The FMO facility will contribute to further financial inclusion and stimulate the further development of financial services.”

Oketikun, who promised that Fortis would remain committed to the development of Microfinancing in Nigeria and beyond, expressed the confidence that financial inclusion would be achieved soon.

“With the introduction of mobile money, electronic banking and internet banking the services of formal financial institution will soon get all Nigerians irrespective of location,” he said.

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