La Fayette Microfinance Bank Limited

Financial services for micro, small and medium-sized enterprises (MSMEs) in Nigeria

Nigeria

La Fayette Microfinance Bank Ltd (Advans Nigeria), established in 2012, is a microfinance bank providing financial services to MSMEs in Ibadan, Oyo state, Nigeria.

Nigeria’s high rate of population growth constitutes a challenge to the goals of poverty reduction and job creation, and is creating social problems for an increasing number of Nigerians. However, the sizeable population also creates a wealth of opportunities for entrepreneurs at the bottom of the pyramid. Thus, Nigeria has a large and unmet demand for microfinance services.

La Fayette MFB provides loans and other financial services to low-income micro entrepreneurs and MSMEs. It is a member of the Advans group, a network of financial institutions that provide adapted financial services to MSMEs that have limited or no access to formal banking services. Other affiliates of the Advans group, such as Advans Cameroun, have been partners of Oikocredit for a number of years.

However, La Fayette MFB is a first time partner of Oikocredit, receiving a direct loan in local currency (NGN) equivalent to US$ 2,000,000.