Accion MFB Raises N5bn to Boost MSME Lending Capacity

Accion Microfinance Bank Limited successfully raised N5 billion through its Series 2 Commercial Paper issuance, achieving full subscription from investors. The commercial paper, which has a duration of 364 days, was issued at a discount rate of 19.03 percent, resulting in an implied yield of 23.50 percent.

The issuance period ran from July 27 to August 4, 2026, with Quest Merchant Bank serving as the sole issuing house. The proceeds from this issuance are intended to bolster Accion MFB's lending capacity, particularly for micro, small, and medium-sized enterprises (MSMEs), while also supporting working capital and investments in technology-enabled financial services.

Taiwo Joda, managing director and chief executive officer of Accion MFB, stated that the full subscription signifies a significant milestone and reflects strong investor confidence in the bank's strategy and growth prospects. This issuance follows the bank's previous commercial paper program, which was also oversubscribed, indicating sustained investor interest in its debt instruments.