Accion MfB strives to economically empower micro-entrepreneurs and low-income earners by providing financial services in a sustainable, ethical and profitable manner. The vision of the company is to be the market leader in the provision of microfinance and related financial services at world class standards. Accion Microfinance Bank commenced operations in May 2007 after receiving its license from the Central Bank of Nigeria. Soon after, demand was outstripping capacity. Between the company’s inception in 2007 and 2019, Accion MfB has cumulatively reached a total of 244,950 borrowers, with an average loan size of NGN158,000 ($435). The company has expanded to 50 branches and 20 cash centers across Nigeria. Bamboo invested in Accion MfB via its Financial Inclusion Fund (FIF) in 2012, and exited at the end of 2019. Since Bamboo’s investment, Accion MfB has grown its portfolio of active borrowers by 3.5 times from 14,000 to 50,000 active loans in 2019, with women representing over half (58%) of current loan clients. Accion MfB has grown from 288 employees to a team of 1,125 people with 517 female employees. Bamboo’s stake in Accion Microfinance Bank will now be held by global nonprofit and financial inclusion pioneer Accion.
