FBNQuest Merchant Bank Limited has reinforced its leadership role in Nigeria’s capital markets by serving as Exclusive Arranger and Dealer for Accion Microfinance Bank Limited’s debut ₦5 billion Commercial Paper (CP) Programme.
The programme successfully opened with a ₦2 billion Series 1 issuance, marking Accion’s first-ever entry into the Nigerian capital market.
The Series 1 issuance, which opened on August 20 and is scheduled to close on August 29, 2025, provides Accion with access to more diversified and cost-efficient funding sources.
Backed by an A- credit rating from DataPro, the transaction underscores the bank’s strong fundamentals, liquidity, and ability to meet obligations.
Industry watchers note that the programme is among the first SEC-registered CP issuances by a Nigerian financial institution under the current regulatory framework, further demonstrating the resilience of the country’s capital markets and FBNQuest’s role in shaping its growth.
Speaking on the landmark development, Taiwo Joda, Managing Director/CEO of Accion Microfinance Bank, described the programme as a bold step in advancing the bank’s mission of financial inclusion.
“As we look to the future, Accion Microfinance Bank remains committed to innovation, ethical banking, and sustainable impact. This programme is a bold step in our journey to deepen financial inclusion.
“With the support of our partners, we are confident of delivering even greater value to our customers, our investors, and the communities we serve,” Joda said.
FBNQuest Merchant Bank expressed satisfaction with its role in the transaction.
“We are proud to have partnered with Accion MFB on their debut into the Nigerian Capital Market. This landmark transaction reflects the strength of Accion MFB’s fundamentals and reinforces the confidence investors place in both the issuer and FBNQuest’s strong execution capabilities.
“We remain committed to supporting Accion MFB and institutions like them in accessing efficient and diverse funding solutions to drive financial inclusion and growth,” said Yetunde Falore, Head of Investment Banking at FBNQuest Merchant Bank.
The programme is expected to bring strategic benefits to Accion Microfinance Bank, including a more diversified funding base that can attract a broader range of investors, cost-effective financing compared to traditional bank loans, stronger liquidity to support lending capacity, and greater market visibility through a SEC-registered issuance.
It will also boost Accion’s micro-lending activities, helping to accelerate financial inclusion across the country.
Broader economic impact is also anticipated. By expanding access to affordable credit for micro, small, and medium enterprises (MSMEs) and underserved communities, the initiative is poised to fuel entrepreneurship, support job creation, and channel investments into productive sectors of the economy.
In doing so, it is expected to reinforce investor confidence, regulatory trust, and the depth of Nigeria’s debt capital market.
Accion Microfinance Bank currently serves over 520,000 customers across more than 80 branches in 12 states, leveraging partnerships with Ecobank, Stanbic IBTC, GTBank, and the International Finance Corporation (IFC) to drive growth.
Rated A- by DataPro, the bank is recognized for its stability, strong liquidity, and commitment to sustainable impact.
FBNQuest Merchant Bank, a full-service institution offering capital markets, advisory, and transaction services, continues to strengthen its reputation through transactions like this, contributing to the evolution of Nigeria’s financial system and deepening investor confidence.
