As part of its efforts towards promoting the development of the microfinance sector in Nigeria, Citibank recently granted a N500 million loan to Accion Microfinance Bank (Accion), a microfinance institution in Nigeria. According to the statement released by Citibank, the grant of the said loan is aimed at funding Accions loan portfolio (particularly to support the development of approximately 5,000 micro and small enterprises in the country) as well as to enhance the implementation of the Central Bank of Nigerias National Financial Inclusion Strategy (NFIS) scheme.
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