Microfinance Focus, January 28, 2012: Venture capital investment company Advans, in partnership with International Finance Corporation (IFC), German development bank (KfW), and Dutch development bank (FMO) will be establishing La Fayette Microfinance Bank in Oyo State, Nigeria.

Advans S.A. will be La Fayette’s lead shareholder with an equity investment of $3.1 million (501.0 million naira). IFC and KfW are each investing $1.1 million (174.5 million naira), while FMO is investing $940,000 (150.0 million naira).

La Fayette, which is expected to start operations during the fourth quarter of 2012, will serve small and medium enterprises that have limited or no access to formal banking services.

IFC has a long-standing partnership with Advans S.A., which is building a network of microfinance institutions in developing countries across Africa and Asia. IFC is also a shareholder of Advans network banks in Cameroon, the Democratic Republic of the Congo, Cote d’Ivoire, and Ghana.

Headquartered in Luxembourg Advans S.A. is building a network of microfinance institutions (MFIs) in developing and emerging countries. The Advans network currently spans six countries, including Cambodia, Cameroon, the Democratic Republic of Congo, Côte d’Ivoire, Ghana, and Tanzania.