Having successfully met the FMDQ Exchange Commercial Paper (CP) quotation requirements, the Infinity Microfinance Bank Limited N5 billion CP Programme was admitted on the Exchange’s platform.
FMDQ said the successful registration of this CP programme is yet another notable stride in FMDQ Exchange’s drive to develop a vibrant and efficient debt market despite economic and market uncertainties.
It stated that the Nigerian CP market continues to provide issuers renewed opportunity to grow their businesses and restore the much-needed confidence of investors, whilst contributing to the overall growth of the Nigerian economy.
Inifinity Microfinance Bank Limited is a financial establishment that focuses on small and medium-sized business enterprises and provides services such as the mobilisation of small savings and the provision of small business loans.
This CP Programme which is sponsored by FSDH Capital limited will avail the Inifinity Microfinance the opportunity to raise short-term finance from the Nigerian CP market.
The managing director, Infinity Microfinance Bank, Mr. Oludotun Adewunmi, said: “Infinity Microfinance Bank Limited is pleased to announce the quotation of its N5.00 billion Commercial Paper Issuance Programme on FMDQ Securities Exchange Limited.”
He said that, “the CP Programme is an important strategic move for the Bank towards achieving its mandate of supporting the growth of low-income households as well as micro, small & medium-sized enterprises across Lagos State.
“The registration of this CP Programme, in addition to allowing Infinity Microfinance Bank broaden its sources of funding, has availed the Bank with a platform to raise short-term finance, within the CP Programme limit, from the Nigerian debt markets when it deems suitable.”
On the successful registration of the programme, managing director, FSDH Capital Limited, Mr. Tolu Osinibi, said, “FSDH Capital is pleased to have advised Infinity Microfinance Bank Limited on this landmark registration of its N5.00 billion Commercial Paper Issuance Programme.
“This is the first CP Programme to be registered by a microfinance bank on FMDQ Securities Exchange Limited and without a doubt sets the pace for other duly licensed and regulated microlending institutions seeking to raise capital via the issuance of commercial papers.
“The admission on the FMDQ Exchange platform will deliver maximum market visibility and enhanced liquidity of CPs issued under the CP Programme. We are thankful to the Board and management of Infinity Microfinance Bank Limited for trusting FSDH Capital to execute this landmark transaction and provide the expert guidance required to navigate the challenges faced by first-time issuers in the markets.”
