The FMDQ Securities Exchange Limited (FMDQ Exchange), yesterday said it has approved the registration of Infinity Microfinance Bank Limited N5billion Commercial Paper (CP) Programme on its platform.
According to the Exchange, the successful registration of Infinity Microfinance Bank CP Programme is yet another notable drive to develop a vibrant and efficient debt market despite economic and market uncertainties.
This is the first CP Programme to be registered by a microfinance bank on FMDQ Securities Exchange and without a doubt sets the pace for other duly licensed and regulated microlending institutions seeking to raise capital via the issuance of CPs.
The Managing Director, Infinity Microfinance Bank Limited, Mr. Oludotun Adewunmi, in a statement, said, “Infinity Microfinance Bank Limited is pleased to announce the quotation of its N5billion CP Issuance Programme on FMDQ Securities Exchange Limited.
“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”.
Commenting on the successful registration of the Programme, Mr. Tolu Osinibi, Managing Director, FSDH Capital Limited (FSDH Capital) said, “FSDH Capital is pleased to have advised Infinity Microfinance Bank Limited on this landmark registration of its N5 billion Commercial Paper Issuance Programme. The admission on the FMDQ Exchange platform will deliver maximum market visibility and enhanced liquidity of CPs issued under the CP Programme.”