Incofin IM’s recently hired CFO, Leslie Totté, and Business Development Associate, Alexander Vuylsteke, undertook a field trip to Nigeria in order to get to know better the microfinance institutions (MFIs) in which Incofin IM invests and the clients they serve.

Loïc De Cannière (Incofin’s CEO), and Stephane Sapor (Investment Manager for Africa), joined them on the trip. The delegation visited three of Incofin IM’s local partner MFIs: Grooming, LAPO and AB Microfinance Bank Nigeria (ABN). The visits started at the headquarters, continued to one or more branches and ended with conversations with several clients or client groups. The Incofin group also took part in the third anniversary celebration of ABN and asisted a medical screening of women for cancer, organized by Grooming.

The impression of Leslie and Alexander, both relatively new to the microfinance industry, could be summarized as follows: “We feel sad but at the same time hopeful and respectful. Sad because we realize that Nigeria has still a long way to go, but hopeful and respectful when observing the courage and persistence of many Nigerians in building their own future, supported by the growing availability of financial services for the bottom of the pyramid.”

The Incofin team met microfinance clients until the very end of the journey. During the taxi ride to the airport,  the driver was asked how he had been able to buy his car. “Through a loan,” the driver answered. We figured it must have been quite a big loan and wondered if it had been provided by an MFI. The driver clarified: “Yes, it was a loan from a microfinance bank but I have had several loan cycles before, so now I was allowed to borrow an amount big enough to buy this car. When my children have grown up and my wife does not have to care for them anymore, I would like to apply for another loan so that she can open a food store.”  Curious if we would know the MFI that has provided the loan to the taxi driver, we gauged for the name. “AB Microfinance Bank Nigeria,” the driver responded and we were very pleased to experience by ourselves the growing outreach of microfinance (although we do believe in statistical coincidence)!