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Fortis MFB’s shares trading resumes

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Nigeria Stock Exchange, Lagos

The Nigerian Stock Exchange, (NSE) has in a correspondence referenced NSE/LRD/LE1/09/17, dated September 13th, addressed to the Fortis Microfinance Bank’s Company Secretary, approved the resumption of trading on the shares of the lender on the bourse.

The development, which comes as a relief, is riding on the back of a short period of technical suspension on the company’s shares due to late rendition of its 2016 Audited Annual Accounts to the regulatory body.

In the letter, the Acting Head, Listings Regulation Department, Godstime Iwenekhai, wrote that: “Having submitted your audited accounts for the period ended 31 December 22 August 2017; The Exchange wishes to inform you that it has lifted the suspension of trading in the shares of your Bank which is in line with Rule 3.3, Rules for filing of Accounts and Treatment of Default filing, Rulebook of The Exchange (Issuers’ rules)…”

The contents of the Audited Accounts approved by the Central Bank of Nigeria (CBN), and submitted to the NSE, revealed that despite the harsh economic operating environment, the bank posted positive increases in major facets of its activities over the last 12 months.

In order to maintain its place as a market leader in the Nigerian and African Microfinance markets, the bank recently launched its five-year strategic plan that will enable it become the dominant microfinance brand by heavily investing in technology to drive financial and economic inclusion.

Fortis Microfinance Bank Plc recently became the first MFB in Nigeria to get the prestigious Micro Rate and Smart Campaign of USA’s Customer Protection Principle (CPP) certification, 2nd in Africa, and 16th in the entire world.

Fortis MFB was granted a national microfinance banking licence in 2015, with the clear mandate to open shop in all 36 states of the federation plus the Federal Capital Territory. The bank currently has a presence in 22 states plus the FCT.

As one of the only two microfinance banks (out of the nearly 1000 mfb’s registered by the CBN) listed on the NSE, its operations are subjected to further regulatory oversight by Capital Market regulatory authorities.

Also, about seven foreign investors/development organisations are currently in partnership with it to expand access to the economically active poor and vulnerable groups in the society.

These include FMO (The Dutch Development Bank), KfW (The German Development Bank), Symbiotics, Cordaid (Agricultural Finance), Triodos, Shelter Afrique (Micro-Housing), Cyrano and AfDB.

In addition to these foreign investment partners, Fortis is a key partner with entities like CBN (through the MSME Development fund, Anchor Borrowers’ Programme, and People Living with Disabilities Project), and the Bank of Industry (Bottom of the Pyramid Project) to mention a few.



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