October 5, 2023/FSDH Capital

We are pleased to inform you that the Infinity Microfinance Bank Limited (“Infinity MfB” or “the Bank”) up to ₦1 billion Series 2 Commercial Paper (“the Transaction”) under the Bank’s ₦5 billion Commercial Paper Programme is NOW OPEN and is scheduled to close on Friday, 13 October 2023. The proposed Transaction will be a 270-day tenor paper, and the notes will be listed on the FMDQ Securities Exchange Limited.

Infinity MfB is a leading Lagos-based microfinance bank licensed by the Central Bank of Nigeria to operate as a state microfinance bank. The Bank provides banking services including loans, leases, savings, and deposits. The business started in 2001 as Infinity Community Savings and in October 2007 converted into a microfinance bank in compliance with guidelines issued by the Central Bank of Nigeria. As of 30 June 2023, the Bank has 20 branches in Lagos State, with a footprint in all the major commercial hubs across the state.

Infinity MfB has recorded impressive growth over the years, with the Bank printing year-on-year increases in interest income and profit-after-tax of 27.48% and 45.05%, respectively for the year ended 2022. For the six months ending 30 June 2023, the Bank’s total asset and profit-after-tax stood at ₦3.6 billion and ₦143 million, respectively. The Bank maintained a robust loan book of over ₦2.6 billion with a net interest margin of 14% during the same period.

Infinity MfB has a rating of BBB+ and Bbb from DataPro Limited and Agusto & Co. Limited, respectively. This rating reflects the bank’s liquidity position, profitability, and asset quality. The Bank continues to remain poised for growth to deliver value to its clients and stakeholders.

Please see below the indicative terms of the proposed offer:

Please see the  link for the supporting documents for your review and consideration:

• Programme Memorandum;
• Series 2 Red Herring Pricing Supplement;
• Investor Presentation;
• Issuer’s Rating Report by DataPro Limited;
• Issuer’s Rating Report by Agusto & Co, Limited;
• Infinity MFB Audited Financial Statements (2018 – 2022); and
• Infinity MFB Management Account for the period ended 30 June.