Nigeria

Track Record

Developing a financing mechanism for private healthcare providers’ equipment needs

Financial Access worked with a major international firm’s Healthcare Systems division and IFC to develop an innovative financing mechanism to provide the private healthcare sector in Nigeria (and Ghana in Phase 2) better access to financing for diagnostic equipment and related training. Private healthcare providers are growing rapidly in Nigeria and Africa generally. Nearly all of them face difficult access to financing as start-up entities, lacking traditional collateral, forcing them to resort to family financing and other informal sources. Traditional access to sophisticated diagnostic and other systems has been organized through State procurement for the public health institutions. Such organizations face recurring problems associated with budget and skills shortages, leaving markets under-served relative to the rising middle class and its willingness to spend for healthcare services. Financial Access is developing a joint venture equipment leasing vehicle, which would allow for multiple smaller private sector users to access high quality equipment, properly maintained and with associated training facilities.

Due Diligence on Environmental & Social aspects and Human Resources management – Union bank of Nigeria

With our excellent track record in Nigeria, Financial Access was retained by FMO to perform the due diligence of Union Bank of Nigeria in two areas:

Environmental and Social (E&S) Due Diligence:

  • E&S Gap Analysis;
  • Develop an E&S work plan to bridge the aforementioned gap;
  • Investigate and conclude on what the commitment of the bank’s management is with regards to the E&S standards that FMO wants the
  • ank to adhere in to the case an investment by FMO would take place.
  • Human Resource (HR) Due Diligence:

Study HR policies and plans, determine status and assess current HR system operating in the bank and conduct a HR performance scan;
Prepare a Gap Analysis of current HR performance of the Bank against location situation and current position of all stakeholders, with a specific focus (but not excluded to ) the relevant Nigerian Uni

Retail/SME banking design & rollout – A Commercial Bank

Financial Access provided two long-term managers supported by short-term TA experts to design and implement a Retail Banking and SME product range in this successful Nigerian bank, whose original banking franchise was corporate-orientated. Organisational advice and implementation work was provided in the areas of product design, marketing and distribution, risk management and all relevant systems/operations support.

The project was supported by Dutch Government/FMO co-financing.

Greenfield Pension Fund Start-Up – Legacy Pension Fund Managers Limited

Financial Access provided technical advisory services for a Greenfield start-up of a pension fund administrator in Nigeria, right after a major pension reform. The client received the Licence within 5 months from the start of the project. After 7 months the client sold and administrated over 20.000 individual client contracts.

Support was provided with the implementation of the pension fund’s back-office system and the financial administration; client data administration, contribution administration, the administration of individual pension assets and the non-client based financial streams of the management company.

The work was divided over two phases:

Review Phase: within one month we reviewed possible pension software and software for the financial administration with 2 persons.
Implementation Phase: in the second phase, we implemented with 4 staff the business policies, processes, software, and governance principles.

Advisory and Management support to a major bank acquisition – An African Banking Group

Financial Access has been retained by a consortium of international private equity investors led by an African Banking group in connection with the acquisition of a major banking institution in Nigeria (400 branches, 100-year history). Services include due diligence support, assembly of elements of a management team, the design and planning for a transformation and institution building programme, as well as the mobilisation of international support for the bank.

Post-acquisition, an unprecedented effort was required on behalf of the new owners to support the reconstituted management team with the modernisation and re-launch of the bank. Assistance has been provided to date in a range of areas relevant to this proposed transaction including due diligence and investor relations support, NPL valuations and modelling, the formulation of a full-scale post-acquisition transformation plan, the identification of a team of senior managers and short-term experts in various banking disciplines required to support this effort, as well as the recruitment of international banking partners prepared to assist the bank, post-acquisition, with specialised financing, product development, correspondent services and training (including the creation of an in-house training academy).

 

MSME Banking Diagnostic Scan to 2 Commercial Banks in Nigeria

Financial Access performed diagnostic scans of the SME banking units of two banks in Nigeria. The scans included an assessment of the banks’ potential for strengthening their existing MSME operations and the establishment of new SME Banking units, as well as the development of SME banking strategy guidelines.

 

Sustainable Finance Advisory to A Commercial Bank

Our client wishes to build on its existing exclusion and categorization approach and strengthen its Environmental & Social Management System in the areas of due diligence and client engagement. Financial Access was retained to perform the task.

The aim is to provide our client with a tailored Environmental and Social Management System, appropriately scaled, pragmatic, focused on the bank’s specific needs, and capable of addressing the E&S issues that it faces within its business activities. It should be clear and enable decision-making in a way that the bank can defend to stakeholders and engage with clients. We envisage a five phases for the project, comprising:

Phase 1 – Initial Needs Assessment
Phase 2 – E&S Policy Revision
Phase 3 – Procedures, Guidelines & Tools
Phase 4 – Training workshops
Phase 5 – Pilot projects