FMDQ admits Accion Microfinance Bank’s N2.02bn Commercial Paper

FMDQ Securities Exchange Limited has approved the quotation of Accion Microfinance Bank Limited’s N2.02 billion Series 1 Commercial Paper under its N5.00 billion Commercial Paper Programme, as Payaza Africa Limited seeks to raise about N50 billion from its own issuance.

The approval was conveyed in a release issued by the Exchange on Wednesday, February 25, 2026.

It was granted by the Exchange’s Board Listings and Markets Committee, providing Accion MFB with cost-effective short-term funding to support micro-entrepreneurs and small businesses across Nigeria.

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In a related development, Payaza, a MasterCard and VISA partner, is currently shopping for about N50 billion through the issuance of Series 1 and 2 Commercial Papers under its N150 billion Commercial Paper Issuance Programme, further highlighting growing corporate appetite for the CP market.

**What the release is saying: **

According to FMDQ, the N2.02 billion Series 1 Commercial Paper was issued by Accion Microfinance Bank Limited under its N5 billion programme sponsored by FBNQuest Merchant Bank Limited to strengthen its working capital and expand its lending capacity.

Similarly, Payaza is looking to fund its working capital requirements with the net proceeds of its Commercial Papers issuance, which opened on February 23 and is expected to close on Thursday, February 26.

• _“The N2.02 billion CP quotation launched is not just about raising funds; It is about reinforcing our capacity to provide working capital, expand lending to small businesses, deepen financial innovation, and accelerate our digital transformation,” said Mr. Taiwo Joda, Managing Director of Accion MFB. _
• _“At FBNQuest Merchant Bank, we are proud to have played a pivotal role in guiding this debut transaction. We successfully facilitated the launch of the Series 1 CP Issuance, which was oversubscribed.  _
• _“This milestone reflects our ongoing commitment to supporting institutions like Accion MfB in accessing efficient and cost-effective funding solutions that enable them to scale their impact,” said Mrs. Yetunde Falore, Head, Investment Banking at FBNQuest Merchant Bank Limited. _

Payaza also disclosed that it has raised over N70 billion since its inception across six successful CP series, of which N32.53 billion has been fully repaid, while the outstanding balance remains within its scheduled repayment period and is not yet due.

**More insights **

The CP issuances provide the issuers with cost-effective short-term funding to boost their operations and meet working capital needs. For Accion MFB, the proceeds are expected to enhance working capital and expand credit to micro-entrepreneurs and small businesses nationwide.

• The issuance was sponsored by FBNQuest Merchant Bank Limited.
• The Series 1 CP issuance was oversubscribed, reflecting strong investor confidence.
• The proceeds will support lending growth and promote financial inclusion.

The oversubscription of the CP is expected to strengthen Accion MFB’s lending capacity and support its broader financial inclusion strategy.

**What you should know **

Companies are increasingly leveraging Commercial Paper issuances to raise capital for operational and expansion purposes, a trend analysts link to the high cost of commercial banks’ credit. Last year, corporates turned to CP issuances on FMDQ Securities Exchange, which facilitates capital mobilisation.

• Corporates are using CPs as an alternative funding source amid rising borrowing costs.
• The Nigerian Exchange Group recently launched its first Commercial Paper issuance platform to ease capital formation.
• The move is aimed at bridging the financial access gap for both large and small businesses across Nigeria.

Payaza Africa Limited and Accion Microfinance Bank Limited have now joined a growing number of corporates leveraging Nigeria’s technology-enabled capital market ecosystem to mobilise funding efficiently.