MAX.ng issues $1m innovative local currency bond to drive growth
“We are positioning MAX at the forefront of technology, financial and business model innovation to solve a fundamental aspect of Africans’ lives,” said Adetayo.
MAX.ng’s Chief Financial Officer, Guy-Bertrand Njoya, said the most exciting aspect for the company about the ground-breaking funding structure was being able to close it amidst the current social and economic uncertainty caused by Covid-19.
We are deeply honored by the confidence shown by the investment community in our ability to continue delivering vastly improved social outcomes by providing innovative financial solutions to woefully under-served communities.
The capital unlocked through the Series 1 Bond will fund MAX’s growing asset financing programme across two-wheeler, three-wheeler and other vehicle classes in Nigeria and beyond, and lead to the creation of more than 1,300 additional jobs.
Further bond issuances are planned quarterly.