The National Association of Microfinance Banks, Lagos State Chapter (NAMBLAG) of Nigeria has signed a memorandum of understanding with Fortis Mobile Money, a mobile money operator licensed by the Central Bank of Nigeria, to enable NAMBLAG’s 180 microfinance bank (MfB) members to offer mobile banking services to their customers. Mr. Olufemi Babajide of NAMBLAG was quoted as saying that “all MfBs would provide financial transactions to all registered mobile phone users, thereby, increasing financial inclusion.” MfBs are expected to begin mobile money operations in January 2012. While 30 million of Nigeria’s 160 million people have bank accounts, 70 million have mobile phones.
Fortis Mobile Money, an affiliate of Nigeria’s Fortis Microfinance Bank, has so far facilitated NGN 78 million (USD 48,000) in transactions. Fortis Microfinance Bank has 13 branches and reports having loaned a total of NGN 5 billion (USD 31 million) since its inception. The MFB does not report data to the US-based nonprofit Microfinance Information Exchange.
About National Association of Microfinance Banks (NAMB):
The National Association of Microfinance Banks of Nigeria (NAMB) is a trade group of microfinance institutions (MFIs) that merged with the Association of Microfinance Banks in Nigeria (AMBN) in 2009. As of April 2011, NAMB had 820 member MFIs. Its Lagos State Chapter has 180 members as of December 2011.
About Fortis Mobile Money:
Fortis Mobile Money, an affiliate of Nigeria’s Fortis Microfinance Bank, has so far negotiated NGN 78 million (USD 48,000) transactions. Fortis Microfinance Bank has 13 branches and reports having loaned a total of NGN 5 billion (USD 31 million) since its inception through September 2011. The MFB does not report data to the US-based nonprofit Microfinance Information Exchange.
By Ariana Malushi, Research Associate
Sources and Additional Resources
Vanguard: “Fortis Mobile Money signs MoU with NAMBLAG”
http://www.vanguardngr.com/2011/12/fortis-mobile-money-signs-mou-with-namblag/
MobileMoneyAfrica: How We Managed Nigeria’s Largest Mobile Payment Pilot”
http://mobilemoneyafrica.com/how-we-managed-nigerias-largest-mobile-payment-pilot-henry-nwawuba/
MicroCapital.org Story, December 10, 2011, “MICROFINANCE EVENT: Mobile Payments and NFC World Summit 2012, Hong Kong, April 19 – 20, 2012”
https://www.microcapital.org/microfinance-event-mobile-payments-and-nfc-world-summit-2012-hong-kong-april-19-20-2012/
MicroCapital.org Story, December 13, 2011, “MICROCAPITAL BRIEF: Bank Negara Malaysia (BNM) Launches MobileLINK Vehicle to Expand Outreach”
https://www.microcapital.org/microcapital-brief-bank-negara-malaysia-bnm-launches-mobilelink-vehicle-to-expand-outreach/
MicroCapital.org Story, December 9, 2011, “MICROCAPITAL BRIEF: World Council of Credit Unions (WOCCU) to Expand Financial Services in Colombia with $2.5m Program”
https://www.microcapital.org/microcapital-brief-world-council-of-credit-unions-woccu-to-expand-financial-services-in-colombia-with-2-5m-program/
MicroCapital Universe Profile: NAMB
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=National+Association+of+Microfinance+Banks+of+Nigeria+%28NAMB%29
MicroCapital Universe Profile: Fortis Mobile Money
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Fortis+Mobile+Money
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/
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