MICROCAPITAL BRIEF: Lovonus Microfinance Bank Begins Operations in Nigeria’s Victoria Island

Lovonus Microfinance Bank, a private commercial microfinance bank, has met the NGN 100 million (USD 635,900) capital requirement to receive a unit license to operate a microfinance bank, allowing it to comments operations in Victoria Island in the Lagos region of Nigeria. In compliance with the “Cash-Lite” cashless initiative of the Central Bank of Nigeria, Lovonus operates mobile banking services that will enable its customers to access financial services remotely [1].

There are 30 Nigerian Microfinance Institutions reporting to the Microfinance Information Exchange (MIX), with a total of 581,450 active borrowers and gross loan portfolio of USD 87.9 million as of 2010 [1].

By Natalie Baer, Research Associate

Sources and Additional Resources:

[1] Information provided to MicroCapital.org

MicroCapital story, February 6, 2012, “MICROCAPITAL BRIEF: Microfinance Bank Customers Exempt from Nigeria’s Cash-Lite Cashless Banking System and Tax” https://www.microcapital.org/microcapital-brief-microfinance-banks-exempt-from-nigerias-cash-lite-cashless-banking-system-and-tax/

MicroCapital story, February 10, 2012, “MICROCAPITAL BRIEF: Plans Still on for Nigeria to Create Microfinance Development Fund in 2012” https://www.microcapital.org/microcapital-brief-plans-still-on-for-nigeria-to-create-microfinance-development-fund-in-2012/

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