First Bank of Nigeria, a commercial bank listed on the Nigerian Stock Exchange (NSE) recently introduced a cardless Automated Teller Machine (ATM) transfer service across the country that intends to facilitate the transfer of funds to people without bank accounts or payment cards.
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MICROCAPITAL BRIEF: Microfinance Development Fund of Nigeria Will Seek to Increase Women’s Access to Financial Services by 15% per Annum
The microfinance development fund long planned by the Central Bank of Nigeria (CBN) reportedly is intended to result in a 15-percent annual increase in women’s access to financial services.
MICROCAPITAL BRIEF: Financial Information Network and Operations (FINO) of India Looks to Boost Financial Inclusion in Nigeria in Partnership With ZaaEdge Resources
Financial Information Network and Operations (FINO), an India-based for-profit technology provider, and ZaaEdge Resources Limited, a for-profit company that aims to promote financial inclusion technology in Nigeria, have entered into a partnership with the goal of improving financial inclusion in Nigeria.
MICROCAPITAL BRIEF: National Association of Nigerian Traders to Provide Microcredit to 19,000 Rural Farmers
The National Association of Nigerian Traders (NANTS), a Nigerian organization that aims to promote trade and economic advancement in the country, reportedly has pledged to support 19,000 “small-scale” rural farmers through a microcredit program that was originally launched in 2010.
MICROCAPITAL BRIEF: Goodwell West Africa Microfinance Development, Adlevo, Omidyar, Acumen, Capricorn Fund Expansion of Paga Money Transfers Across Nigeria
Paga, a Nigerian money-transfer service that was launched in February 2011, has received new equity investments both from its previous investor, Goodwell West Africa Microfinance Development Company, a branch of Dutch company Goodwell Investment, and from new investors Adlevo Capital, a Mauritius-based private equity fund manager; Omidyar Network, a US-based nonprofit investment firm; Acumen Fund, a US nonprofit venture fund; and Capricorn Investment Group, a privately owned, US-based investment manager.
MICROCAPITAL BRIEF: Central Bank of Nigeria, Nigeria Deposit Insurance Corporation Designing Mobile Payment Insurance Coverage
The Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) are reportedly in the process of designing an insurance mechanism to protect customers of mobile payment operators.
MICROCAPITAL BRIEF: Nigerian State of Bauchi to Create Ministry to Promote Microfinance
The State House of Assembly of the Nigerian state of Bauchi has reportedly passed a resolution creating a ministry for the promotion of microfinance institutions (MFIs).
MICROCAPITAL BRIEF: Nigerian Stock Exchange Lists Fortis Microfinance Bank with Market Capitalization of $50m
Fortis Microfinance Bank, headquartered in Abuja, Nigeria, has joined the Nigerian Stock Exchange, increasing the exchange’s market capitalization by NGN 8.15 billion (USD 50.8 million).
MICROCAPITAL BRIEF: Nigeria’s National Association of Microfinance Banks to Create $13k Trust Fund
Microfinance banks operating in Lagos, Nigeria, reportedly aim to raise the equivalent of USD 13,000 (NGN 2 million) for onlending to economically active poor during 2013.
MICROCAPITAL BRIEF: Central Bank of Nigeria to Establish Special Court for Microfinance Debtors
The Central Bank of Nigeria (CBN), Nigeria’s central bank, reportedly is moving to establish a special court to hear cases on loan defaults by customers of microfinance banks. According to a statement attributed to Olufemi Fabanwo, the Director of Other Financial Institutions Department of CBN, the establishment of this court is “vital to the survival of the subsector.” CBN has been working with the Department of Justice to establish these courts.
MICROCAPITAL BRIEF: Advans Incorporates Advans Pakistan Microfinance Bank, La Fayette Microfinance Bank of Nigeria
Advans SA, a microfinance investment vehicle that mobilizes funds for microfinance institutions (MFIs), recently announced the incorporation of the Advans Pakistan Microfinance Bank in the Republic of Pakistan and the La Fayette Microfinance Bank in Nigeria.
MICROCAPITAL BRIEF: Central Bank of Nigeria Introduces Plans for Agent Banking, Documentation Requirements Increase as Account Usage Surpasses Multiples of $111
The Central Bank of Nigeria (CBN), Nigeria’s central banking authority, has introduced plans to encourage an agent-banking system in the country.
MICROCAPITAL BRIEF: Central Bank of Nigeria (CBN) Financial Inclusion Strategy Includes Goal of 63m Savings Accounts by 2020
The Central Bank of Nigeria (CBN) has released a “National Financial Inclusion Strategy” that includes goals such as growing the number of savings accounts in the country at a 12-percent compound annual growth rate to reach CBN’s target of 63 million. Currently, there are 21 million savings accounts in the country.
MICROCAPITAL BRIEF: Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Azsa Microfinance Bank to Offer Entrepreneurial Training, Equity Funding, Loans
The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), a government agency, has agreed to collaborate with Azsa Microfinance Bank, which has raised NGN 60 million (USD 376,740) in paid-up capital.
MICROCAPITAL BRIEF: Central Bank of Nigeria (CBN): MSME Development Fund Not for Bailing out Microfinance Banks
The Central Bank of Nigeria (CBN), Nigeria’s central banking authority, reportedly has asserted that its Micro-, Small and Medium Enterprises Development fund, which is due to be launched in June, is designed for capacity building and not to bail out distressed microfinance banks (MFBs).
MICROCAPITAL BRIEF: Nigerian National Petroleum Corporation (NNPC) to Seek License to Open Microfinance Bank
The Nigerian National Petroleum Corporation (NNPC) Staff Cooperative Multipurpose Society Limited, Lagos, a cooperative of oil and gas company NNPC, recently announced it has begun taking steps to get a license to set up a microfinance bank intended to benefit both members and nonmembers.
MICROCAPITAL BRIEF: Microfinance Accounts for 3% of Nigeria’s GDP, says National Association of Microfinance Banks (NAMB)
The National Association of Microfinance Banks (NAMB), a trade group of microfinance banks in Nigeria, reportedly has announced that microfinance banks accounted for 3 percent of Nigeria’s gross domestic product (GDP) in 2011, which was USD 413 billion.
MICROCAPITAL BRIEF: Infinity Microfinance Bank of Nigeria Distributes Point of Sale Terminals to Loan Officers to Cut Fraud
Infinity Microfinance Bank, a Nigeria-based microfinance institution (MFI), reportedly has distributed 80 point-of-sale (PoS) terminals among its loan officers to reduce the rate of fraud by loan officers who sometimes pocket loan payments without recording them.