MTN Nigeria Communications Limited, a subsidiary of South Africa’s MTN Group, and Stanbic IBTC Bank, a member of Nigeria’s Standard Bank, recently have signed an agreement to provide mobile money services in Nigeria.
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MICROCAPITAL BRIEF: Central Bank of Nigeria (CBN) Bans Minimum Deposit Requirements, Flat-rate Interest
The Central Bank of Nigeria (CBN), Nigeria’s central banking authority, reportedly has ordered all banks in Nigeria “to allow new customers to open account with zero amount to attract more people into the banking system.”
MICROCAPITAL BRIEF: Initiative for Public Policy Analysis Calls for Regulation of Nigeria’s Payment Card Market
The Initiative for Public Policy Analysis, a Nigerian nonprofit public policy research institute, recently held an event to share its preliminary findings from research on the regulation of payment cards in Nigeria.
MICROCAPITAL BRIEF: Mainstreet Microfinance Bank of Nigeria to Utilize Mechanics Fund, Adopt International Financial Reporting Standards
Mainstreet Microfinance Bank (MFB), a Nigerian microfinance institution, reportedly has been selected to access an undisclosed amount of the NGN 1 billion (USD 6 million) take-off fund that was established by the government of Nigeria and the National Automotive Council (NAC) in order to provide lending to mechanics in Nigeria.
MICROCAPITAL BRIEF: Nigerian Deposit Insurance Corporation (NDIC) Launches Investigation into Managers, Directors of Distressed Microfinance Banks
The Nigerian Deposit Insurance Corporation (NDIC), an agency of the federal government of Nigeria, reportedly has launched an investigation into the NGN 7 billion (USD 44.4 million) owed to the 103 bankrupt microfinance banks (MFBs) by their managers and directors.
MICROCAPITAL BRIEF: Nigerian Deposit Insurance Corporation (NDIC) Disburses $12.6m to Depositors of Closed Nigerian Microfinance Banks
The Nigerian Deposit Insurance Corporation (NDIC), a government-backed agency that aims to protect customers that deposit money in financial institutions, has reportedly disbursed NGN 2 billion (USD 12.6 million) to 71,000 depositors of 103 Nigerian microfinance banks (MFBs) that closed in 2010.
MICROCAPITAL BRIEF: Nigerian Microfinance Banks to Adopt International Financial Reporting Standard (IFRS) by March 2013
The Chairman of the Lagos chapter of the 820-member National Association of Microfinance Banks of Nigeria (NAMB), Mr Olufemi Babajide, reportedly disclosed that the Central Bank of Nigeria (CBN) ordered microfinance banks to implement International Financial Reporting Standard (IFRS) by March 2013.
MICROCAPITAL BRIEF: Central Bank of Nigeria to Endorse Microfinance Development Fund, More Automated Teller Machines (ATMs), Regulation Related to Electronic Statements, Dispute Resolution
According to a statement attributed to Sanusi Lamido Sanusi, governor of the Central Bank of Nigeria (CBN), CBN plans to encourage the National Assembly to approve four bills that would tighten regulation of the financial sector.
MICROCAPITAL BRIEF: Mobile Money Service Paga Receives $2m Grant from Enhancing Financial Innovation and Access (EFInA) to Promote Financial Inclusion in Nigeria
Nigerian mobile financial services platform Paga has received a USD 2 million grant from Enhancing Financial Innovation and Access (EFInA), a development organization based in Nigeria, to develop low-cost financial products and distribute them through Paga’s agent network.
MICROCAPITAL BRIEF: Nigeria Chapter of Economic Community of West African States (ECOWAS) Federation of Business Women Entrepreneurs (FEBWE) Launched to Boost Cross-Border Entrepreneurship
The Nigerian Chapter of the Economic Community of West African States (ECOWAS) Federation of Business Women Entrepreneurs (FEBWE) has been launched with the objective of promoting and facilitating trade by women-owned enterprises in the sub-Saharan region.
MICROCAPITAL BRIEF: Nigeria’s National Association of Microfinance Banks (NAMB) Aims to Lower Cost of Borrowing for Microfinance Institutions (MFIs)
The Lagos State Chapter of the National Association of Microfinance Banks (NAMBLAG), a trade group of 820 microfinance banks (MFBs) in Nigeria, has reportedly taken measures seeking to reduce the cost of borrowing to single digit interest rates.
MICROCAPITAL BRIEF: Nigerian Stock Exchange (NSE): World Economic Forum (WEF) on Africa to Provide Opportunity for Funding for Small and Medium-Sized Enterprises (SMSEs)
According to a statement attributed to Nigerian Stock Exchange (NSE) CEO Oscar Onyema, the upcoming World Economic Forum (WEF) on Africa will be an opportunity for Nigerian enterprises to seek funding.
MICROCAPITAL BRIEF: Prince Tonye Princewill of Nigeria Creates Microfinance Fund for Women in Rivers State
Former Nigerian gubernatorial candidate Prince Tonye Princewill has formed a NGN 26 million (USD 165,000) microfinance fund for women living in the Nigerian state of Rivers.
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.
MICROCAPITAL BRIEF: Nigerian Microfinance Bank Transactions With Traditional Banks Excluded from Cash Limit Policy
The Central Bank of Nigeria (CBN) has announced that its Cash-Lite system, which established a limit of NGN 1 million (USD 6,330) on corporate cash withdrawals and deposits, does not apply to microfinance banks (MFBs) in their transactions with commercial banks because daily withdrawals by MFB customers could exceed this amount.
MICROFINANCE PUBLICATION ROUND-UP: Geographies of Need and Microfinance Providers in Nigeria, Role of Government in Financial Inclusion, Mobile Money Service and Poverty Reduction in Kenya
“Exploratory Analysis of Local Geographies of Need and the Proximity of Microfinance Service Providers in Nigeria;” Dr Adegbola A Ojo and Scott Gaul; published by Microfinance Information Exchange (MIX); January 2012; 14 pages; available at: http://www.themix.org/sites/default/files/MBB- Exploratory Analysis of Local Geographies of Need and the Proximity of Microfinance Service Providers in Nigeria_0.pdf
MICROCAPITAL BRIEF: National Automotive Council of Nigeria Launches $6.3m Microcredit Facility for Mechanics
The National Automotive Council (NAC), an agency of the Nigerian government, is planning to formally launch a NGN 1 billion (USD 6.3 million) microcredit facility for cooperatives of 10 to 20 automotive mechanics.
MICROCAPITAL BRIEF: Nigeria Deposit Insurance Corporation (NDIC) Appoints Debt Recovery Agents to Seek Repayments Owed Microfinance Institutions in Liquidation
The Nigeria Deposit Insurance Corporation (NDIC), an agency of the federal government of Nigeria, has reportedly appointed debt recovery agents (DRAs) for microfinance banks (MFBs) in liquidation to recover “debts owed to the 103 closed MFBs nationwide.”