FirstBank of Nigeria PLC (FirstBank), a financial service provider in Nigeria, has signed a memorandum of understanding (MoU) with Airtel Networks Limited (Airtel Nigeria), Globacom Limited Nigeria (GLO) and Etisalat Nigeria, three mobile phone service providers, to work together in an effort to provide secure, affordable and user-friendly mobile financial services in Nigeria.
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MICROCAPITAL BRIEF: Central Bank of Nigeria to Establish Microfinance Loan Fund for Women
The Central Bank of Nigeria (CBN), Nigeria’s central banking authority, announced at the recent sixth Annual Microfinance Conference and Entrepreneurship Awards that it plans to create an investment fund targeting women entrepreneurs.
MICROCAPITAL BRIEF: Citibank Nigeria to Launch Citi Microenterprise Development for Rural Farmers Initiative
Citibank Nigeria and Citi Foundation, two arms of US-based financial services provider Citigroup, have announced the creation of the Citi Microenterprise Development for Rural Farmers Initiative (CMDRFI), a capacity-building and microlending scheme for smallholder farmers in Nigeria.
MICROCAPITAL BRIEF: Nigerian Banks Refuse Third-Party Cheques from Microfinance Institutions
Banks in Nigeria reportedly have been rejecting third-party cheques from microfinance banks (MFBs).
MICROCAPITAL BRIEF: Plans Still on for Nigeria to Create Microfinance Development Fund in 2012
Consistent with news reported by MicroCapital in January 2011, Nigeria’s federal government and the Central Bank of Nigeria (CBN) still plan to create a Microfinance Development Fund (MDF) with the intent of increasing financial inclusion and improving the operations of microfinance institutions.
MICROCAPITAL BRIEF: Microfinance Bank Customers Exempt from Nigeria’s Cash-Lite Cashless Banking System and Tax
The Central Bank of Nigeria (CBN) has exempted microfinance banks from participating in the Cash-Lite banking system in recognition of the challenges of training and persuading microfinance customers to use electronic and cashless banking services, such as automated teller machines (ATMs) and checks.
MICROCAPITAL BRIEF: Advans, International Finance Corporation (IFC), KfW Bankengruppe, FMO to Start La Fayette Microfinance Bank in Nigeria with $6.2m in Equity Investments
Advans SA, a Luxembourg-based microfinance investment vehicle, has partnered with the International Finance Corporation (IFC), a US-based member of the World Bank Group; KfW Bankengruppe, a German development bank; and Nederlandse Financierings-Maatschappijvoor Ontwikkelingslanden NV (FMO), a Netherlands-based public-private development bank, to create a microfinance bank in Oyo State, Nigeria.
MICROCAPITAL BRIEF: Microfinance Banks in Nigeria Estimate Losses $14.9m Due to 6-Day Strike Against Removal of Fuel Subsidies
A 6-day strike in response to the removal of fuel subsidies in Nigeria has reportedly cost microfinance banks (MFBs) NGN 2.4 billion (USD 14.9 million) in expected inflows.
MICROCAPITAL BRIEF: To Promote Electronic Payments, Central Bank of Nigeria Taxing Cash Transactions
The Central Bank of Nigeria has begun taxing cash withdrawals and deposits that exceed NGN 150,000 (USD 931) per day for individuals and NGN 1,000,000 (USD 6,205) per day for corporations [1].
MICROCAPITAL BRIEF: Lagos Chapter of Nigeria’s National Association of Microfinance Banks (NAMB) to Undertake Micro-Housing Project
The Lagos State Chapter of the National Association of Microfinance Banks (NAMB), a trade group of microfinance banks (MFBs) in Nigeria, has announced that it plans to undertake a micro-housing project for “low-income earners” in Lagos state [1].
MICROCAPITAL BRIEF: Nigeria’s National Association of Microfinance Banks (NAMB) Asks Government Not to Set Up Microlenders
The Lagos State Chapter of the National Association of Microfinance Banks (NAMB), a trade group of microfinance banks (MFBs) in Nigeria, has reportedly asked the federal government not to set up MFBs [1].
MICROCAPITAL BRIEF: Fortis Mobile Money to Enable Mobile Phone Banking for 180 Members of Nigeria’s National Association of Microfinance Banks, Lagos State Chapter (NAMBLAG)
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.
MICROCAPITAL BRIEF: Nigeria Deposit Insurance Corporation (NDIC) to Promote Microfinance Bank Mergers in Bid to Minimize Liquidations
The Nigeria Deposit Insurance Corporation (NDIC) reportedly has announced that it will give Nigerian microfinance banks (MFBs) the option to execute mergers and acquisitions to minimize the liquidations among MfBs and to create strong players in the industry.
MICROCAPITAL BRIEF: responsAbility Lends $6.2m to Mutual Alajuela of Costa Rica, Cooperativa Mixta Mujeres Unidas Limitada (COMIXMUL) of Honduras, Lift Above Poverty Organisation (LAPO) of Nigeria
Switzerland’s responsAbility Social Investments AG (responsAbility) recently reported to MicroCapital that it has made loans amounting to USD 6.2 million to financial institutions Mutual Alajuela of Costa Rica, Cooperativa Mixta Mujeres Unidas Limitada (COMIXMUL) of Honduras and Lift Above Poverty Organisation (LAPO) of Nigeria.
MICROCAPITAL BRIEF: Mobile Telecommunications Network (MTN) to Offer Mobile Prepaid Product from Visa in Nigeria and Uganda
Visa Incorporated (Visa), a US-based payments technology company, has recently announced that it is offering under-banked consumers in developing countries prepaid, globally interoperable electronic payment accounts.
MICROCAPITAL BRIEF: iTrends to Offer iBanker Financial Software Free to 12 Nigerian Microfinance Institutions
iTrends Software, a Nigerian software company based in Lagos, is accepting applications for free licenses to use its financial management program, iBanker, which will be made available to twelve Nigerian microfinance institutions. These microfinance institutions will not have to pay software license fees but will be responsible for training and implementation costs.
MICROCAPITAL BRIEF: Microfinance Initiatives of EcoBank, ACCION Win International Awards in Nigeria, Ghana
EB-ACCION Savings and Loans (EB-ASL), a Ghanaian microfinance institution, and ACCION Microfinance Bank (AMfB) of Nigeria, have recently won awards commemorating their contributions to providing microfinance services to low-income entrepreneurs. Both organizations count EcoBank, a Togo-based banking group, and US-based nonprofit ACCION International as investors.
MICROCAPITAL BRIEF: GloMobile Nigeria, TransferTo Launch Top-Up Service in Nigeria, Allowing Customers to Send, Receive Mobile Phone Airtime Internationally
GloMobile Nigeria, a Nigerian telecommunications company, and TransferTo, a Singapore-based global airtime remittances company, have announced the launch of the GloMobile International Airtime Transfer service, which allows for the transfer of prepaid mobile phone airtime between any GloMobile customer in Nigeria and approximately3.6 billion customers of 230 partner mobile network operators in 80 countries.