The Central Bank of Nigeria (CBN), Nigeria’s banking authority, has released an economic report indicating that microfinance banks (MFBs) have increased their loan distribution volume in the first half of the year by 24 percent to NGN 65.5 billion (USD 411 million) compared to NGN 52.9 billion for the period ending December 2010.
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MICROCAPITAL BRIEF: responsAbility Loans Local-Currency Equivalent of $4m to Microfinance Institutions Pearl Microfinance Limited of Uganda, Lift Above Poverty Organisation of Nigeria, Sinapi Aba Trust of Ghana
responsAbility Social Investments AG, a Swiss investment company that manages four microfinance investment vehicles (MIVs), recently reported to MicroCapital that it has made debt investments totaling the equivalent of USD 4 million in microfinance institutions (MFIs) Pearl Microfinance of Uganda, Lift Above Poverty Organisation (LAPO) of Nigeria and Sinapi Aba Trust of Ghana [1].
MICROCAPITAL BRIEF: Central Bank of Nigeria (CBN) Governor Mallam Sanusi Lamido Calls Islamic Finance “Dynamic and Competitive”
In a recent seminar aimed at promoting awareness of Islamic banking models, Central Bank of Nigeria (CBN) Governor Mallam Sanusi Lamido reportedly predicted that non-interest banking will make a major impact on the Nigerian economy.
MICROCAPITAL BRIEF: Central Bank of Nigeria Approves New Capital Base Requirements for Microfinance Banks (MFBs), MFBs Await Capital Verification Results
The Central Bank of Nigeria (CBN), Nigeria’s central banking authority, has approved the new capital base requirements for microfinance banks (MFBs) as per the expectations reported in the MicroCapital story dated June 28.
MICROCAPITAL BRIEF: Dr Muhammad Yunus Advises Nigeria’s Microfinance Banks to “Look At Conventional Banking And Do It the Opposite Way”
Dr Muhammad Yunus, the founder and former chairman of Bangladeshi microfinance institution (MFI) Grameen Bank, recently offered guidance to the leaders of Nigeria’s microfinance banks (MFBs) relating to social mission, capital structure and interest rates.
MICROCAPITAL BRIEF: Central Bank of Nigeria Issues Mobile Money Operating Licenses to Affiliate of Fortis Microfinance Bank, 10 Other Companies
The Central Bank of Nigeria (CBN) recently issued operating licenses to 11 mobile money firms, namely: Fortis Mobile Money, UBA/Afripay, GTBank Mobile Money, Pagatech, eTranzact, Monetise, Eartholeum, Paycom, FET, Ecobank and Kudi. The operating license allows the companies to provide products such as electronic payments through mobile phones.
MICROCAPITAL BRIEF: Incofin Lends $9m to Microfinance Institutions (MFIs) PRIDE Tanzania; LAPO of Nigeria; Sinapi Aba Trust, FASL of Ghana
Incofin Investment Management, a private Belgian company that invests in microfinance institutions (MFIs) through six investment funds, has recently made debt investments totalling the equivalent of USD 8.75 million in four African MFIs: Promotion of Rural Initiative and Development Enterprises Limited (PRIDE Tanzania); Lift Above Poverty Organisation (LAPO) of Nigeria; Sinapi Aba Trust (SAT) of Ghana; and First Allied Savings and Loans Limited (FASL), also of Ghana.
MICROCAPITAL BRIEF: Nigeria’s National Association of Microfinance Banks (NAMB) Establishes Trust Fund to Provide Funds to Member Microfinance Banks (MFBs)
According to a recent story in the Nigeria-based newspaper This DayLive, the Lagos chapter of the National Association of Microfinance Banks (NAMB), a trade group of microfinance banks (MFBs) in Nigeria, has established the “NAMBLAG Trust Fund.”
MICROCAPITAL BRIEF: Survey: Nigeria Falls Behind South Africa, Kenya, Botswana in Financial Access
The “Access to Financial Services in Nigeria 2010 Survey” conducted by Enhancing Financial Innovation & Access (EFInA), a nonprofit financial sector development organization funded by the United Kingdom’s Department for International Development (DFID) and the US-based Bill & Melinda Gates Foundation, indicates that Nigeria lags behind South Africa, Botswana and Kenya in access to finance.
MICROCAPITAL BRIEF: Articles From UK’s The Guardian, Nigeria’s Business Daily Online Praise Potential of Mobile Banking, Microfinance Across Africa
According to a recent story published by The Guardian, a British newspaper, the African continent is now home to more than 500 million mobile phones and is experiencing a wave of innovation in the field of mobile banking.
MICROCAPITAL BRIEF: Nigeria’s Lagos State Microfinance Institution (LASMI) Establishes Artisan Fund
The government of the Nigerian state of Lagos, in partnership with its Lagos State Microfinance Institution (LASMI), has reportedly established a microcredit fund for artisans with the aim of alleviating poverty in the state.
MICROCAPITAL BRIEF: Incofin Loans $10.5m to Microfinance Institutions (MFIs) FINCA Guatemala, FINCA Azerbaijan, LAPO of Nigeria; Makes Equity Investment of $350k in ACME of Haiti
Incofin Investment Management, a private Belgian company that invests in microfinance institutions (MFIs) through six investment funds, recently made debt and equity investments in four MFIs: FINCA Guatemala and FINCA Azerbaijan, both members of US-based FINCA International’s network of MFIs; Lift Above Poverty Organisation (LAPO) of Nigeria; and Association pour la Cooperation avec la Micro Enterprise (ACME) of Haiti.
MICROCAPITAL BRIEF: Central Bank of Nigeria (CBN) Looking to Set New Capital Base Requirements for Microfinance Banks (MFBs)
The Central Bank of Nigeria (CBN), Nigeria’s central banking authority, reportedly plans to announce new capital base minimums for microfinance banks (MFBs) by the end of June. A new capital requirement is expected to be established for those operating at the national level at NGN 2 billion (USD 12.8 million); the minimum for those at the regional level will decrease to NGN 100 million (USD 640,000) from NGN 1 billion (USD 6.4 million); and the minimum for those at the rural level, with one branch, will remain unchanged at NGN 20 million (USD 128,000).
MICROCAPITAL BRIEF: Central Bank of Nigeria’s (CBN’s) Cash Withdrawal Limit Expected to Impact Microfinance Institutions (MFIs)
The Central Bank of Nigeria (CBN) recently issued limits on daily cash withdrawals by individuals and corporate customers of NGN 150,000 (USD 962) and NGN 1 million (USD 6,417), respectively, effective June 1, 2012.
MICROCAPITAL BRIEF: Nigeria’s Guaranty Trust Bank (GTBank) Partnering with Mobile Telecommunications Network (MTN) to Offer Mobile Banking
Nigeria-based Guaranty Trust Bank (GTBank) has partnered with Mobile Telecommunications Network (MTN), a telecommunications provider based in South Africa, to offer mobile banking services in Nigeria.
MICROCAPITAL BRIEF: Nigeria’s Capital Express Assurance Purchases Majority Shareholding in Kenya’s Capex Life Insurance, Which Plans to Downsize to Focus on Microfinance
Capital Express Assurance, a Nigeria-based life insurance company, has purchased a majority shareholding in Capex Life Assurance, a Kenya-based life insurance company formerly known as Trinity Life Assurance. Capital Express Assurance purchased a 65 percent stake in Capex Life Assurance for USD 975,000 [1]. The remaining 35 percent stake was purchased by a group of individual Kenyan investors led by current Capex Life Assurance general manager, James Macharia [1].
MICROCAPITAL BRIEF: GIZ to Invest $28m to Boost Small and Medium-Sized Enterprises (SMEs) in Nigeria
The Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, a German governmental development organization formerly called GTZ, reportedly plans to invest EUR 20 million (USD 28.6 million) to support small and medium-sized enterprises in the country through its Sustainable Economic Development in Nigeria (SEDIN) program.
MICROFINANCE EVENT: Initiative for Public Policy Analysis Hosts Luncheon Roundtable, “Enhancing Competitive E-Payment System in Nigeria”, Lagos, Nigeria, May 24, 2011
Event Name: Luncheon Roundtable – “Enhancing Competitive E-Payment System in Nigeria”
Event Date: May 24, 2011
Event Location: Lagos, Nigeria