Netherlands-based cooperative Oikocredit recently invested USD 10 million in debt in First City Monument Bank (FCMB) Limited, which has operations in Nigeria and the UK. The investment will finance loans for
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MICROCAPITAL BRIEF: Fintech Appzone of Nigeria Raises $10m in Funding Round Led by CardinalStone Capital Advisers
Appzone, a Nigeria-based financial technology firm, recently raised USD 10 million (NGN 3.8 billion) in its Series A round of funding, which was led by Nigeria-based private equity investor CardinalStone. The other participating investors were US-based Lateral Investment Partners and three Nigeria-based firms:
MICROCAPITAL BRIEF: CBN Adds $120m to COVID-19 Pandemic Relief Fund for Loans to MSMEs, Households in Nigeria
The Central Bank of Nigeria (CBN) recently announced the addition of NGN 50 billion (USD 120 million) to its Targeted Credit Facility, a stimulus program for micro-, small and medium-sized enterprises (MSMEs) as well as households affected by the pandemic. The funding will be disbursed through NIRSAL Microfinance Bank, which is minority-owned by CBN’s Nigerian Incentive-based Risk Sha
MICROCAPITAL BRIEF: CBN Rescinds Operating Licenses of 42 Microfinance Banks in Nigeria
The Central Bank of Nigeria (CBN) recently revoked the operating licenses of 42 microfinance banks (MFBs) in the country. The Nigeria Deposit Insurance Corporation
MICROCAPITAL BRIEF: Nigeria-based Microbank Citygate Global Introduces Fintech App Monéé
Citygate Global, a Nigeria-based microfinance institution, recently introduced Monéé, a digital application allowing customers to access financial services such as loans, savings, investments and bill payments via mobile phones. The app also offers fund transfers to
MICROCAPITAL BRIEF: Stanbic IBTC of Nigeria to Borrow $75m from CDC Group for On-lending in Sectors with Significant SME Supply Chains
The CDC Group, a development finance institution owned by the UK government’s Department for International Development, recently agreed to lend
MICROCAPITAL BRIEF: Pan-Atlantic University’s EDC, Mastercard Foundation Launch “Transforming Nigeria Youths Program” to Create 40k Jobs for Young People, Women
The Enterprise Development Centre (EDC) of Nigeria’s Pan-Atlantic University along with the Canada-based Mastercard Foundation recently launched the Transforming Nigerian Youths Program to “create a network of entrepreneurial and managerial changemakers particularly…across the micro-, small and medium-sized enterprises sector in Nigeria.” The goal is to provide 40,000 youth and women with
MICROCAPITAL BRIEF: IFC Guaranteeing Local-currency Equivalent of $25m for Union Bank to Invest in SMEs, Women-led Businesses in Nigeria
The World Bank Group’s International Finance Corporation (IFC) recently announced it will pay up to half of any losses that Union Bank of Nigeria may incur in lending the local-currency equivalent of USD 25 million to small and medium-sized enterprises (SMEs) in Nigeria. In particular, “the bank plans to offer more products and services to women-owned businesses, especially
MICROFINANCE EVENT: International Investors Forum for Financial Service Providers; March 9-10, 2020; Accra, Ghana; March 12-13, 2020; Lagos, Nigeria
These two events will bring together representatives of microfinance banks, NGOs, insurers and financial technology firms (fintechs) to meet with domestic and international investors. Speakers will include practitioners, researchers and government representatives. The goal is to
MICROFINANCE PAPER WRAP-UP: “Young People in Africa: Research Showing Opportunities for Financial Service Providers in Morocco, Nigeria and Senegal,” Published by World Savings Banks Institute
By Lise Paaskesen and Steven Peachey, published by the World Savings Banks Institute (WSBI), October 2019, 45 pages, available at
https://www.wsbi-esbg.org/SiteCollectionDocuments/0587_ESBG_BRO_CENTRALREPORT%20(004).pdf
The Scale2Save initiative of WSBI and the Mastercard Foundation is intended to contribute to improving financial services for people aged 15 to 30 years by examining their access to services, support structures and entrepreneurship opportunities in three rapidly growing African countries – Morocco, Nigeria and Senegal. Part of this work is to
MICROCAPITAL BRIEF: 15 Mobile Money Firms Acquire Licenses from Central Bank of Nigeria
The governor of the Central Bank of Nigeria, Godwin Emefiele, reportedly has announced that, “We have so far provided 15 licenses to several mobile money operators who are working to increase access to finance using digital channels.” This is part of an effort to open 500,000
MICROCAPITAL BRIEF: FMO Loans $10m to DRC Arm of Nigeria’s Access Bank for SME Lending
The Netherlands Development Finance Company, which is also known by its Dutch acronym FMO, recently issued a loan of USD 10 million to the unit of Nigeria’s Access Bank Plc that operates in the Democratic Republic of Congo (DRC) to increase its financing of small and medium-sized enterprises (SMEs).
MICROCAPITAL BRIEF: Nigerian Fintech Firm OPay Raises $120m in Equity Funding for Digital Payments, Ride Hailing, Food Delivery
OPay, a Nigerian mobile platform for making payments, arranging car rides and ordering deliveries from restaurants, recently raised USD 120 million in equity from 10 investors to scale up in Nigeria and expand to countries such as Ghana, Kenya and South Africa. OPay’s transportation arm, ORide, facilitates up to
MICROCAPITAL BRIEF: FMO Arranges Syndicated Loan of $162m for Access Bank of Nigeria, Supporting Private Sector, Including MSMEs
The Dutch development bank, which is known by the acronym FMO, recently arranged a syndicated loan of USD 162.5 million for Nigeria-based Access Bank. In addition to FMO, the participating lenders are the BlueOrchard Microfinance Fund, which is managed by BlueOrchard of Switzerland; Dutch cooperative Oikocredit;
MICROCAPITAL BRIEF: Nigeria’s Access Bank Buying Diamond Bank to Reach Total of 12m Customers
Nigeria-based Access Bank recently agreed to purchase Nigeria’s Diamond Bank for cash totaling NGN 72.5 billion (USD 199 million) plus stock in Access Bank. Diamond Bank shareholders will receive the equivalent of NGN 3.13 per share
MICROCAPITAL BRIEF: State of Ondo, Nigeria, to Provide $1.5m in Subsidized Loans to Individuals, Groups, Cooperatives Under Apalara Micro-Credit Loan Scheme, Mostly to Benefit Women
Governor Oluwarotimi Akeredolu of Ondo State, Nigeria, recently announced the launch of the Apalara Micro-Credit Scheme, which is intended to reduce poverty among people with low incomes. The scheme involves the distribution of NGN
MICROFINANCE EVENT: Africa Fintech Summit; November 8-9, 2018; Lagos, Nigeria
The Africa Fintech Summit Lagos will include sessions such as: (1) Regulatory Frameworks to Facilitate Innovation; (2) Banks and Fintechs – Models for Partnership; (3) The Outlook for Open Banking in Nigeria; and (4) Artificial Intelligence. Additionally, there is a half-day workshop on blockchain and the
MICROCAPITAL BRIEF: Nigeria’s Abia State Opening Microfinance Bank to Support Agriculture
The government of the state of Abia, which is located in southeastern Nigeria, is planning to open a microfinance bank in October 2018. The institution