The Joint Farmers Microfinance Bank (JFMB), a microcredit organization that is based in Oyo, Nigeria, has commenced operations with unspecified number of branches in Abuja, Delta, Edo, Ekiti, Kogi, Kwara, Lagos, Ogun, Ondo and Osun.
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MICROFINANCE EVENT: Nigerian Bancassurance Forum 2015; January 8-9, 2015; Lagos, Nigeria
Event Name: Nigerian Bancassurance Forum 2015
Event Date: January 8 – January 9, 2015
Event Location: Radisson Blu Anchorage Hotel, Lagos, Nigeria
Cost: The cost to attend is NGN 100,000 (USD 553).
Summary of Event: Themed “The CBN Policy on Bancassurance in Nigeria,” this conference offers panel discussions and presentations on various topics related to the bank insurance model (also known as bancassurance), including as it is impacted by the Central Bank of Nigeria (CBN).
MICROCAPITAL BRIEF: Foundation for International Community Assistance (FINCA) Launches Microfinance Operations in Owerri, Nigeria
The Foundation for International Community Assistance (FINCA), a US-based nonprofit microfinance network, has formally launched the operations of FINCA Microfinance Bank (FINCA MfB) in Owerri, Imo, Nigeria, following the issuance of its license by the Central Bank of Nigeria (CBN) on October 30, 2014.
MICROCAPITAL BRIEF: Globacom Launches Glo Xchange in Nigeria to Share 42k-Agent Mobile Money Network with Customers of Ecobank, First Bank, Stanbic
Globacom, a Nigerian telecommunications company that serves 25 million mobile phone subscribers in four countries in Africa, reportedly has launched Glo Xchange, opening its network of 42,000 agents to the following mobile money operators: FirstMonie, a mobile money initiative backed by First Bank of Nigeria; Ecobank, which has operations in 29 African countries; and Stanbic, a commercial bank that operates in Nigeria and Uganda.
MICROCAPITAL BRIEF: Nigeria’s National Association of Microfinance Banks (NAMB) Announces Microloan Payments $770m Since 2005
The National Association of Microfinance Banks (NAMB), a trade group of 900 microfinance banks in Nigeria, recently reported on the progress of microfinance in the country from 2005 to 2012.
MICROCAPITAL BRIEF: Canada to Support Nigerian Private Sector in Effort to Increase Job, Entrepreneurial Opportunities for Youth in Cross River State
A Senator representing Ontario, Canada, recently announced on behalf of Christian Paradis, the country’s Minister of International Development and La Francophonie, that the government of Canada will be providing unspecified financial support to “a new project that will increase job opportunities and promote entrepreneurship among young people in Nigeria.”
MICROCAPITAL BRIEF: Central Bank of Nigeria Bans Debtors Owing More than $1.5m to Liquidated Banks from Seeking New Credit
The Central Bank of Nigeria (CBN), the country’s central banking authority, recently banned the extension of new credit to debtors owing over NGN 250 million (USD 1.5 million) to insolvent banks in the country.
MICROCAPITAL BRIEF: Central Bank of Nigeria Announces Closure of 83 Microfinance Banks (MFBs), Denies Shutdown of Additional 600 MFBs
The Central Bank of Nigeria (CBN), the country’s central banking authority, has rescinded the licenses of 83 microfinance banks (MFBs) in the country [1].
MICROCAPITAL BRIEF: Ngozi Okonjo-Iweala (NOI) Poll Reveals Mobile Money Not Widely Adopted in Nigeria
A recent survey in Nigeria on the adoption of mobile money services, conducted by the Ngozi Okonjo-Iweala (NOI) Polls, an opinion polling and research organization based in Nigeria, concluded that sixty percent of Nigerians do not know what mobile money is or that it is offered in their country.
MICROCAPITAL BRIEF: Central Bank of Nigeria Launches $1.3b Micro, Small and Medium Enterprises Development Fund
The Central Bank of Nigeria (CBN), the country’s central banking authority, reportedly has launched a NGN 220 billion (USD 1.3 billion) Micro, Small and Medium Enterprises (MSME) Development Fund, which is intended to offer loans to microfinance institutions (MFIs) at an interest rate of 9 percent or less per year [1].
MICROCAPITAL BRIEF: Nigeria Deposit Insurance Corporation to Bailout Microfinance Institutions, Primary Mortgage Banks
The Nigeria Deposit Insurance Corporation (NDIC), a quasi-independent agency of the federal government that insures deposit-taking financial institutions, recently announced that it will grant an undisclosed amount of financial assistance to distressed microfinance banks (MFBs) and primary mortgage banks (PMBs) recently closed by the Central Bank of Nigeria (CBN).
MICROCAPITAL BRIEF: Central Bank of Nigeria Agrees to Extend Deadline for Smaller Microfinance Banks to Raise Capital Until December 2013
The Central Bank of Nigeria (CBN) has agreed to extend the deadline by one year for microfinance banks (MFBs) to recapitalize as needed to avoid closing branches to comply with CBN’s regulatory framework that was revised in 2011 to limit the number and locations of branches MFBs can operate based on their level of capital.
MICROCAPITAL BRIEF: Nigerian State of Borno to Pilot National Financial Inclusion Initiative Via Post Offices
The federal government of Nigeria, the Central Bank of Nigeria (CBN), the government of the Nigerian state of Borno and several other organizations reportedly have launched a financial inclusion initiative that will provide financial services to the un-banked at post offices.
MICROCAPITAL BRIEF: Central Bank of Nigeria Implements 3-Tiered Know-Your-Customer Requirements for Financial Institutions
The Central Bank of Nigeria (CBN), the country’s banking regulator, has introduced a three-tiered set of “Know Your Customer” (KYC) requirements for financial institutions that is intended to improve financial inclusion.
MICROCAPITAL BRIEF: Smaller Microfinance Banks in Nigeria Want 2 More Years to Raise Capital or Close Branches
The National Association of Microfinance Banks (NAMB), a trade group of 820 microfinance banks (MFBs) in Nigeria, reportedly issued a statement calling for a deadline extension for the implementation of the revised Microfinance Policy Framework, the regulatory guidelines established in August 2011 by the Central Bank of Nigeria (CBN), the country’s apex bank.
MICROCAPITAL BRIEF: Central Bank of Nigeria Allows States to Set up Microfinance Banks, Supports Entrepreneurship Development Centres in Beneu, Borno, Cross River
The Central Bank of Nigeria (CBN), the country’s banking authority, reportedly has amended its microfinance guidelines to permit state governments to establish microfinance banks.
MICROCAPITAL BRIEF: Rejecting Kenya’s M-Pesa Model, Central Bank of Nigeria Bars Telecommunications Companies from Becoming Licensed Mobile Money Operators
The Central Bank of Nigeria (CBN), the country’s central banking authority, reportedly has decided that telecommunications companies will not be allowed to become licensed mobile money operators for fear that they will limit competition within the industry.
MICROCAPITAL BRIEF: Cross River State of Nigeria, Bank of Agriculture to Establish $1.27m Loan Fund for Small and Medium-Sized Enterprises (SMEs)
The government of The Nigerian State of Cross River reportedly has signed a memorandum of understanding with the Bank of Agriculture, a development finance institution owned by the federal government of Nigeria, to raise NGN 200 million (USD 1.27 million) for a loan fund to support agricultural small and medium-sized enterprises (SMEs) in the state.