by Jennifer Young -

MICROCAPITAL BRIEF: Central Bank of Nigeria: Microfinance Bank Assets Increase 3% to $1.3b Over 6 Months, Reserves Dip Into Negative Territory

The Central Bank of Nigeria (CBN) recently reported that the total assets held by microfinance banks (MFBs) in the country increased by 3 percent to NGN 196.5 billion (USD 1.3 billion) during the six months ending in June 2012.

by Jennifer Young -

MICROCAPITAL BRIEF: National Association of Microfinance Banks of Nigeria to Launch Money Market Operation in 2013

The National Association of Microfinance Banks (NAMB), a trade group of microfinance banks in Nigeria, announced that the Microfinance Money Market Operation (MMMO) is in its final stages of completion and will be launched by the first quarter of 2013.

by Jennifer Young -

MICROCAPITAL BRIEF: Estimate: 90% of Nigerian Microfinance Clients Commit Fraud to Obtain Loans

The National Association of Microfinance Banks (NAMB) South West Zone, a chapter of Nigerian trade group NAMB, recently hosted a capacity building program on combatting fraud and forgery committed by staff and management of microfinance banks (MFBs).

by Chioma Okwudiafor -

MICROCAPITAL BRIEF: Virtual Terminal Network (VTN) Boosts Mobile Payment System In Nigeria

Virtual Terminal Network (VTN), a mobile payment company in Nigeria, recently announced plans to launch VCASH, a mobile payment service that recently received approval from the Central Bank of Nigeria (CBN), the country’s financial regulator.

by Chioma Okwudiafor -

MICROCAPITAL BRIEF: To Boost Usage, Mobile Money Service Providers in Nigeria Told To Focus on the Unbanked

A representative of the Nigerian arm of Accenture, a consulting firm with its headquarters in Dublin, Ireland reportedly has advised mobile money service providers in Nigeria to re-strategize their operations so as to increase patronage of their services.

by Charlotte Newman -

MICROCAPITAL BRIEF: Global Initiative Microfinance Bank (GIMFB) of Nigeria Turns to Group Lending to Cut Default Rate

The Global Initiative Microfinance Bank Limited (GIMFB), a Nigerian microfinance bank (MFB), reportedly has released two new products with the aim of minimizing bad debt: GIMFB village banking and GIMFB medal deposit accounts.

by Chioma Okwudiafor -

MICROCAPITAL BRIEF: Central Bank Governor Sanusi of Nigeria Argues Microfinance Should Empower Families

Governor Sanusi Lamido Sanusi of the Central Bank of Nigeria, the apex financial authority of the country, recently announced the bank’s plans to establish a database of microfinance banks in Nigeria as part of efforts to regulate the microfinance sector [1].

by Mihaela Grindeanu -

MICROCAPITAL BRIEF: First Bank of Nigeria Creates Cardless Automated Teller Machine (ATM) to Promote Financial Inclusion

First Bank of Nigeria, a commercial bank listed on the Nigerian Stock Exchange (NSE) recently introduced a cardless Automated Teller Machine (ATM) transfer service across the country that intends to facilitate the transfer of funds to people without bank accounts or payment cards.

by Mihaela Grindeanu -

MICROCAPITAL BRIEF: Microfinance Development Fund of Nigeria Will Seek to Increase Women’s Access to Financial Services by 15% per Annum

The microfinance development fund long planned by the Central Bank of Nigeria (CBN) reportedly is intended to result in a 15-percent annual increase in women’s access to financial services.

by Charlotte Newman -

MICROCAPITAL BRIEF: Financial Information Network and Operations (FINO) of India Looks to Boost Financial Inclusion in Nigeria in Partnership With ZaaEdge Resources

Financial Information Network and Operations (FINO), an India-based for-profit technology provider, and ZaaEdge Resources Limited, a for-profit company that aims to promote financial inclusion technology in Nigeria, have entered into a partnership with the goal of improving financial inclusion in Nigeria.

by Brett Cohen -

MICROCAPITAL BRIEF: Central Bank of Nigeria, Nigeria Deposit Insurance Corporation Designing Mobile Payment Insurance Coverage

The Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) are reportedly in the process of designing an insurance mechanism to protect customers of mobile payment operators.

by John Crawford -

MICROCAPITAL BRIEF: Central Bank of Nigeria to Establish Special Court for Microfinance Debtors

The Central Bank of Nigeria (CBN), Nigeria’s central bank, reportedly is moving to establish a special court to hear cases on loan defaults  by customers of microfinance banks. According to a statement attributed to Olufemi Fabanwo, the Director of Other Financial Institutions Department of CBN,  the establishment of this court is “vital to the survival of the subsector.” CBN has been working with the Department of Justice to establish these courts.

by Charlotte Newman -

MICROCAPITAL BRIEF: Advans Incorporates Advans Pakistan Microfinance Bank, La Fayette Microfinance Bank of Nigeria

Advans SA, a microfinance investment vehicle that mobilizes funds for microfinance institutions (MFIs), recently announced the incorporation of the Advans Pakistan Microfinance Bank in the Republic of Pakistan and the La Fayette Microfinance Bank in Nigeria.

by Brett Cohen -

MICROCAPITAL BRIEF: Central Bank of Nigeria Introduces Plans for Agent Banking, Documentation Requirements Increase as Account Usage Surpasses Multiples of $111

The Central Bank of Nigeria (CBN), Nigeria’s central banking authority, has introduced plans to encourage an agent-banking system in the country.

by John Crawford -

MICROCAPITAL BRIEF: Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Azsa Microfinance Bank to Offer Entrepreneurial Training, Equity Funding, Loans

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), a government agency, has agreed to collaborate with Azsa Microfinance Bank, which has raised NGN 60 million (USD 376,740) in paid-up capital.