The National Association of Microfinance Banks (NAMB), a trade group of microfinance banks in Nigeria, reportedly has announced that microfinance banks accounted for 3 percent of Nigeria’s gross domestic product (GDP) in 2011, which was USD 413 billion.
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MICROCAPITAL BRIEF: MTN, Stanbic IBTC Bank Partner to Provide Mobile Money Services in Nigeria
MTN Nigeria Communications Limited, a subsidiary of South Africa’s MTN Group, and Stanbic IBTC Bank, a member of Nigeria’s Standard Bank, recently have signed an agreement to provide mobile money services in Nigeria.
MICROCAPITAL BRIEF: Nigerian Deposit Insurance Corporation (NDIC) Launches Investigation into Managers, Directors of Distressed Microfinance Banks
The Nigerian Deposit Insurance Corporation (NDIC), an agency of the federal government of Nigeria, reportedly has launched an investigation into the NGN 7 billion (USD 44.4 million) owed to the 103 bankrupt microfinance banks (MFBs) by their managers and directors.
MICROCAPITAL BRIEF: Nigerian Microfinance Banks to Adopt International Financial Reporting Standard (IFRS) by March 2013
The Chairman of the Lagos chapter of the 820-member National Association of Microfinance Banks of Nigeria (NAMB), Mr Olufemi Babajide, reportedly disclosed that the Central Bank of Nigeria (CBN) ordered microfinance banks to implement International Financial Reporting Standard (IFRS) by March 2013.
MICROCAPITAL BRIEF: Central Bank of Nigeria to Endorse Microfinance Development Fund, More Automated Teller Machines (ATMs), Regulation Related to Electronic Statements, Dispute Resolution
According to a statement attributed to Sanusi Lamido Sanusi, governor of the Central Bank of Nigeria (CBN), CBN plans to encourage the National Assembly to approve four bills that would tighten regulation of the financial sector.
MICROCAPITAL BRIEF: Nigerian Microfinance Bank Transactions With Traditional Banks Excluded from Cash Limit Policy
The Central Bank of Nigeria (CBN) has announced that its Cash-Lite system, which established a limit of NGN 1 million (USD 6,330) on corporate cash withdrawals and deposits, does not apply to microfinance banks (MFBs) in their transactions with commercial banks because daily withdrawals by MFB customers could exceed this amount.
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: 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: 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: 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: 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: 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.