Mobile Financial Solutions (MFS) Africa, a digital payments network based in South Africa, recently announced it will acquire Baxi, a platform facilitating online payments for small and medium-sized enterprises (SMEs) in underserved communities in Nigeria. Verdant Capital, a corporate finance firm that specializes in mergers and acquisitions,
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MICROCAPITAL BRIEF: Forest Capital Acquires Kayvee Microfinance Bank of Nigeria as Part of Farmforte Plan to Boost Agricultural Value Chains via Technology, Financial Access
Forest Capital, a unit of Nigeria-based Farmforte Limited, recently acquired Nigeria’s Kayvee Microfinance Bank for an undisclosed price. Based in Nigeria, Farmforte’s goal is
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: African Development Bank (AfDB) Joins NASDAQ Sustainable Bonds Network with 10 Listings, Including “Fight COVID-19 Social Bond”
The African Development Bank (AfDB), a multilateral institution that works to alleviate poverty in Africa, recently joined the NASDAQ (National Association of Securities Dealers Automated Quotations) Sustainable Bonds Network (NSBN), an online platform promoting bonds that fund projects addressing the UN’s Sustainable Development Goals. As of July 2020, 10 of AfDB’s bonds are
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: 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
MICROCAPITAL BRIEF: CBN Doubts Nigeria will Meet 2020 Financial Inclusion Goal
The Central Bank of Nigeria (CBN) recently reported that the country is not on track to meet the goals it set in the 2012 National Financial Inclusion Strategy (NFIS). According to a CBN statement, “Nigeria has failed to meet its financial inclusion targets due to a variety of factors;
MICROCAPITAL BRIEF: Islamic Corporation for the Development of the Private Sector (ICD) Loans $7m to Trustbank of Uzbekistan to Launch Shariah-compliant Services for Small, Medium-sized Enterprises (SMEs)
The Islamic Corporation for the Development of the Private Sector (ICD), a unit of the Islamic Development Bank (IsDB) Group, recently loaned USD 7 million to Private Joint Stock Trustbank, a commercial bank in Uzbekistan, for it to roll out Shariah-compliant financial products
MICROCAPITAL BRIEF: Nigeria’s Lagos State Creates IBILE Microfinance Bank to Boost Lending to MSMEs
The government of the Nigerian state of Lagos recently established Ikeja Badagry Ikorodu Lagos Island Epe (IBILE) Microfinance Bank with the aim of boosting economic growth and reducing poverty.
MICROCAPITAL BRIEF: Accion Microfinance Bank to Borrow $1.6m from Citibank Nigeria to Support 5k MSEs
Accion Microfinance Bank (Accion Nigeria), the Nigerian partner of US-based nonprofit Accion, recently announced it will borrow NGN 500 million (USD 1.58 million) from Citibank Nigeria, an arm of US-based financial services provider Citigroup, for on-lending to “support the development of approximately 5,000 micro and small enterprises in the country.”
MICROCAPITAL BRIEF: Nigeria’s Joint Farmers Microfinance Bank Launches Operations, Serves 187 Agricultural Cooperative Societies
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.
MICROCAPITAL BRIEF: Nigeria’s Bank of Industry (BOI) Earmarks $105m for Micro-, Small, Medium-sized Enterprises (MSMEs) in the Country
The Bank of Industry (BOI), which was established by the Nigerian government to promote domestic sectors such as agriculture and finance in Nigeria, recently earmarked NGN 19.8 billion (USD 105 million) to support micro-, small and medium-sized enterprises (MSMEs).
MICROCAPITAL BRIEF: Etisalat, First Bank of Nigeria Merge Easywallet, Firstmonie Mobile Money
Etisalat, a United Arab Emirates-based telecommunications services provider, and First Bank of Nigeria (FBN), a commercial bank based in the Nigerian state of Lagos, recently fused FBN’s “Firstmonie Mobile Money,” a service that allows customers to access their FirstBank accounts as well as transfer funds through their mobile devices [2], and Etisalat’s “Easywallet,” a service allowing money transfers, airtime top-up, and payment for goods and services via mobile phones [3].
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: African Development Bank (AfDB), Asian Development Bank (ADB), European Bank for Reconstruction and Development (EBRD), European Investment Bank (EIB), Inter-American Development Bank (IDB), World Bank Group (WBG) Issues Joint Statement on Climate Finance
A group of multilateral development finance institutions, the African Development Bank (AfDB), the Asian Development Bank (ADB), the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), the Inter-American Development Bank (IDB) and the World Bank Group (WBG), recently issued a joint statement on climate finance.
MICROCAPITAL BRIEF: African Development Bank Group (AfDB) Approves $5m Line Of Credit for AB Microfinance Bank Nigeria
AB Microfinance Bank Nigeria (ABN), a microfinance institution (MFI) offering financial services to micro-, small and medium-sized enterprises (MSMEs), recently acquired access to a Line of Credit (LOC) in the amount of USD 5 million, equivalent in NGN, from the African Development Bank (AfDB), a multilateral institution providing loans and grants to governments and private companies.