The Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, a German governmental development organization formerly called GTZ, reportedly plans to invest EUR 20 million (USD 28.6 million) to support small and medium-sized enterprises in the country through its Sustainable Economic Development in Nigeria (SEDIN) program.
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MICROCAPITAL BRIEF: Central Bank of Nigeria Inspecting Microfinance Institutions with Provisional Licenses, Plans to Cut Number of Microbanks “Drastically”
The Central Bank of Nigeria (CBN), the nation’s central banking authority, recently announced that it has commenced inspections to assess the level of compliance with its operational guidelines at the 103 microfinance institutions (MFIs) that were granted approval-in-principle after being among the 224 MFIs that had their licenses revoked in September 2010.
MICROCAPITAL BRIEF: Depositors of Closed Microfinance Institutions (MFIs) to be Reimbursed up to $63m by Nigeria Deposit Insurance Corporation (NDIC)
The Nigeria Deposit Insurance Corporation (NDIC), an agency of the federal government that guarantees the settlement of insured deposits, recently announced that it will pay approximately NGN 9.8 billion (USD 63 million) to 731,000 depositors of ninety-one microfinance institutions (MFIs) whose licenses have been revoked.
MICROCAPITAL BRIEF: Nigerian Microfinance Institutions (MFIs) Continue to Require Collateral, Other Conditions for Loans; Lift Above Poverty Organisation (LAPO) to Cut Interest Rates
Most Nigerian microfinance institutions (MFIs) reportedly continue to place conditions on borrowers who are seeking to take out loans, despite the stated policy of the Central Bank of Nigeria (CBN) to de-emphasize such requirements.
MICROCAPITAL BRIEF: Nigeria’s Lagos State Microfinance Institution (LASMI) to Partner with “Financially Capable” Microfinance Institutions (MFIs)
The Lagos State Microfinance Institution (LASMI), an agency that was established by the government of the Nigerian state of Lagos to oversee its microfinance program, recently announced plans to partner with microfinance institutions (MFIs) that it deems financially viable in an effort to increase financial inclusion and the empowerment of poor people.
MICROCAPITAL BRIEF: Diamond Bank of Nigeria Offers Collateral-Free Loans to Micro-, Small and Medium-Sized Enterprises (MSMEs)
Diamond Bank Public Limited Company (PLC), a Nigerian commercial bank that was established in 1990, recently announced that it would extend collateral-free loans to micro-, small and medium-sized enterprises (MSMEs).
MICROCAPITAL BRIEF: Nigerian Microfinance Bank Classic Microfinance Ordered to Sell Assets to Pay Debts to Former Depositors
Abeokuta-based microfinance bank (MFB) Classic Microfinance has been reportedly forced to sell off assets to pay debts it owes to its former depositors. The move is part of a broader effort in Nigeria to repay depositors of over 100 MFBs—including Classic Microfinance—whose licenses were permanently revoked in 2010 after being deemed “terminally distressed and technically insolvent.”
MICROCAPITAL BRIEF: Eagle Flight Microfinance Bank Attempts to Reassure Clients After Mistakenly Being Included in List of Failed Nigerian Microfinance Banks (MFBs)
Eagle Flight Microfinance Bank, a financial institution licensed with Central Bank of Nigeria (CBN) and based in the city of Warri, reportedly was mistakenly included in a 2010 list of over 100 microfinance banks (MFBs) whose licenses were to be revoked by CBN. A week after the list of banks who could not repay debtors was released, CBN discovered that Eagle Flight Microfinance Bank was included in the list in error. In an effort to restore confidence in the bank, Eagle Flight hosted a party celebrating its fifth anniversary during which it gave away various gifts to clients including vehicles, plasma televisions, dining sets, electric generators and refrigerators.
MICROCAPITAL BRIEF: Royal Exchange Microfinance Bank of Nigeria Partners with Fidelity Bank to Offer Customers Access to More Bank Branches, Automated Teller Machines (ATMs)
Royal Exchange Microfinance Bank of Nigeria, the microfinance subsidiary of Nigerian financial services company Royal Exchange Public Limited Company, recently partnered with Fidelity Bank Public Limited Company, a Nigerian commercial bank, enabling its customers to access financial services through Fidelity’s service delivery network.
MICROCAPITAL BRIEF: Nigeria Deposit Insurance Corporation (NDIC) Meets with Directors of Liquidated Microfinance Institutions (MFIs) to Discuss Customer Payouts
The Nigeria Deposit Insurance Corporation (NDIC), an agency of the federal government of Nigeria that protects depositors by guaranteeing the settlement of insured deposits, recently met with the directors of nineteen liquidated microfinance institutions (MFIs) to discuss how to repay customers’ deposits.
MICROCAPITAL BRIEF: Microfinance Banks Ask Central Bank of Nigeria for Six More Months to Meet Tightened Licensing Requirements
Microfinance banks in Nigeria have entered negotiations with the Central Bank of Nigeria (CBN) to extend by six months their grace period to operate with provisional licenses [1].
MICROCAPITAL BRIEF: Nigeria’s Niger Delta Ministry Announces Microfinance Scheme for Youth
Hon. Samuel Odewho, the minister responsible for youth empowerment within the Nigerian government’s Niger Delta Ministry, recently announced the launch of a microfinance scheme that will provide soft loans to individuals, cooperatives and youth in the Niger Delta region who have completed the ministry’s skills training program. Hon. Samuel Odewho stated that the skills training provided by the ministry will enable the youth to set up sustainable businesses as well as enhance their employability [1].
MICROCAPITAL BRIEF: Microborrowers Past Due on $64m in Repayments to Microfinance Institutions (MFIs) in Lagos, Nigeria; National Association of Microfinance Banks Proposes Criminalization
Mr Olufemi Babajide, Chairman of the Lagos chapter of the National Association of Microfinance Banks (NAMB), a group of Nigerian microfinance institutions (MFIs), recently revealed that past due loans outstanding to MFIs in Lagos total NGN 10 billion (USD 64 million).
MICROCAPITAL BRIEF: Nigeria Deposit Insurance Corporation (NDIC) Begins to Repay Customers of Failed Microfinance Banks
In 2010, the Central Bank of Nigeria (CBN) revoked the operating licenses of 224 microfinance banks (MFBs) in the country that were “terminally distressed and technically insolvent.” After receiving fresh tranches of capital, new operating licenses were given to 121 of those outfits, but the remaining 103 institutions are being liquidated by the Nigeria Deposit Insurance Corporation (NDIC) and their depositors are now being repaid in stages.
MICROCAPITAL BRIEF: Government of Nigerian State of Ondo and Bank of Industry (BOI) Disburse $13m to Microfinance Scheme
The government of the Nigerian state of Ondo disbursed NGN 2 billion (approximately USD 13 million) to create the Micro, Small and Medium Enterprises Development Fund, which will provide wholesale funding and refinancing liquidity for microfinance institutions (MFIs).
MICROCAPITAL BRIEF: Nigeria Deposit Insurance Corporation (NDIC) to Prosecute Managing Directors of Failed Microfinance Banks
The Nigeria Deposit Insurance Corporation (NDIC), an independent agency of the Federal Government of Nigeria which guarantees deposits to financial institutions, has reportedly begun compiling a list of some of the managers of the failed microfinance banks – whose licenses were recently withdrawn by the Central Bank of Nigeria (CBN) – with the aim of prosecuting them.
MICROCAPITAL BRIEF: Anglican Diocese of Enugu, Nigeria, to Launch Microfinance Bank
Emmanuel Chukwuma, the Anglican bishop of the diocese in Enugu, Nigeria, announced that the diocese will establish a microfinance bank that will employ 80 people and assist community residents who are already engaged in microenterprises.
MICROCAPITAL BRIEF: “This Day” Online Editorial Laments Closure of 224 Insolvent Nigerian Microfinance Institutions (MFIs)
The editors of This Day Online lament the revocation of 224 Nigerian microfinance institutions’ (MFIs’) operating licenses in a recent posting.