The Central Bank of Nigeria (CBN) has released a “National Financial Inclusion Strategy” that includes goals such as growing the number of savings accounts in the country at a 12-percent compound annual growth rate to reach CBN’s target of 63 million. Currently, there are 21 million savings accounts in the country.
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MICROCAPITAL BRIEF: Nigerian National Petroleum Corporation (NNPC) to Seek License to Open Microfinance Bank
The Nigerian National Petroleum Corporation (NNPC) Staff Cooperative Multipurpose Society Limited, Lagos, a cooperative of oil and gas company NNPC, recently announced it has begun taking steps to get a license to set up a microfinance bank intended to benefit both members and nonmembers.
MICROCAPITAL BRIEF: Airtel, UT Bank Launch Mobile Savings Product FONBank in Ghana
Ghana-based UT Bank and the local branch of telecommunications firm Airtel reportedly will release UT FONBank, a mobile savings product.
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.
MICROFINANCE PUBLICATION ROUND-UP: Peru as a Model for Microfinance Regulation; M-Pesa Mobile Banking E-book; and Geographic Analysis of Thai Enterprise
“Research Insight: Peru – Model Market for Microfinance;” by Christian Etzensperger; published by responsAbility Social Investments; March 2012; 9 pages; available at: www.responsability.com/domains/responsability_ch/data/free_docs/Research_Insight_Acces_to_Finance_in_Peru_EN.pdf
MICROCAPITAL BRIEF: Nigeria Chapter of Economic Community of West African States (ECOWAS) Federation of Business Women Entrepreneurs (FEBWE) Launched to Boost Cross-Border Entrepreneurship
The Nigerian Chapter of the Economic Community of West African States (ECOWAS) Federation of Business Women Entrepreneurs (FEBWE) has been launched with the objective of promoting and facilitating trade by women-owned enterprises in the sub-Saharan region.
MICROCAPITAL BRIEF: Airtel, uniBank, Star Microinsurance Offer Free Life Insurance to Customers of Airtel Mobile Money
Commercial bank uniBank Ghana Limited reportedly has partnered with the local arm of telecommunications firm Airtel and Ghana-based insurance provider Star Microinsurance Services Limited to offer free life insurance coverage to subscribers of the mobile commerce product Airtel Money.
MICROCAPITAL BRIEF: Lovonus Microfinance Bank Begins Operations in Nigeria’s Victoria Island
Lovonus Microfinance Bank, a private commercial microfinance bank, has met the NGN 100 million (USD 635,900) capital requirement to receive a unit license to operate a microfinance bank, allowing it to comments operations in Victoria Island in the Lagos region of Nigeria.
MICROFINANCE EVENT: Mobile Money Connected Africa Forum Conference & Expo, May 14-17, 2012, South Africa
Event Name: “Mobile Money Connected Africa Forum Conference & Expo”
Event Date: May 14 – 17, 2012
Event Location: Johannesburg, South Africa
MICROCAPITAL BRIEF: Microfinance Banks in Nigeria Estimate Losses $14.9m Due to 6-Day Strike Against Removal of Fuel Subsidies
A 6-day strike in response to the removal of fuel subsidies in Nigeria has reportedly cost microfinance banks (MFBs) NGN 2.4 billion (USD 14.9 million) in expected inflows.
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: Nigeria’s National Association of Microfinance Banks (NAMB) Asks Government Not to Set Up Microlenders
The Lagos State Chapter of the National Association of Microfinance Banks (NAMB), a trade group of microfinance banks (MFBs) in Nigeria, has reportedly asked the federal government not to set up MFBs [1].
MICROCAPITAL BRIEF: Nigeria Deposit Insurance Corporation (NDIC) to Promote Microfinance Bank Mergers in Bid to Minimize Liquidations
The Nigeria Deposit Insurance Corporation (NDIC) reportedly has announced that it will give Nigerian microfinance banks (MFBs) the option to execute mergers and acquisitions to minimize the liquidations among MfBs and to create strong players in the industry.
MICROCAPITAL BRIEF: Central Bank of Nigeria (CBN) Governor Mallam Sanusi Lamido Calls Islamic Finance “Dynamic and Competitive”
In a recent seminar aimed at promoting awareness of Islamic banking models, Central Bank of Nigeria (CBN) Governor Mallam Sanusi Lamido reportedly predicted that non-interest banking will make a major impact on the Nigerian economy.
MICROFINANCE EVENT: Indian Ocean / South Asia Mobile Payments & Banking Summit 2011, Colombo, Sri Lanka, NEW DATES: January 31 – February 1, 2012
Event Name: Indian Ocean / South Asia Mobile Payments & Banking Summit 2011
Event Date: November 21 – November 22
Event Location: Ramada Colombo, Colombo, Sri Lanka
MICROCAPITAL BRIEF: Kenya’s M-Pesa Mobile Money Service Reports Revenue Growth of 56%
M-Pesa, a mobile money transfer service that is operated by Kenyan telecommunication provider Safaricom Limited, recently released financial information for the fiscal year ending March 31, 2011, during which time it reported revenue growth of 56 percent, from KES 7.55 billion (USD 94.2 million) to KES 11.8 billion (USD 139 million).
MICROCAPITAL BRIEF: Survey: Nigeria Falls Behind South Africa, Kenya, Botswana in Financial Access
The “Access to Financial Services in Nigeria 2010 Survey” conducted by Enhancing Financial Innovation & Access (EFInA), a nonprofit financial sector development organization funded by the United Kingdom’s Department for International Development (DFID) and the US-based Bill & Melinda Gates Foundation, indicates that Nigeria lags behind South Africa, Botswana and Kenya in access to finance.
MICROCAPITAL BRIEF: Uganda Launches “Youth Entrepreneurship Venture Capital Fund”; Mobile Telecommunications Network (MTN), Uganda Youth Convention (UYC), Financial Empowerment Network (FEN) Launch Microfinance Savings Plan
Both the government of Uganda and a joint effort by Mobile Telecommunications Network (MTN), a mobile telecommunications company based in South Africa; Uganda Youth Convention (UYC), platform for empowerment and enterprise for youth; and Financial Empowerment Network (FEN), a local venture capital firm, recently launched programs to promote entrepreneurship and a “savings culture” among youth at a Job Convention for the Bunyoro Region of Uganda.