The federal government of Nigeria, the Central Bank of Nigeria (CBN), the government of the Nigerian state of Borno and several other organizations reportedly have launched a financial inclusion initiative that will provide financial services to the un-banked at post offices.
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MICROFINANCE PUBLICATION ROUND-UP: Banking on Change Partnership for Financial Inclusion in Africa; Findings on Financial Inclusion in Nigeria; Snapshot of Microfinance in Latin America and the Caribbean
“Banking on Change: Breaking the Barriers to Financial Inclusion;” published by Plan UK, Barclays and Care International UK; January 2013; 28 pages; available at: http://www.careinternational.org.uk/research-centre/microfinance/251-banking-on-change-breaking-barriers-to-financial-inclusion
MICROCAPITAL BRIEF: Smaller Microfinance Banks in Nigeria Want 2 More Years to Raise Capital or Close Branches
The National Association of Microfinance Banks (NAMB), a trade group of 820 microfinance banks (MFBs) in Nigeria, reportedly issued a statement calling for a deadline extension for the implementation of the revised Microfinance Policy Framework, the regulatory guidelines established in August 2011 by the Central Bank of Nigeria (CBN), the country’s apex bank.
MICROCAPITAL BRIEF: Nigeria’s Bank of Industry (BOI) to Set Up Microcredit Fund for Microentrepreneurs in Effort to Promote Financial Inclusion
The Bank of Industry (BOI), which was established by the Nigerian government to promote the industrial sector in Nigeria, recently announced plans to establish a microcredit fund to assist microentrepreneurs in an effort to promote financial inclusion and reduce the risks associated with the small and medium-sized enterprise (SME) industry.
MICROCAPITAL BRIEF: Cross River State of Nigeria, Bank of Agriculture to Establish $1.27m Loan Fund for Small and Medium-Sized Enterprises (SMEs)
The government of The Nigerian State of Cross River reportedly has signed a memorandum of understanding with the Bank of Agriculture, a development finance institution owned by the federal government of Nigeria, to raise NGN 200 million (USD 1.27 million) for a loan fund to support agricultural small and medium-sized enterprises (SMEs) in the state.
MICROCAPITAL BRIEF: Access Bank Plc of Nigeria Launches Early Savers Back to School Campaign to Promote Savings Among Kids
Access Bank Plc, a Nigerian commercial bank with branches in nine African countries and the UK, reportedly has launched an “Access Early Savers Back to School Campaign” aimed at instilling a savings culture in children in Nigeria.
MICROCAPITAL BRIEF: European Fund for Southeast Europe (EFSE) Loans $10m to AccessBank Azerbaijan
AccessBank, a microfinance institution (MFI) based in Azerbaijan, recently received a USD 10 million loan from European Fund for Southeast Europe (EFSE), a Luxembourg-based organization focused on economic development in southeastern Europe and parts of Central Asia, to expand its loan portfolio.
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.
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).
MICROCAPITAL BRIEF: Inklas of Nigeria Automates 136 Ghanaian Rural and Community Banks
ARB Apex Bank, a government-backed institution that inspects and funds rural and community banks (RCBs) under the supervision of the Bank of Ghana, through a contract with Inklas Computers Limited, a Nigerian company that specializes in information technology and financial systems integration, has completed the automation of 136 RCBs with 700 branches throughout Ghana.
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.
MICROCAPITAL BRIEF: African Development Bank (AfDB) Microfinance Capacity Building Fund (MCBF) Offering up to $500k per Institution
The African Development Bank (AfDB), a multilateral institution that provides loans and grants to governments and private companies in Africa, recently announced its second call for proposals for the Microfinance Capacity Building Fund (MCBF), which was launched by AfDB and the government of Spain to expand the outreach of the African financial sector.
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.
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.
MICROCAPITAL BRIEF: Incofin’s Rural Impulse Fund II Loans $2.6m to Kenya Women Finance Trust, Incofin Investment Management to Finance Technical Assistance Project for AB Bank Zambia
The Kenya Women Finance Trust (KWFT), a Kenyan deposit-taking microfinance institution (MFI), recently received a EUR 2 million (USD 2.6 million) loan from Incofin’s Rural Impulse Fund (RIF) II, a Belgian microfinance investment vehicle (MIV).
MICROCAPITAL BRIEF: Microfinance Institution AccessBank of Azerbaijan Launches Credit Cards
AccessBank, a microfinance bank in Azerbaijan, began offering credit cards to its customers on October 10, 2012.
MICROCAPITAL BRIEF: Etisalat Rolls Out Mobile Money Service in Nigeria
Etisalat Nigeria Limited, the local subsidiary of Emirates Telecommunications Corporation of the United Arab Emirates, recently unveiled its “Easywallet” a mobile money system.
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.