The Central Bank of Nigeria (CBN) recently issued limits on daily cash withdrawals by individuals and corporate customers of NGN 150,000 (USD 962) and NGN 1 million (USD 6,417), respectively, effective June 1, 2012.
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MICROCAPITAL BRIEF: Nigeria’s Capital Express Assurance Purchases Majority Shareholding in Kenya’s Capex Life Insurance, Which Plans to Downsize to Focus on Microfinance
Capital Express Assurance, a Nigeria-based life insurance company, has purchased a majority shareholding in Capex Life Assurance, a Kenya-based life insurance company formerly known as Trinity Life Assurance. Capital Express Assurance purchased a 65 percent stake in Capex Life Assurance for USD 975,000 [1]. The remaining 35 percent stake was purchased by a group of individual Kenyan investors led by current Capex Life Assurance general manager, James Macharia [1].
MICROCAPITAL BRIEF: US Under Secretary of State Maria Otero: Mobile Money, Policy Reform are Keys to Financial Success
Speaking at a recent panel held by the Brookings Institution, a US-based nonprofit public policy organization, on “Growth Through Innovation in Africa: Mobile Financial Services and Financial Inclusion,” Maria Otero, US Under Secretary of State for Democracy and Global Affairs, argued that mobile money could substantially support financial inclusion efforts.
MICROFINANCE EVENT: Initiative for Public Policy Analysis Hosts Luncheon Roundtable, “Enhancing Competitive E-Payment System in Nigeria”, Lagos, Nigeria, May 24, 2011
Event Name: Luncheon Roundtable – “Enhancing Competitive E-Payment System in Nigeria”
Event Date: May 24, 2011
Event Location: Lagos, Nigeria
MICROCAPITAL BRIEF: Nigerian Tech Firms Systemspecs and Maxim-Pro to Begin Training Microfinance Institution (MFI) Staff on Integration of E-Payment Service, Remita
A release from the online edition of Nigeria’s Champion Newspaper reports that Systemspecs Nigeria Limited, a software development firm headquartered in Lagos, and Maxim-Pro, a Nigerian technology provider to financial firms, finalized arrangements to begin training for the staff of approximately 125 Nigerian microfinance banks that have recently begun offering Remita, an electronic payment (e-payment) service.
MICROCAPITAL BRIEF: Microfinance Institutions (MFIs) in Nigeria Demand Direct Access to ‘Meso’ Credit Scheme from the National Poverty Eradication Programme (NAPEP)
Microfinance institutions (MFIs) in Nigeria want to bypass commercial banks to access government money in the form of a ‘meso’ credit scheme designed by the National Poverty Eradication Programme (NAPEP) – a government agency responsible for coordinating and monitoring all poverty eradication activities nationwide – to provide loans of between NGN 500,000 (USD 3,300) and NGN 50 million (USD 331,000) for agricultural processing in rural areas. The current regulations mandate that the meso credit funds be distributed to commercial banks for on-lending to qualified microfinance banks at “competitive rates.”
MICROCAPITAL BRIEF: Three Directors of Impact Microfinance Bank Limited Arrested for Fraud in Nigeria
Three directors of Impact Microfinance Bank Limited, a microfinance institution established in 2008 with headquarters in Lagos, have been arrested for fraud. The three men – 49 year-old Innocent Akpan, 45 year-old David Obieke and 45 year-old Joseph Nwabuwanne – were arrested after several depositors complained that they could not access their funds. The suspects allegedly mismanaged the depositors’ money and subsequently could not honor clients’ deposits.
MICROCAPITAL BRIEF: Nigerian Tech Firms SystemSpecs and Maxim-Pro Release Memorandum of Understanding Targeting Microfinance Bank Enhancement
SystemSpecs, a software development firm founded in 1991 and headquartered in Lagos, Nigeria [1], and Maxim-Pro, a Nigerian financial technology firm [2], recently released a joint memorandum of understanding (MOU) expressing their commitment to the development of a technological infrastructure for Nigerian microfinance banks [3]. In March 2010, the two companies released Remita, an e-payment service for microfinance banks [4]. The service is currently used by 125 microfinance banks in Nigeria. A September 2008 World Bank report documented 840 microfinance institutions in Nigeria [5]. Of these, only seven have reported to MIXMarket, the microfinance information clearinghouse, for 2008 [6].
MICROFINANCE EVENT: “African Mobile Micro-Finance & M-Remittances Summit” Conference Hosted by BSP Events and Forums May 10 – May 11, 2010 in Ikoyi, Lagos
Event Name: African Mobile Micro-Finance & M-Remittances Summit
Event Date: May 10 – May 11, 2010
Event Location: Ikoyi, Lagos
Event Website: http://www.bspmediagroup.com/event.php?EID=58
See Our Comprehensive Event Calendar Here: http://microfinanceassociation.ning.com/events
MICROCAPITAL BRIEF: Nigerian Satelite Microfinance Bank Deploys Clickatell SMS Alert System to Limit Fraud
In an effort to prevent fraud and keep customers informed, Satelite Microfinance Bank, a microfinance institution in Nigeria, has recently started using the Clickatell text-message alert system to notify customers when debit or credit activity is occurring on their accounts.
NEWS WIRE: Nigeria: $315m Microfinance Fund Failing to Get Out of Starting Gate
Source: Next.
MICROCAPITAL STORY: PS Microfinance Bank in Nigeria Exposed as Unlicensed and Fake, Bank Closes Operations Abruptly, Several Depositors Lose Huge Amounts of Money
Nigeria based PS Microfinance Bank Limited has closed operations abruptly, leading to heavy financial loses for several of its depositors, as per a press release on The Guardian – Nigeria. According to the release, the bank collected money from ‘almost every trader’ in the Akute area in Nigeria with the promise of providing attractive loans. Following the collection of money, the bank officials are said to have closed down not only their rental office in the Akute region but also their head office in the Ogba region of Nigeria. Officials of the bank have reportedly ‘gone into hiding’ and have been unreachable to both their clients and the press. As stated, the victims of the bank’s fraudulent activities are mostly traders including several women and the total loss for the depositors is estimated to be in the range of millions of Naira; an exact figure of the total amount defrauded by the bank is not currently available. Presently, PS Microfinance Bank does not maintain a web presence nor does it appear to report to MIX, the microfinance information clearinghouse; it is however unclear if a website was in fact existent for the bank prior to its closure.
NEWS WIRE: Mobile Money to Poor Seen $5 billion Market in 2012
Source: Yahoo Tech
MICROFINANCE EVENT: AITEC Africa to host 3 day event in Lagos, Nigeria on Banking and Payment Technologies, including Microfinance
Banking & Payment Technologies West Africa, Lagos, Nigeria, 4-6 May 2009
See Our Comprehensive Event Calendar Here: http://microfinanceassociation.ning.com/events
MICROCAPITAL STORY: MoneyBox Africa, an Initiative of Integrated Capital Services, Interswitch, e-Tranzact, and SWIC Microfinance Bank, to Collaborate with Germany Mobile Payment Company Paybox to Launch Pan-African Mobile Banking System
MoneyBox Africa, an initiative of three Nigerian companies led by investment institution Integrated Capital Services, has announced a partnership with German mobile payment company Paybox in hopes of developing a pan-African mobile banking system.
MICROCAPITAL BRIEF: Lipa Later Acquires Fellow E-commerce, DFS, Merchant Services Platform Sky.Garden of Kenya for $1.6m
Lipa Later, a Kenyan financial technology (fintech) firm integrating e-commerce, digital financial services and merchant services in four African countries, recently paid KES 250 million (USD 1.6 million) to acquire Sky.Garden, a Kenyan service that was launched in 2017 but had announced it would close during 2023.
MICROCAPITAL BRIEF: Bankingly, Woodcore Partner to Help FSPs in Africa to Offer Digital Financial Services
Bankingly, a Uruguay-based company that helps smaller financial services providers (FSPs) implement digital financial services, and Woodcore, a provider of core banking software with offices in Nigeria and the US, recently partnered on an effort to help microfinance institutions and other FSPs in Africa to add
MICROCAPITAL BRIEF: Invest International Places $11m in Equity Fund uMunthu II to Support Rapidly Expanding SMEs in Africa
Netherlands-based Invest International recently committed EUR 10 million (USD 10.9 million) to the uMunthu II equity fund of Netherlands-based Goodwell Investments and Nigeria-based Alitheia Capital. The goal of uMunthu II is to generate market-rate returns by helping fast-growing small and medium-sized enterprises (SMEs) in Africa