The microfinance development fund long planned by the Central Bank of Nigeria (CBN) reportedly is intended to result in a 15-percent annual increase in women’s access to financial services.
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MICROCAPITAL BRIEF: European Bank for Reconstruction and Development (EBRD) Loans $10m to Microfinance Institution AccessBank of Azerbaijan
The European Bank for Reconstruction and Development (EBRD), a London-based international finance institution, recently signed a five-year, USD 10 million loan agreement with AccessBank, an Azerbaijani microfinance institution (MFI).
MICROCAPITAL BRIEF: Financial Information Network and Operations (FINO) of India Looks to Boost Financial Inclusion in Nigeria in Partnership With ZaaEdge Resources
Financial Information Network and Operations (FINO), an India-based for-profit technology provider, and ZaaEdge Resources Limited, a for-profit company that aims to promote financial inclusion technology in Nigeria, have entered into a partnership with the goal of improving financial inclusion in Nigeria.
MICROCAPITAL BRIEF: National Association of Nigerian Traders to Provide Microcredit to 19,000 Rural Farmers
The National Association of Nigerian Traders (NANTS), a Nigerian organization that aims to promote trade and economic advancement in the country, reportedly has pledged to support 19,000 “small-scale” rural farmers through a microcredit program that was originally launched in 2010.
MICROCAPITAL BRIEF: Nigerian State of Bauchi to Create Ministry to Promote Microfinance
The State House of Assembly of the Nigerian state of Bauchi has reportedly passed a resolution creating a ministry for the promotion of microfinance institutions (MFIs).
MICROCAPITAL BRIEF: Nigerian Stock Exchange Lists Fortis Microfinance Bank with Market Capitalization of $50m
Fortis Microfinance Bank, headquartered in Abuja, Nigeria, has joined the Nigerian Stock Exchange, increasing the exchange’s market capitalization by NGN 8.15 billion (USD 50.8 million).
MICROCAPITAL BRIEF: Austrian Development Bank Oesterreichische Entwicklungsbank AG (OeEB) to Invest $18.75m in European Fund for Southeast Europe (EFSE)
Oesterreichische Entwicklungsbank AG (OeEB), Austria’s official development bank, recently pledged an investment of EUR 15.0 million (USD 18.75 million) to the European Fund for Southeast Europe (EFSE), a microfinance investment vehicle (MIV) based in Luxembourg.
MICROCAPITAL BRIEF: Advans Incorporates Advans Pakistan Microfinance Bank, La Fayette Microfinance Bank of Nigeria
Advans SA, a microfinance investment vehicle that mobilizes funds for microfinance institutions (MFIs), recently announced the incorporation of the Advans Pakistan Microfinance Bank in the Republic of Pakistan and the La Fayette Microfinance Bank in Nigeria.
MICROCAPITAL BRIEF: Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Azsa Microfinance Bank to Offer Entrepreneurial Training, Equity Funding, Loans
The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), a government agency, has agreed to collaborate with Azsa Microfinance Bank, which has raised NGN 60 million (USD 376,740) in paid-up capital.
MICROCAPITAL BRIEF: Microfinance Accounts for 3% of Nigeria’s GDP, says National Association of Microfinance Banks (NAMB)
The National Association of Microfinance Banks (NAMB), a trade group of microfinance banks in Nigeria, reportedly has announced that microfinance banks accounted for 3 percent of Nigeria’s gross domestic product (GDP) in 2011, which was USD 413 billion.
MICROCAPITAL BRIEF: Infinity Microfinance Bank of Nigeria Distributes Point of Sale Terminals to Loan Officers to Cut Fraud
Infinity Microfinance Bank, a Nigeria-based microfinance institution (MFI), reportedly has distributed 80 point-of-sale (PoS) terminals among its loan officers to reduce the rate of fraud by loan officers who sometimes pocket loan payments without recording them.
MICROCAPITAL BRIEF: MTN, Stanbic IBTC Bank Partner to Provide Mobile Money Services in Nigeria
MTN Nigeria Communications Limited, a subsidiary of South Africa’s MTN Group, and Stanbic IBTC Bank, a member of Nigeria’s Standard Bank, recently have signed an agreement to provide mobile money services in Nigeria.
MICROCAPITAL BRIEF: Initiative for Public Policy Analysis Calls for Regulation of Nigeria’s Payment Card Market
The Initiative for Public Policy Analysis, a Nigerian nonprofit public policy research institute, recently held an event to share its preliminary findings from research on the regulation of payment cards in Nigeria.
MICROCAPITAL BRIEF: Mainstreet Microfinance Bank of Nigeria to Utilize Mechanics Fund, Adopt International Financial Reporting Standards
Mainstreet Microfinance Bank (MFB), a Nigerian microfinance institution, reportedly has been selected to access an undisclosed amount of the NGN 1 billion (USD 6 million) take-off fund that was established by the government of Nigeria and the National Automotive Council (NAC) in order to provide lending to mechanics in Nigeria.
MICROCAPITAL BRIEF: Nigerian Deposit Insurance Corporation (NDIC) Launches Investigation into Managers, Directors of Distressed Microfinance Banks
The Nigerian Deposit Insurance Corporation (NDIC), an agency of the federal government of Nigeria, reportedly has launched an investigation into the NGN 7 billion (USD 44.4 million) owed to the 103 bankrupt microfinance banks (MFBs) by their managers and directors.
MICROCAPITAL BRIEF: Nigerian Deposit Insurance Corporation (NDIC) Disburses $12.6m to Depositors of Closed Nigerian Microfinance Banks
The Nigerian Deposit Insurance Corporation (NDIC), a government-backed agency that aims to protect customers that deposit money in financial institutions, has reportedly disbursed NGN 2 billion (USD 12.6 million) to 71,000 depositors of 103 Nigerian microfinance banks (MFBs) that closed in 2010.
MICROCAPITAL BRIEF: Nigerian Microfinance Banks to Adopt International Financial Reporting Standard (IFRS) by March 2013
The Chairman of the Lagos chapter of the 820-member National Association of Microfinance Banks of Nigeria (NAMB), Mr Olufemi Babajide, reportedly disclosed that the Central Bank of Nigeria (CBN) ordered microfinance banks to implement International Financial Reporting Standard (IFRS) by March 2013.
MICROCAPITAL BRIEF: Microfinance Institution AccessBank of Azerbaijan Increases Share Capital to $108m
AccessBank, an Azerbaijan-based microfinance institution (MFI), recently announced that it has increased its share capital by 25 percent from AZN 67.8 million (USD 86 million) to AZN 85 million (USD 108 million).