by Lena Phillips -

MICROCAPITAL BRIEF: Central Bank of Nigeria (CBN): Telecommunications Company May Have Violated Mobile Banking Regulations

A large telecommunications company, which has not been identified, is reportedly under investigation by the Central Bank of Nigeria (CBN) because of its work with two Nigerian banks on establishing mobile banking services.

by Sarah Benali -

MICROCAPITAL BRIEF: Diamond Bank of Nigeria Introduces ‘Diamond-in-Motion’ Mobile Banking Truck

Diamond Bank Public Limited Company (PLC), a commercial bank in Nigeria, recently launched “Diamond-in-Motion”, a mobile banking service truck that will allow customers to open new accounts, pay bills and use a automated teller machine (ATM) as well as make deposits and withdrawals.

by Jennifer Young -

MICROCAPITAL BRIEF: Central Bank of Nigeria: Microfinance Bank Assets Increase 3% to $1.3b Over 6 Months, Reserves Dip Into Negative Territory

The Central Bank of Nigeria (CBN) recently reported that the total assets held by microfinance banks (MFBs) in the country increased by 3 percent to NGN 196.5 billion (USD 1.3 billion) during the six months ending in June 2012.

by Sarah Benali -

MICROCAPITAL BRIEF: Renaissance Credit (RenCredit) Launches in Nigeria; Will Offer Deposits, Point-of-Sale Consumer Loans Using T24 Banking Software from Temenos of Switzerland

Renaissance Credit (RenCredit), a new microfinance institution (MFI) offering deposit services and consumer loans in Nigeria, recently began operations using T24, a “cloud-hosted core banking system” offered by Temenos, a Geneva-based banking software provider.

by Chioma Okwudiafor -

MICROCAPITAL BRIEF: Central Bank of Nigeria (CBN) to Implement Financial Literacy Framework by March 2013

The Central Bank of Nigeria (CBN), the nation’s financial regulatory authority, recently announced plans to implement a financial literacy framework aimed at enhancing financial inclusion of unbanked people by  the first quarter of 2013.

by Charlotte Newman -

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.

by Jennifer Young -

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.

by Jennifer Young -

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).

by Jennifer Young -

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.

by Sarah Benali -

MICROCAPITAL BRIEF: International Finance Corporation (IFC) Loans $5m to Lift Above Poverty Organization (LAPO) of Nigeria

The International Finance Corporation (IFC), an arm of the World Bank Group, recently extended a NGN 800 million (USD 5 million) loan to Nigerian microfinance institution (MFI) Lift Above Poverty Organization (LAPO).

by Chioma Okwudiafor -

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.

by Sarah Benali -

MICROCAPITAL BRIEF: First Bank of Nigeria, Computer Warehouse Group (CWG) Launch Firstmonie Mobile Money Service

First Bank of Nigeria, a commercial bank based in the Nigerian state Lagos, recently launched Firstmonie Mobile Service in collaboration with Computer Warehouse Group (CWG), a Nigeria-based information technology utility provider.

by Chioma Okwudiafor -

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.

by Charlotte Newman -

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.

by Chioma Okwudiafor -

MICROCAPITAL BRIEF: Central Bank Governor Sanusi of Nigeria Argues Microfinance Should Empower Families

Governor Sanusi Lamido Sanusi of the Central Bank of Nigeria, the apex financial authority of the country, recently announced the bank’s plans to establish a database of microfinance banks in Nigeria as part of efforts to regulate the microfinance sector [1].