Clickatell, a vendor of messaging, is providing in-country SMS alert services to Satelite Microfinance Bank.

Ladi Smith, director, SIAO, in this interview with Daniel Obi, says Credit Awareness Nigeria Initiative is geared towards sensitising lenders on the need for credit information to avoid non-performing loans.

Central Bank of Nigeria (CBN) has been advised to shelve its proposed plan to conduct examination for all managing directors of registered microfinance banks across the country.

Chairman of FirstBank Plc, Mr. Oba Otudeko recentlyaddressed the board and management of the bank. In the address, Otudeko who was recently elevated to the chairman of the board, pointed the way forward for the bank.

At the fourth Microfinance Conference in Abuja, Nigeria, the governor of the Central Bank of Nigeria (CBN), Mr Mallam Sanusi Lamido Sanusi, announced that all microfinance bank CEOs would be required to pass a CBN administered exam in order to continue managing their banks. A training program will be held during the first quarter of this year, with certificates being issued at the end of the exercise. Any bank that does not comply with the rules will have its license withdrawn.

The Board and Management of Savannah Bank are taking bold steps to ensure that the bank opens its doors to customers within the 18 months period given by the Appeal Court, in February this year. The Court of Appeal had on February 5, in the case of Savannah Bank of Nigeria Plc vs Central Bank of Nigeria et al ordered the apex bank to restore the licence of Savannah. The court, however, put a caveat that Savannah Bank had to recapitalise to the tune of N25 billion and meet other regulatory conditions within the specified period, before it could commence operations...

The apex regulatory banking institution in the country, Central Bank of Nigeria (CBN) has been in the news in the last couple of days for a joyful reason. The bank has every reason to be in a festive mood, having clocked 50 golden years since its establishment.

At the end of December last year, Nigeria had 815 licensed MFBs, putting itself in the first position globally on the number of practicing MFBs. However, the Managing Director, Elim MFB, Mrs. Ifeoma Ana, said that in spite the number of licensed MFBs operating in the country, micro financing would remain a mirage to the people except positive steps were taken to ensure that the sub-sector was effective in alleviating poverty.

Clickatell, messaging provider for financial services, has been selected by Fortis Microfinance Bank to provide SMS Receipts(TM) to thousands of retail banking customers throughout Nigeria.

Sound policies and regulations for microinsurance in Nigeria will encourage innovation, investment, sustainability and growth in the insurance sector, while protecting consumers and the soundness of institutions. The overall objective, according to the author, is to provide value-for-money products on a massive scale to the low-income population.

The Innovation Fund is a special facility within EFInA that seeks to promote innovation in the development and deployment of financial services and thus expand financial access to the underserved population in Nigeria. EFInA will share the risk of developing and implementing new innovations by providing a grant subsidy (up to 50%) for new commercial projects.

The idea of an inter- bank market for microfinance banks is no doubt an interesting one. For starters, such a platform will provide an opportunity for increased mobility of funds among microfinance banking operators, thereby reducing the cost of funding and improving the net interest margin by providing these micro-credit banks with a solid funding base to address short and medium-term requirements. But as laudable as the initiative may be, it is not without challenges as regards effectiveness, considering that the microfinance institutions are spread haphazardly all over the country. This, surely, is unlike the money market association for commercial banks, which has about 24 branches with headquarters in Lagos.

Dana Air, Nigeria’s newest carrier, has been named the Best ICT-Driven Airline of the year at the National ICT Merit Award (NIMA) held at the prestigious Eko Hotel & Suites on Thursday, April 9, 2009. NIMA is an annual ICT award organised by Technology Africa in recognition of individuals and organisations who are at the forefront of technology deployment and adoption in the country.

The problems associated with borrowing from microfinance banks (MFBs) by individuals and the cost of operations of the banks will soon be a thing of the past with the coming on board of credit bureaux in the Nigerian financial institutions. Since MFBs grant loan to financially active poor without collateral, it is possible for individuals who consider themselves smart to take loan from different banks with different information.

New York based Women's World Banking (WWB) has signed on UBA Microfinance Bank as its only network partner in Nigeria. With the admittance of the microfinance subsidiary of United Bank for Africa Plc as a network partner of the WWB, UBA Microfinance Bank has joined the global network of partner microfinance institutions and banks including ASA, the number 1, and other top 9 Microfinance Finance Banks in the world.

Royal Exchange plc, has been granted approval-in-principle by the Central Bank of Nigeria (CBN) to operate a microfinance bank in the country, a move that is expected to deepen access to financial services by the informal and under-banked segments of the economy.

Presenting a paper during Micro-Finance Investors Forum, organized by the Central Bank of Nigeria (CBN), held in Kano, Dogara believes that Islamic Micro-Finance could similarly be an excellent substitute for the conventional micro-finance currently being implemented in the country.

At almost every forum on microfinance banking nowadays, the threats being posed by the involvement of commercial banks in the microfinance sector is a constant topic of discussion. This is rather considered as very strange for the operators of microfinance banking to feel threatened by the involvement of the commercial banks in a sector where the more players we have, the merrier it is for the country and micro/small businesses especially for the active poor in the land. The perceived threat is considered strange because Nigeria is still regarded as under banked, even with the entry of the microfinance banks into the economy. The average bank density in Nigeria is said to be an outlet for 32,000 people in the urban area and one outlet to 57,000 people in rural areas.

With more than half of the adult population unable to access retail banking services, the introduction of microfinance banking by the Central Bank of Nigeria (CBN) was welcomed by Nigeria’s development partners and the general populace.