Microfinance, Innovations, Sustainable Development - Nigeria

Green Microfinance Encourages Sustainable Economic Development

Gerard — Fri, 02 Mar 2012 20:38:26 GMT

The conventional path to economic development is through the use of fossil fuels and the associated negative environmental impact. One alternative to encourage actual sustainable development is green microfinance, using small loans for environmentally beneficial or neutral business enterprises. Unlike traditional micro loans, conditions or incentives placed are placed on the loan condition to encourage the sustainable use of resources.

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Nigeria: Revised Policy Fails to Excite MFBs Operators

Gerard — Thu, 22 Sep 2011 21:25:10 GMT

Operators of Microfinance Banks (MFBs) appeared unimpressed with the revised supervisory and regulatory framework for micro-finance banks (MFBs) approved by the Central Bank of Nigeria (CBN) last week.

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Competition Spurs Access to Banking And Innovation

Gerard — Tue, 16 Aug 2011 19:13:14 GMT

Competition among financial institutions is intensifying in Africa as more governments relax barriers to entry and open their countries' banking sectors to new players. The flurry of fresh entrants in some countries is credited with helping to drive down banking charges, improve access to banking services and spark off a wave of new products and services.

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Nigeria: MFBs Plan Trust Fund to Sustain Liquidity

Gerard — Fri, 11 Mar 2011 17:32:29 GMT

Operators of Microfinance Banks (MFBs) in Lagos state have concluded arrangement to establish a trust fund aimed at protecting them from liquidity shocks as well as to also help manage their liquidity position. The Chairman, National Association of Microfinance Banks (NAMB), Lagos State Chapter, Mr. Olufemi Babajide, disclosed this.

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Nigeria: Microfinance banks should serve the poor

Gerard — Wed, 02 Mar 2011 16:59:29 GMT

Joke Orelope-Adefulire, the Lagos State Commissioner for Women Affairs and Poverty Alleviation, has urged microfinance banks to serve the active poor diligently. Mrs Orelope-Adefulire urged the National Association of Microfinance Banks to come up with programmes that could change the lives of the poor, and advised it to set up a taskforce that would check activities of fraudsters in their midst.

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Nigeria: Relief as NDIC Pays Off Closed MFBs' Customers

Gerard — Tue, 18 Jan 2011 20:29:13 GMT

With the first official purging of the microfinance sector in 2010, four years after the introduction of the microfinance policy in Nigeria, depositors of the closed banks can now heave sighs of relief as the Nigeria Deposit Insurance Corporation (NDIC) has concluded payment of the first batch of depositors.

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Nigeria's top banker wins international recognition

Gerard — Thu, 06 Jan 2011 19:21:56 GMT

Nigeria is frequently cited as one of the most corrupt countries in the world, but its central banker has won two international banking awards. Mallam Lamido Aminu Sanusi has been named as the Central Bank Governor of 2010 for both the African continent and the entire world, by the prestigious Banker Magazine.

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Nigeria: NDIC to prosecute MDs of failed microfinance banks

Gerard — Mon, 13 Dec 2010 20:19:48 GMT

The Nigeria Deposit Insurance Corporation , NDIC, has commenced the compilation of the list of Managing Directors and top management staff of the failed microfinance banks whose licences were recently withdrawn by the Central Bank of Nigeria, CBN, with a view to prosecuting them.

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WAM: Women Advancing Microfinance International

Gerard — Mon, 08 Nov 2010 21:21:32 GMT

WAM began in 2003 after women professionals in the microfinance industry, most of them based in Washington, DC, began meeting, at first informally in each others' homes. This growing group of WAM Founders came together to discuss areas of common concern, to decide if a more formal organization made sense, to explore what such an organization might do to support women who work in the microfinance industry and, ultimately, to support the development of the industry itself. After several months of planning and program design, WAM was formally launched in October 2003. Membership has grown steadily since.

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For the unbanked, is mobile money cheap enough?

Gerard — Sun, 07 Nov 2010 08:53:33 GMT

Claudia McKay and Mark Pickens from CGAP have pulled together a comprehensive global pricing study on banking services targeting poor, unbanked and underbanked people in Africa, Asia and Brazil. The study examines pricing for services targeting unbanked and underbanked poor people in 10 countries. The conclusion: mobile banking and other forms of branchless banking are cheaper than traditional banking, but the gap between the two may not be as wide as some may think.

This weblog is sponsored by Avgo.org and Photo Cyprus.

Probanx - Core Banking Software - Microfinance Software

Gerard — Tue, 02 Nov 2010 22:56:44 GMT

Probanx Information Systems specializes in development of software for the financial institutions, offering multi-currency and multi-lingual banking systems with a large variety of modules, based on the latest technologies. We install and support turn-key international Banking Software and Microfinance Software solutions for retail banks, commercial banks, Internet banks and microfinance banks.

This weblog is sponsored by Avgo.org and Photo Cyprus.

Can microfinance programs heal rape victims in Congo?

Gerard — Sun, 31 Oct 2010 17:30:12 GMT

Microfinance programs geared toward African women can actually help heal victims of rape the same way that psychological counseling does – by restoring self-respect.

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Branchless Banking 2010: Is the hype justified?

Gerard — Sat, 30 Oct 2010 17:23:23 GMT

After several years of very high profile attention on mobile money and other branchless banking schemes, we think it’s time to test the hype. Or more accurately, we’ve wanted to for awhile. But acquiring good data is really, really hard. We’ve been unable to say in anything but a fragmented, mostly anecdotal way whether the unbanked really use branchless banking, what they use it for, if it saves them any money, and what more they might want (but aren’t getting yet). Just because we are excited about branchless banking doesn’t mean it is living up to the promises we make on its behalf.

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Norwegian Microfinance Initiative (NMI) Invests $4.5m in Kenya Women Finance Trust – Deposit Taking Microfinance (KWFT-DTM) and Uganda Finance Trust (UFT)

Gerard — Thu, 28 Oct 2010 17:41:19 GMT

The Norwegian Microfinance Initiative (NMI), a partnership between the Norwegian public and private sectors that provides assistance for microfinance institutions (MFIs) in developing countries, recently loaned KES 325 million (approximately USD 4.03 million) to Kenya Women Finance Trust – Deposit Taking Microfinance (KWFT- DTM), a microfinance institution based in Nairobi, Kenya, and UGX 1.25 billion (approximately USD 548,000) to the Uganda Finance Trust (UFT), an MFI in Kampala, Uganda, to support microenterprises.

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Nigeria: CBN Approves Provisional Licences for 121 Microfinance Banks

Gerard — Fri, 22 Oct 2010 14:47:55 GMT

The apex bank yesterday said it had granted provisional approval for new licences to 121 out of the 224 microfinance institutions, whose licences were recently withdrawn.

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Mobile is the future of microfinance?

Gerard — Wed, 20 Oct 2010 02:13:36 GMT

Lyon created a system to bring formal financial services to microfinance institutions and poor entrepreneurs via a mobile phone. He believes the new software, to be launched by the organization he founded, FrontlineSMS:Credit, could change the world of microfinance by changing the way the poor interact with the institutions.

This weblog is sponsored by Avgo.org and Photo Cyprus.

Rural Finance Learning Centre

Gerard — Tue, 19 Oct 2010 08:33:45 GMT

Rural Finance is about providing financial services for people living in rural areas. This Learning Centre aims to assist organisations in developing countries to build their capacity to deliver improved financial services which meet the needs of rural households and businesses.

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KFW: Africa Gains Connection to Globalisation

Gerard — Tue, 07 Sep 2010 20:10:25 GMT

KfW Entwicklungsbank is helping improve internet access in Africa: the East Africa Submarine Cable System (EASSy) provides about 250 million people on the continent with international communication through telephone and internet.

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IFC's Annual Africa Investment Hits Record US$2.4bn

Gerard — Sat, 04 Sep 2010 19:03:13 GMT

The International Corporation (IFC), a member of the World Bank Group, has announced a record investment volume in Sub-Saharan Africa for its 2010 fiscal year, underscoring its commitment to the region's private sector development, especially to supporting growth in the lowest income countries and those affected by conflict including Liberia.

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United Nations Development Programme Indicates 21% of Nigerian Adults Access Financial Services, Provides Support for Microfinance to Central Bank of Nigeria

Gerard — Fri, 03 Sep 2010 18:57:26 GMT

According to a recent study by the United Nations Development Programme (UNDP), the development arm of the United Nations, a humanitarian organization promoting peace and better living standards, 21 percent of the Nigerian adult population – 18 million people – have access to financial services, with women and youth least likely to have access.Limitations of the Nigerian microfinance industry are attributed to lack of capacity, inadequate coordination, policy shortfalls and a lack of strategy regarding stakeholders’ roles and responsibilities.

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Nigeria's microfinance policy review underway

Gerard — Wed, 01 Sep 2010 18:42:15 GMT

Nigeria's microfinance sector has failed to make the expected impact on the economy due to misconception by the operators, but this will soon change.

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Africa on the cusp of a mobile payments boom

Gerard — Sat, 17 Jul 2010 21:59:18 GMT

Mobile technology has the greatest chance of delivering financial services to Africa’s estimated 325 million low-income, un-banked people. Examples of African financial innovations abound and the results are being felt across the continent, where mobile phone penetration continues to skyrocket. Dianna Games writes about the success stories and the need for investors to think from the ground up.

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Nigeria: NAMB wants microfinance banks to patner with credit bureaux

Gerard — Mon, 12 Jul 2010 21:44:03 GMT

Matthias Omeh, president, National Association of Microfinance Banks (NAMB), on Monday advised microfinance banks to partner with credit bureaux to ascertain the status of their customers.

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Nigeria: D-8 Central Banks Endorse Monetary Collaboration

Gerard — Thu, 08 Jul 2010 21:47:53 GMT

Central Bank authorities from eight developing countries (D-8) including Nigeria, Bangladesh, Egypt, Indonesia, Iran, Malaysia, Pakistan and Turkey yesterday agreed to foster collaboration among member countries for the purpose of monetary, fiscal stability and development of member nations.

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Suisse Bank and African Capital and Business Support Offer N1b Loan To Microfinance Banks

Gerard — Tue, 29 Jun 2010 12:45:44 GMT

Nigerian micro-finance banks can now get as much as N1 billion loan to finance small scale businesses in the country through a new partnership between the Suisse Bank Plc of London,Smart Links Limited of Dubai and the African Capital and Business Support Limited. The loan being offered by the partnership is interest free for the first one year and subject to repayment in four years thereafter,the Vice Chairman of ACBS,Benjamin Aduli said yesterday in Abuja.

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40m Euros for microfinance sector in Ghana and Nigeria

Gerard — Thu, 24 Jun 2010 17:48:16 GMT

The micro-finance sector in Ghana and Nigeria has received a boost through a 40 million Euro fund, which was launched by Goodwell Investments of The Netherlands, Alitheia Capital of Nigeria and JCS Investments from Ghana.

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IFC Partners eTranzact on MobileMoney Project

Gerard — Mon, 21 Jun 2010 18:00:28 GMT

As part of efforts to bridge the gap between the banked and the unbanked population of Nigeria, eTranzact in conjunction with International Finance Corporation (IFC), a member of the World Bank Group, have embarked on a pilot project for the rural areas in Nigeria called Rural Telephony Project (RTP) MobileMoney.

This weblog is sponsored by Avgo.org and Photo Cyprus.

Burden of Financing Grassroots Economy

Gerard — Sat, 12 Jun 2010 20:07:34 GMT

Grassroots people identify easily with developmental banking, which is the reason they set money aside daily (Esusu) that would be used to grow their business as well as finance their families. So, it becomes a plus for them to have a private institution that provides funding for their business as well as refinance it in case there is misfortune that could prevent them from repaying their loans.

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Low awareness may mar CBN’s m-Payment regulation

Gerard — Thu, 10 Jun 2010 19:54:09 GMT

As applicants await approval to operate mobile payment in Nigeria, stakeholders complain that the issue of low awareness must be addressed to ensure success

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Nigeria: SMEDAN signs MoU with six Microfinance Banks on micro-credit

Gerard — Tue, 08 Jun 2010 19:32:09 GMT

The Small and Medium Enterprises Development Agency of Nigeria, has signed a Memorandum of Understanding with six Microfinance Banks on the provision of micro credit for small and medium scale enterprises in the country. The pact will also enable business owners in the country to benefit from entrepreneurship training programmes put together by SMEDAN and the microfinance banks.

This weblog is sponsored by Avgo.org and Photo Cyprus.

Nigeria: Integrated Microfinance Bank's Dream Not Dead

Gerard — Mon, 07 Jun 2010 19:40:30 GMT

Despite the challenges that the board and management of Integrated Microfinance Bank, IMFB, have been faced with, it is determined to come out stronger and bigger. In this interview, IMFB's Managing Director, Mr. Adamu Ibrahim, takes us through the events of the past 9 months, steps being taken to regain public confidence and the recent injection of funds by an investor.

This weblog is sponsored by Avgo.org and Photo Cyprus.

CBN jerks up capital base of micro-finance banks by 500%

Gerard — Sun, 06 Jun 2010 20:13:47 GMT

The Central Bank of Nigeria (CBN) is set to increase the minimum paid-up capital of Unit Micro-Finance Banks (MFBs) by 500 per cent to N100 million. It also increased that of State MFBs by 100 per cent to N2 billion. Under the micro-finance bank policy introduced in 2006, there are two categories of MFBs -State MFBs and Unit MFBs.

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From Change-A-Life, a reward for excellence and hard work

Gerard — Wed, 02 Jun 2010 19:59:00 GMT

For little Nkamere Precious, Opayemi Toluwani, Ebuka Uba, Umoh Uwana and Miss Ngozi Ogudu, the 2010 Children’s Day will ever be remembered for the impact it is going to make in their lives. It was the day they were rewarded for their outstanding performance and achievements for the year with a minimum of between 10 As and 14 As out of 12 to 16 subjects they sat for in their various schools.

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Nigeria: Clickatell Provides SMS to Microfinance Bank

Gerard — Sat, 27 Feb 2010 23:00:17 GMT

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

This weblog is sponsored by Avgo.org and Photo Cyprus.

Nigeria: Data on borrowers now critical to lenders

Gerard — Wed, 24 Feb 2010 22:33:32 GMT

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.

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Nigeria: Spring Bank Rewards Its Customers

Gerard — Sun, 14 Feb 2010 00:09:57 GMT

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.

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What Otudeko told FirstBank board

Gerard — Sun, 31 Jan 2010 14:03:56 GMT

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.

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Central Bank of Nigeria (CBN) Creates Mandatory Exam for Microfinance Bank Managers

Gerard — Fri, 29 Jan 2010 13:53:34 GMT

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.

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Probanx - CorePlus Banking Software - Microfinance Software

Gerard — Sun, 01 Nov 2009 20:19:21 GMT

This weblog is sponsored by Avgo.org and Photo Cyprus.

Nigeria: Savannah Bank Moves to Commence Operations

Gerard — Wed, 10 Jun 2009 16:09:07 GMT

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...

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Nigeria: The Economy And CBN At 50

Gerard — Tue, 12 May 2009 19:47:32 GMT

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.

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Nigeria Microfinance: A fast growing market in need of funding

Gerard — Sun, 10 May 2009 16:13:59 GMT

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.

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Fortis Microfinance Bank Alerts Customers Using SMS

Gerard — Wed, 06 May 2009 19:35:51 GMT

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.

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Africa: Does Financing Benefit African Women?

Gerard — Tue, 05 May 2009 19:54:48 GMT

Few women in Africa work in regular, formal sector jobs, and even those generally earn too little to escape from poverty. Decades after the world officially recognized a human right to gender equality, women remain largely excluded from the upper ranks of government and business, earn less than their male co-workers and face an array of customs, traditions and attitudes that limit their opportunities.

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Nigeria: AOW Canvasses Enabling Environment for Microinsurance

Gerard — Sun, 03 May 2009 15:35:53 GMT

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.

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Microfinance Services Powered by Mobile-Finance Technology

Gerard — Sat, 02 May 2009 15:12:51 GMT

New research reveals that mobile financial services offer some of the best commissions in the world — threatening to knock toothpaste from its lofty perch as the most lucrative product for profit hungry merchants. CGAP, a global microfinance centre, has listed M-Pesa as the world’s biggest mobile banking success.

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Nigeria: Innovation Fund launched to support Microfinance

Gerard — Thu, 23 Apr 2009 19:45:50 GMT

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.

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Nigeria: Inter-bank market for MFBs: how effective?

Gerard — Tue, 21 Apr 2009 21:51:28 GMT

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.

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Dana Air emerges Best ICT Driven Airline 2009 in Nigeria

Gerard — Thu, 16 Apr 2009 19:22:37 GMT

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.

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Nigeria: How the coming of credit bureaux will enhance operations of MFBs

Gerard — Mon, 30 Mar 2009 23:38:12 GMT

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.

This weblog is sponsored by Avgo.org and Photo Cyprus.