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THE CENTRAL BANK will soon extend microfinance-oriented banks the option to convert to become regular thrift or rural lenders, following a series of reforms introduced by the regulator to open up the Philippine banking sector.
The Bangko Sentral ng Pilipinas (BSP) through Circular 929 said it will
“allow the conversion of microfinance-oriented thrift banks (TBs) and rural banks (RBs) to regular TBs and RBs as well as the conversion of their microfinance-oriented branches to regular branches,”
Operations of microfinance banks in Nigeria received a boost as two microfinance institutions, Grooming Centre and Fortis Microfinance bank were given the Smart Certification for client protection.The News Agency of Nigeria (NAN) reports that the Smart certification provided an independent, objective seal of confidence that a financial institution is doing everything it could to treat its clients well and protect them from harm.The Smart campaign began in 2008 when a group of microfinance industry leaders came together to launch a campaign that establis
The Vice-President and Treasurer, International Finance Corporation, Jindong Hua, says the financial institution is ready to work with microfinance banks in Nigeria to deepen financial inclusion.He said microfinance banks were crucial to achieving the Sustainable Development Goals of the United Nations, adding that MFBs were closer to the grassroots.This, Hua said, informed the IFC’s decision to collaborate with Accion Microfinance Bank.He also stressed the importance of financial technology to achieving financial inclusion, disclosing that the IFC had invested over $4bn in 100 countries to
Accion micro finance bank, one of Nigeria's leading micro finance institutions has pledged to contribute immensely to deepening financial inclusion in the country.This was a commitment shared to stakeholders at its 10th anniversary celebration, which it marked with a financial seminar on "Making Financial Inclusion, A Certainty in Nigeria by 2020"at the Oriental Hotel, Lagos.In his opening remarks the Chairman of Accion Micro-Finance Bank Mr Patrick Akinwutan, said the banks was set up to solve access to financial services in Nigeria.Since its inception in 2007, Mr Akinwutan outlined the pr
Collaboration between microfinance banks and telcos in rolling out products and services that boost financing of micro small and medium Enterprises (MSMEs) is imminent, financial sector players say.Microfinanciers are being considered to have an important role to play in financing MSMEs that will power Kenya’s take off and improve the quality of lives through creation of goods and employment.There are about 13 microfinance banks, which are licensed by the Central Bank of Kenya (CBK).Considering the trends of mobile phone penetration in Kenya, the market is expecting more exciting products t
A total of 99,200 Burundian rural households in 17 provinces will benefit from a financial agreement signed today between the International Fund for Agricultural Development (IFAD) and Burundi. The agreement will enhance the availability of financial services in rural areas where demand currently far outstrips supply. Particular attention will be given to the most vulnerable groups, including women and young people.The financing agreement for the Project to Support Agricultural and Rural Financial Inclusion in Burundi (PAIFAR-B) was signed in Rome by Gilbert F.