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…N28 billion microfinance loan disbursed to 12 states By Gabriel Ewepu GUSAU – As Government reiterates its commitment to ensure rural people have financial inclusion, over 10, 000 Kastina and Zamfara States rural women in the past six years have been rescued out of poverty through the Rural Finance Institution Building Programme, RUFIN.
In a post that was published yesterday, I talked about 3 Nigerian banks that can give you loans without asking for collateral. if you’d like information on those banks. However, it turns out that non-collateral loans from banks are not designed to be utilized by all classes of business.For one, you might need to borrow a relatively small amount of money “say N50,000” and it might be sheer wickedness to ask you to open a corporate bank account and manage the account for 3 months before you apply for a N50,000 loan.
Inlaks, a banking software provider in Nigeria and West Africa, has built a core banking solution together with the Central Bank of Nigeria (CBN) for the country’s microfinance sector.It is understood the platform is based on the Temenos’ T24core banking system.
Over the years, the RBI has repeatedly urged our banks to step up credit flow to the Micro, Small & Medium Enterprise (MSME) sector. Time and again, the central government has launched several schemes to address this concern. But the result has turned out to be hardly satisfactory. According to latest figures available, the rate of growth of outstanding credit to MSMEs expanded by all scheduled commercial banks declined from 28.51 percent in 2012-13 to 19.66 percent in 2013-14, then to 12.62 percent in 2014-15 and further to 3.83 per cent in 2015-16.
Express Capital, an indigenous Microfinance Company, which has been in operation for five years, has acquired a Savings and Loans license from Bank of Ghana.The Company will now operate as Direct Savings and Loans Limited.Customers of the company have enjoyed excellent service delivery, thanks in great part to the strong work ethic of the employees.
Two firms suspended from trading on the Nigerian Stock Exchange, Fortis Microfinance Bank and Guinea Insurance, have said they were unfairly sanctioned.The firms were among 17 suspended last week from trading on equities for failing to file their various financial statements promptly.While Fortis Microfinance Bank blamed the suspension on the Central Bank of Nigeria, CBN, for delaying the approval of the company’s audited statements, Guinea Insurance Plc said the delayed approval of the firm’s financial statement by the National Insurance Commission, NAICOM, led to their inclusion in the NS
Kwara State Governor Abdulfatah Ahmed has urged microfinance banks in the state to render suitable and customer friendly services. He said this becomes expedient as current banking activities now demand more flexible services. He noted that his administration has ensured inclusive financial system to grow and expand businesses in the state.
Considering myriad of challenges militating against micro, small and medium-scale enterprises (MSMEs) in Nigeria, Small and Medium Enterprises Development Agency (SMEDAN) has launched special credits for the growth and development of MSMEs across the country.The funds, according to Dikko Umaru Radda, director-general of SMEDAN, will be made available to operators of MSMEs, especially micro, small and medium -sized industrialists and manufacturers, interest-free across the 109 senatorial districts, with a view to stimulating the economy through One Local Government, One Product Initiative. C
The MasterCard Foundation Microfinance Scholars Program in collaboration with the School of African Microfinance invites applicants to apply for SAM Scholarships in Africa. These scholarships are available in the field of Finance. The total amount for tuition, food and full-board accommodation for SAM 2017 is the US $4,950.