Major stakeholders in banking and finance, on Monday disagreed with the Senate over its proposed amendment of laws on the regulation and supervision of Micro Finance Banks (MFBs) in the country.They said that what the bank needed was re-modelling of its operations to function effectively and not amendment of laws regulating its operations.The stakeholders included the Federal Ministry of Finance, Central Bank of Nigeria (CBN), the Nigeria Deposit Insurance Corporation (NDIC), and Institute of Chartered Accountants of Nigeria (ICAN).They made the position known at a Public Hearing organised
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.
We would like to welcome Miss Microfinance Nigeria from Nigeria as a new SuSanA partner organisation!The following text is taken from their application form and was written by the partner organisation themselves.Description and Activities in Sustainable Sanitation:Miss Microfinance is a voluntary organization that is focused on changing labor dynamics in Nigeria and Africa in favor of young girls by providing life skills, soft 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.
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.
The Bank of Industry (BoI) has pledged to partner with micro finance banks (MFBs) in Nigeria to support small businesses and promote financial inclusion.Speaking at a technical session organised by BoI for MFBs, Olukayode Pitan, the newly appointed chief executive officer of the development bank, said the DFI understood the key role played by micro finance banks in bridging the financing gap experienced by micro enterprises in the Nigerian economy.Pitan said BoI was seeking to align with MFBs to promote financial inclusion and deepen activities among people at the bottom of the pyramid.“In
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.
Accion Microfinance Bank has been listed as a Company to inspire the Africa Continent in the inaugural edition of London Stock Exchange Group’s Companies to Inspire Africa 2017 report. Accion MfB is listed as one of 343 companies from various sectors of the economy identified by the London Stock Exchange as companies to inspire Africa…This content is for Standard & Premium Digital Subscribers only.