Intercontinental Bank Plc, a Nigerian based commercial bank, recently announced a microfinance partnership with the government of Oyo, a state in southwestern Nigeria. The Oyo government has set aside NGN 1 billion (approximately USD 8.6 million) to launch a microfinance scheme with the purpose of alleviating poverty, improving Oyo state’s current economic state and providing unbanked individuals with access to financial services. Details regarding specifics of the microfinance scheme were not released although BusinessDay Nigeria, a business print and online publication, reported that the funding would be used to establish a new microfinance bank. BusinessDay Nigeria reports that Oyo state government and Intercontinental Bank would split the equity share of the potential bank 50:50. Continue Reading »

Development Exchange Centre (DEC) of Nigeria recently loaned NGN 292 million (approximately USD 2.5 million) to 30,000 women in various Nigerian northern states. In a set of statistics released by DEC, the organization said the loan was made in hopes to reduce poverty and enhance the economic status of women in the affected states. Continue Reading »

United Bank for Africa Group Plc (UBA) of Nigeria, the largest financial services institution by total assets in West Africa, recently announced that it will invest USD 25 million in initial capital to open a microfinance subsidiary, UBA Microfinance Bank Limited. UBA Microfinance was established to provide poor people who are un-banked or under-banked with access to financial services. UBA’s Chief Executive Officer, Tony Elumelu adds, “We have people in small businesses and they need some advisory services to enable them to run their business right. They have the potentials, the economic conditions are right; but they don’t know how to go about it.” Continue Reading »

Citibank Bangladesh (Citi Bangladesh), the Bangladeshi banking arm of Citigroup (Citi), a global financial services firm, has signed a credit facility agreement with ASA, a Bangladeshi microfinance institution (MFI), which provides ASA with USD 10 million.  This financing will allow ASA to expand its microfinance portfolio and to disburse its funds to a larger number of micro-entrepreneurs.  Citi Bangladesh has agreed to provide the USD 10 million in the local currency, Taka (BDT). Continue Reading »

The Central Bank of Nigeria, the Nigerian government’s central bank founded in 1958, recently gave Integrated Microfinance Bank Limited (IMFB), a Nigerian microfinance institution, approval to become a “state microfinance bank”, as affiliated with the Nigerian government.  This will allow IMFB to establish new branches in any of the 36 states of Nigeria.  Continue Reading »

The Microfinance and Small Loans Centre (MASLOC), the microcredit unit of the Ghanaian government, recently loaned GHS 610,000 (approximately USD 625,243) to 3,500 individuals in the Upper East Region of Ghana.  MicroCapital recently reported on MASLOC’s loans of GHS 300,000 (USD 303,797) to entrepreneurs in the Upper West Region of Ghana. Continue Reading »

Asian-Pacific members of the World Savings Bank Institute (WSBI), an association of retail and savings banks located in 92 countries, have committed to improving microfinance services and giving poor people greater access to financial services.  The agreement was part of the Seoul Resolution, adopted at the 14^th annual meeting of WSBI members in the Asian-Pacific region.  About 150 delegates from 10 countries and 16 savings banks participated in the meeting. Continue Reading »

CGAP (Consultative Group to Assist the Poor) reported in its recent list of transactions that Dexia Microcredit Fund, a Luxembourg investment fund, lent USD 3 million to Fund for Local Development Nitlapán (FDL Nitlapán), USD 1.6 million to Mikrofin and USD 1.3 million to Fundación para el Apoyo a la Microempresa (FAMA), microfinance institutions (MFIs) in Latin America and Eastern Europe. Continue Reading »

CGAP (Consultative Group to Assist the Poor) reported in its recent list of transactions that Cordaid (Catholic Organization for Relief and Development AID), a Dutch development organization, lent USD 559,017 to FINCA Honduras, a Latin American microfinance institution (MFI) under the FINCA (Foundation for International Community Assistance) network. Continue Reading »

CGAP (Consultative Group to Assist the Poor) reported in its recent list of transactions that Dexia Microcredit Fund, a Luxembourg investment fund, lent USD 1 million to Bai Tushum Financial Foundation (BTFF), USD 500,000 to Finance for Development LLC (FinDev) and USD 500,000 to Angkor Microfinance Kampuchea (AMK), all of which are Asian microfinance institutions (MFIs). Continue Reading »

CGAP (Consultative Group to Assist the Poor) reported in its recent list of transactions that Oikocredit, a Dutch investment fund formed by the World Council of Churches, lent USD 6.2 million to commercial bank Opportunity Bank Montenegro, USD 2.5 million to commercial bank Micro Finance Bank of Azerbaijian (MFBA) and USD 1.6 million to Inicjatywa Mikro, a Polish microfinance institution (MFI). Continue Reading »

CGAP (Consultative Group to Assist the Poor) reported in its recent list of transactions, that Banco Bilbao Vizcaya Argentaria (BBVA), a Spanish financial institution, lent USD 300,000 to Fundación para el Desarrollo de la Microempresa (FUDEMI), USD 750,000 to Fundación para el Apoyo a la Microempresa (FAMA) and USD 541,440 to  CRAC Profinanzas, all three of which are Latin American microfinance institutions (MFIs). Continue Reading »