Emmanuel Chukwuma, the Anglican bishop of the diocese in Enugu, Nigeria, announced that the diocese will establish a microfinance bank that will employ 80 people and assist community residents who are already engaged in microenterprises.
The diocese is waiting for the Central Bank of Nigeria (CBN) to process its license before it can begin operations. Bishop Chukwuma notes that there has been some delay in this process since CBN is worried about other microfinance banks’ recent license revocations. He attributes some of these banks’ problems to an unwillingness to “operate within the speculated areas meant for it to operate and not competing with commercial banks.”
The new bank will reportedly have unspecified measures in place to limit lending risk and simplify recovery efforts [1].
By John Howard-Smith, Research Associate
[1] BusinessDay: “Micro-finance Bank Target Hundreds of Job for Indigenes”, http://thealitheia.com/microfinance/Micro-finance%20Bank%20Target%20Hundreds%20of%20Job%20for%20Indigenes.pdf
MicroCapital.org article, October 1, 2010: “MICROCAPITAL BRIEF: Central Bank of Nigeria Revokes Licenses of 224 Microfinance Banks”, https://www.microcapital.org/microcapital-brief-central-bank-of-nigeria-revokes-licenses-of-224-microfinance-banks/
Similar Posts:
- MICROCAPITAL BRIEF: Ebanx Acquires Payment Initiator License, Accessing Pix to Simplify E-commerce Purchases in Brazil
- MICROCAPITAL BRIEF: Moniepoint Microfinance Bank Launches Mobile Banking App, Debit Card in Nigeria
- MICROCAPITAL BRIEF: Buying Maritime Microfinance, Fintech Lender Payhippo Gains Deposit License, Access to Nigeria Inter-Bank Settlement System
- SPECIAL REPORT: Looking Back to Plan Ahead – The Year of AFISAR
- MICROCAPITAL BRIEF: 24 Education Technology Startups in Kenya, Nigeria Joining Mastercard Foundation EdTech Fellowship