MICROCAPITAL BRIEF: Eagle Flight Microfinance Bank Attempts to Reassure Clients After Mistakenly Being Included in List of Failed Nigerian Microfinance Banks (MFBs)

Eagle Flight Microfinance Bank, a financial institution licensed with Central Bank of Nigeria (CBN) and based in the city of Warri, reportedly was mistakenly included in a 2010 list of over 100 microfinance banks (MFBs) whose licenses were to be revoked by CBN. A week after the list of banks who could not repay debtors was released, CBN discovered that Eagle Flight Microfinance Bank was included in the list in error. In an effort to restore confidence in the bank, Eagle Flight hosted a party celebrating its fifth anniversary during which it gave away various gifts to clients including vehicles, plasma televisions, dining sets, electric generators and refrigerators.

The celebration was also reportedly aimed at thanking the bank’s clients for their continued loyalty during the recent turmoil in the microfinance industry of Nigeria. Despite rumors that Eagle Flight might have its license revoked in 2010, clients were apparently unfazed. One such client, Deborah Laju Mabiaku, said the bank had given women in the region an opportunity to have access to loans and that she trusted “the brains behind the vision implicitly.”

Eagle Flight Microfinance Bank does not report to the Microfinance Information Exchange (MIX), but the chairman of the bank, Pastor Helen Oritsejafor, reported that Eagle Flight had NGN 1 billion (USD 6.47 million) in share capital as of December 2010 [1].

By John Howard-Smith, Research Associate

About Eagle Flight Microfinance Bank: Founded in 2005, Eagle Flight Microfinance Bank is a financial institution licensed with Central Bank of Nigeria (CBN) and based in the city of Warri. Eagle Flight aims to encourage entrepreneurial development, instill a culture of savings and bridge the gap between the poor and the rich using technology. Eagle Flight Microfinance Bank does not report to the Microfinance Information Exchange (MIX), but the chairman of the bank, Pastor Helen Oritsejafor, reported that Eagle Flight had NGN 1 billion (USD 6.47 million) in share capital as of December 2010.

[1] Vanguard: “Eagle Flight MFB makes giant strides”, http://www.vanguardngr.com/2011/02/eagle-flight-mfb-makes-giant-strides/

MicroCapital.org story, 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/

MicroCapital.org Brief, January 24, 2011: Nigeria Deposit Insurance Corporation (NDIC) Begins to Repay Customers of Failed Microfinance Banks, https://www.microcapital.org/microcapital-brief-nigeria-deposit-insurance-corporation-ndic-begins-to-repay-customers-of-failed-microfinance-banks/

MicroCapital.org story, February 17, 2011: “MICROCAPITAL BRIEF: Nigeria Deposit Insurance Corporation (NDIC) Meets with Directors of Liquidated Microfinance Institutions (MFIs) to Discuss Customer Payouts”, https://www.microcapital.org/microcapital-brief-nigeria-deposit-insurance-corporation-ndic-meets-with-directors-of-liquidated-microfinance-institutions-mfis-to-discuss-customer-payouts/

MicroCapital’s Microfinance Universe profile: Eagle Flight Microfinance Bank, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Eagle+Flight+Microfinance+Bank

Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/

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