Hasal Microfinance Bank Limited, a Nigerian microfinance institution (MFI), reportedly has provided NGN 6 million (USD 37,900) in asset financing to the Integrated Rice Farmers Association of Nigeria, a group of rice farmers based in the Nigerian state of Nassarawa, for farming equipment intended to boost productivity. According to a statement attributed to Hasal Microfinance CEO Rogers Nwoke, “the gesture was in furtherance of the bank’s philosophy to touch customers’ life for good by making them financially inclusive and improving their socio-economic well being at all times.” The new equipment includes a tractor, harrow, plow, ridger and trailer.
As of year-end 2011, Hasal Microfinance reported to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 15.2 million, a gross loan portfolio of USD 4.57 million disbursed to 955 borrowers, return on assets (ROA) of 3.89 percent, return on equity (ROE) of 20.7 percent and USD 11.6 million in deposits from approximately 33,000 depositors. Further information on the Integrated Rice Farmers Association is unavailable.
By Charlotte Newman, Research Associate
Sources and Additional Resources:
AllAfrica: “Nigeria: Hasal MFB Offers Rice Farmers N6 Million Asset-Financing Support,” http://allafrica.com/stories/201303250187.html
MicroCapital.org story, April 23, 2013, “MICROCAPITAL BRIEF: Nigeria’s Mutual Benefit Assurance Plc. Establishes Microfinance Bank in Effort to Drive Microinsurance,” https://www.microcapital.org/microcapital-brief-nigerias-mutual-benefit-assurance-plc-establishes-microfinance-bank-in-effort-to-drive-microinsurance/
MicroCapital.org story, April 15, 2013, “MICROCAPITAL BRIEF: Nigeria Deposit Insurance Corporation to Bailout Microfinance Institutions, Primary Mortgage Banks,” https://www.microcapital.org/microcapital-brief-nigeria-deposit-insurance-corporation-to-bailout-microfinance-institutions-primary-mortgage-banks/
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