Infinity Microfinance Bank, a Nigeria-based microfinance institution (MFI), reportedly has distributed 80 point-of-sale (PoS) terminals among its loan officers to reduce the rate of fraud by loan officers who sometimes pocket loan payments without recording them. Infinity Microfinance Bank has recruited unspecified information communication technology consultants to monitor use of the PoS terminals.
For the year 2010, Infinity Microfinance Bank reported total assets of NGN 205 million (USD 1.3 million), a gross loan portfolio of NGN 122 million (USD 712,000) and a customer base of approximately 45,000. The firm’s customer base has reportedly since met the 50,000 mark [1].
By Brendan Millan, Research Associate
About Infinity Microfinance Bank: Formed in 2007, Infinity Microfinance Bank is a microfinance institution (MFI) based in Nigeria. For the year 2010, Infinity Microfinance Bank reported total assets of NGN 205 million (USD 1.3 million), a gross loan portfolio of NGN 122 million (USD 712,000) and a customer base of approximately 45,000.
Sources and Resources:
[1] Business Day: “Infinity Microfinance Bank introduces PoS terminals”, http://www.businessdayonline.com/NG/index.php/microfinance/36557-infinity-microfinance-bank-introduces-pos-terminals
MicroCapital.org story, April 1, 2012, “MICROCAPITAL BRIEF: Central Bank of Nigeria to Endorse Microfinance Development Fund, More Automated Teller Machines (ATMs), Regulation Related to Electronic Statements, Dispute Resolution”, https://www.microcapital.org/microcapital-brief-central-bank-of-nigeria-to-endorse-microfinance-development-fund-more-automated-teller-machines-atms-regulation-related-to-electronic-statements-dispute-resolution/
MicroCapital.org story, February 6, 2012, “MICROCAPITAL BRIEF: Microfinance Banks Exempt from Nigeria’s Cash-Lite Cashless Banking System and Tax”, https://www.microcapital.org/microcapital-brief-microfinance-banks-exempt-from-nigerias-cash-lite-cashless-banking-system-and-tax/
MicroCapital.org story, August 3, 2011, “MICROCAPITAL BRIEF: Nigeria’s Lagos State Microfinance Institution (LASMI) Establishes Artisan Fund”, https://www.microcapital.org/microcapital-brief-lagos-state-government-commits-8-5m-to-microfinance-banks-through-lagos-state-microfinance-institution/
MicroCapital.org story, September 21, 2010, “MICROCAPITAL BRIEF: Lagos State Government Commits $8.5m to Microfinance Banks through Lagos State Microfinance Institution”, https://www.microcapital.org/microcapital-brief-lagos-state-government-commits-8-5m-to-microfinance-banks-through-lagos-state-microfinance-institution/
MicroCapital Universe Profile: Infinity Microfinance Bank, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Infinity+Microfinance+Bank
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
Similar Posts:
- MICROCAPITAL BRIEF: Moniepoint Microfinance Bank Launches Mobile Banking App, Debit Card in Nigeria
- MICROCAPITAL BRIEF: Purpl Launches Remittances, Digital Wallets in Lebanon; Partners with Banque Libano-Française, Paysend
- MICROCAPITAL BRIEF: First City Monument Bank of Nigeria Offers Asset Financing Starting at $600
- MICROCAPITAL BRIEF: Bank of Africa, Sanad Fund Deploying $27m for SME Finance in Morocco
- SPECIAL REPORT: How to Achieve Responsible Digital Financial Services: European Microfinance Week Opens
