The International Finance Corporation (IFC), a member of the US-based World Bank Group, recently announced that it has committed to loan NGN 650 million (USD 4 million) to Grooming Centre, a Nigerian microfinance institution (MFI), to assist in expanding its reach to a total of 780,000 existing small businesses by 2018, including by expanding its coverage in rural areas of the country.
As of September 2013, Grooming Centre had 248 branches and 300,000 active clients in Nigeria, who were offered loans as small as NGN 30,000 (USD 200). Further financial information for Grooming Centre is not available. IFC has 182 member countries and as of fiscal year-end 2013 reported total assets of USD 77.5 billion.
By Megan McGowan, Research Associate
About Grooming Centre:
The Grooming Centre is a Nigerian microfinance institution that was established in November 2006 to increase financial services for poor people engaged in small-small trading and production. As of September 2013, Grooming Centre had 248 branches and 300,000 active clients in Nigeria, and offers loans as small as NGN 30,000 (USD 200). Financial information on the organization is not available from the U.S.-based nonprofit Microfinance Information Exchange or other standard sources.
About the International Finance Corporation:
A member of the US-based World Bank Group, the International Finance Corporation (IFC) offers loans, equity investments, advisory services and technical assistance to private companies with the intent of alleviating poverty and promoting open and competitive markets in developing countries. The IFC has 182 member countries and as of fiscal year-end 2013 reported total assets of USD 77.5 billion.
Sources and Additional Resources:
 International Finance Corporation Press Release: “IFC Invests in Nigeria’s Grooming Centre to Expand Microfinance to Small Businesses,” http://ifcext.ifc.org/IFCExt/Pressroom/IFCPressRoom.nsf/0/20EA363BBD2582BB42257C66004EB5DB
MicroCapital Story, November 21, 2013, “International Finance Corporation (IFC) Loans $31m to Fullerton Credit to Support Small, Medium-Sized Enterprises (SMEs) in China,”?http://www.microcapital.org/microcapital-brief-international-finance-corporation-ifc-loans-31m-to-fullerton-credit-to-support-small-medium-sized-enterprises-smes-in-china/
MicroCapital Story, November 9, 2013, “responsAbility Social Investments Makes Debt Investments Totaling $1.5m in Microfinance Institutions (MFIs) FINCA DRC of Democratic Republic of the Congo, Grooming Centre of Nigeria and WAGES of Togo,” http://www.microcapital.org/microcapital-brief-responsability-social-investments-makes-debt-investments-totaling-2m-in-microfinance-institutions-mfis-finca-drc-of-democratic-republic-of-the-congo-grooming-centre-of-nigeria/
MicroCapital Universe Profile: Grooming Centre, http://www.microcapital.org/microfinanceuniverse/tiki-listpages.php
MicroCapital Universe Profile: International Finance Corporation, http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=International+Finance+Corporation
Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at http://www.microcapital.org/products-page/