MICROCAPITAL BRIEF: Methodist Church of Nigeria to Establish Microfinance Institution (MFI)

The Methodist Church of Nigeria reportedly has announced that it plans to establish a new microfinance institution (MFI) in Nigeria, called Wesley Microfinance Bank Limited (Wesley Microfinance). It is expected that Wesley Microfinance will lend money to young entrepreneurs, create jobs and support farming in the country. The leaders of the Methodist Church reportedly invited other churches in Nigeria to invest in agriculture with the aim of expanding food production in the country.

According to a statement attributed to His Eminence, Dr. Samuel Emeka Kalu Uche, “the establishment of […] Wesley Microfinance Bank Limited is geared towards the empowerment of youths and the poor, both within and outside the church. This is in a bid to support the efforts of […] government in provision of food security and to create job [growth]”[1].

Details about Wesley Microfinance Bank Limited such as its proposed location and the size of its budget have not been released.

By Alíz Crowley, Research Associate

Sources and Additional Resources

[1] The Nation, Methodist Church to Establish MfB

MicroCapital, August 14, 2014, African Development Bank (AfDB) Issues $80m in Local- Currency Bond in Nigeria’s Capital Market

MicroCapital, August 3, 2014, Infinity Microfinance Bank, Partnership for Transforming Health Systems 2 (PATHS2) to Expand Micro Health Insurance Coverage in Nigeria

MicroCapital, July 31, 2014, Nigerian Government Exempts Microfinance Banks (MFBs) from Value-Added Tax

Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at https://www.microcapital.org/products-page/

Similar Posts: