MICROCAPITAL BRIEF: Microfinance Banks in Nigeria Estimate Losses $14.9m Due to 6-Day Strike Against Removal of Fuel Subsidies

A 6-day strike in response to the removal of fuel subsidies in Nigeria has reportedly cost microfinance banks (MFBs) NGN 2.4 billion (USD 14.9 million) in expected inflows. Despite this setback, Olufemi Babajide, of the Lagos State Chapter of the National Association of Microfinance Banks, a Nigerian trade group, the goal for 2012 is to expand the loan portfolio of the organization’s 180 members to NGN 100 billion (USD 621 million) and to increase the number of borrowers that they serve from 1.2 million to 4.2 million.

About National Association of Microfinance Banks, Lagos State Chapter (NAMBLAG):

The National Association of Microfinance Banks of Nigeria (NAMB) is a trade group of microfinance banks (MFBs) that merged with the Association of Microfinance Banks in Nigeria (AMBN) in 2009. As of April 2011, NAMB has 820 member MFIs. Its Lagos State Chapter has 180 members as of December 2011.

By Ariana Malushi, Research Associate

Sources and additional resources

Vanguard: “Strike costs MfB sector over N2.4bn”
http://www.vanguardngr.com/2012/01/strike-costs-mfb-sector-over-n2-4bn/

MicroCapital.org Story, January 10, 2012, “MICROCAPITAL BRIEF: Lagos Chapter of Nigeria’s National Association of Microfinance Banks (NAMB) to Undertake Micro-Housing Project”
https://www.microcapital.org/microcapital-brief-lagos-chapter-of-nigerias-national-association-of-microfinance-banks-namb-to-undertake-micro-housing-project/

MicroCapital.org Story, December 20, 2011, “MICROCAPITAL BRIEF: Fortis Mobile Money to Enable Mobile Phone Banking for 180 Members of Nigeria’s National Association of Microfinance Banks, Lagos State Chapter (NAMBLAG)”
https://www.microcapital.org/microcapital-brief-fortis-mobile-money-to-enable-mobile-phone-banking-for-180-members-of-nigerias-national-association-of-microfinance-banks-lagos-state-chapter-namblag/

MicroCapital.org Story, January 9, 2012, “MICROCAPITAL BRIEF: Nigeria’s National Association of Microfinance Banks (NAMB) Asks Government Not to Set Up Microlenders”
https://www.microcapital.org/microcapital-brief-nigerias-national-association-of-microfinance-banks-namb-asks-government-not-to-set-up-microlenders/

MicroCapital Universe Profile: National Association of Microfinance Banks of Nigeria (NAMB)
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=National+Association+of+Microfinance+Banks+of+Nigeria+%28NAMB%29

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

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