MICROCAPITAL BRIEF: Nigerian National Petroleum Corporation (NNPC) to Seek License to Open Microfinance Bank

The Nigerian National Petroleum Corporation (NNPC) Staff Cooperative Multipurpose Society Limited, Lagos, a cooperative of oil and gas company NNPC, recently announced it has begun taking steps to get a license to set up a microfinance bank intended to benefit both members and nonmembers. Further information on the planned microfinance bank has not been released.

The 34 Nigerian microfinance institutions (MFIs) that reported 2011 data to the US-based nonprofit Microfinance Information Exchange (MIX) held an aggregate gross loan portfolio of USD 2.4 million disbursed to approximately 2,160 borrowers and total deposits of USD 2.9 million.

By Charlotte Newman, Research Associate

Sources and Additional Resources:

BusinessDay: “NNPC Cooperative Plans to Set Up Microfinance Bank,” http://www.businessdayonline.com/NG/index.php/microfinance/36788-nnpc-cooperative-plans-to-set-up-microfinance-bank

MicroCapital.org story, May 10, 2012, “MICROCAPITAL BRIEF: Microfinance Accounts for 3% of Nigeria’s GDP, says National Association of Microfinance Banks (NAMB),” https://www.microcapital.org/microcapital-brief-microfinance-accounts-for-3-of-nigerias-gdp-says-national-association-of-microfinance-banks-namb/

MicroCapital.org story, April 27, 2012, “MICROCAPITAL BRIEF: MTN, Stanbic IBTC Bank Partner to Provide Mobile Money Services in Nigeria,” https://www.microcapital.org/microcapital-brief-mtn-stanbic-ibtc-bank-partner-to-provide-mobile-money-services-in-nigeria/

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