MICROCAPITAL BRIEF: Nigeria’s National Association of Microfinance Banks to Create $13k Trust Fund

Microfinance banks operating in Lagos, Nigeria, reportedly aim to raise the equivalent of USD 13,000 (NGN 2 million) for onlending to economically active poor during 2013. The 180-member Lagos chapter of the National Association of Microfinance Banks (NAMB) has created a private trust fund named NAMBLA/BGL to provide short-and long-term liquidity to microfinance banks. Among the fund’s investors is the BGL Group, an investment banking company headquartered in Lagos, Nigeria. The BGL Group includes BGL Plc as the holding company and investment banking arm with the following subsidiaries: BGL Securities Limited, BGL Asset Management Limited and BGL Private Equity Limited. Financial details on the group are not available. The Lagos State chapter of NAMB has 180 members as of December 2011.

By Mihaela Grindeanu, Research Associate

About National Association of Microfinance Banks of Nigeria (NAMB): 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 2011, NAMB has 820 member MFIs and its Lagos State Chapter 180.

About BGL Group: BGL Group is an investment banking company headquartered in Lagos, Nigeria. The BGL Group includes BGL Plc as the holding company and investment banking arm with the following subsidiaries: BGL Securities Limited, BGL Asset Management Limited and BGL Private Equity Limited. Financial details on the group are not available.

Sources and Additional Resources:

Businessdayonlime.com story: “Microfinance banks move to raise N2m trust fund next year”, http://www.businessdayonline.com/NG/index.php/microfinance/39054-microfinance-banks-move-to-raise-n2m-trust-fund-next-year

MicroCapital.org story, March 19, 2012: “MICROCAPITAL BRIEF: Nigeria’s National Association of Microfinance Banks (NAMB) Aims to Lower Cost of Borrowing for Microfinance Institutions (MFIs)”, https://www.microcapital.org/microcapital-brief-nigerias-national-association-of-microfinance-banks-namb-aims-to-lower-cost-of-borrowing-for-microfinance-institutions-mfis/

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/

Similar Posts: