The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), a government agency, has agreed to collaborate with Azsa Microfinance Bank, which has raised NGN 60 million (USD 376,740) in paid-up capital. SMEDAN will provide entrepreneurial training, including mentoring and counseling to micro-, small and medium-sized enterprises (MSMEs), which it will then connect to Azsa Microfinance Bank for funding. The Azsa Microfinance Bank, will provide credit, equity or both to SMEDAN-trained MSMEs. Azsa may also recommend its customers to SMEDAN to receive training.
“The whole idea is to service MSMEs to help them surmount the challenges that confront them or pose as challenges during the course of their businesses,” noted the director of SMEDAN, Alhaji Muhammed Nadada Uma.
Among the mandates of SMEDAN is presenting the challenges faced by microfinance banks (MFBs) to the National Micro Finance Policy Consultative Committee, an agency constituted by the Central Bank of Nigeria to support the supervision of MFBs.
By John Crawford, Research Associate
About Small and Medium Enterprises Development Agency of Nigeria (SMEDAN)
The Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) was established by the federal government of Nigeria in 2003 to promote and develop the country’s micro-, small and medium-sized enterprise (MSME) sector. The organization’s mission is “to establish a structured and efficient micro-, small and medium-sized enterprise sector that will enhance sustainable development of Nigeria.” SMEDAN helps MSMEs access the resources required for their development and provides technical assistance as needed. SMEDAN also works with the Central Bank of Nigeria (CBN) to improve access to financial services for MSMEs.
About Azsa Microfinance Bank
Azsa Microfinance Bank Limited is a financial institution licensed and regulated by the Central Bank of Nigeria (CBN) to provide banking and financial services to economically active Nigerians. The Bank has NGN 100 million (USD 967,900) of authorized capital, of which NGN 60 million (USD 376,740) is fully paid up.
Sources and Additional Resources:
[1] Nigeria Rising: “SMEDAN, AZSA Mfb sign MOU on entrepreneurial training, financing”
http://nigeriarising.com.ng/sector-report/smedan-azsa-mfb-sign-mou-on-entrepreneurial-training-financing/
[2] http://azsa.fatcow.com/compro.htm
MicroCapital.org story, May 18, 2012, “MicroCapital Brief:
Central Bank of Nigeria (CBN): MSME Development Fund Not for Bailing out Microfinance Banks”, https://www.microcapital.org/microcapital-brief-central-bank-of-nigeria-cbn-msme-development-fund-not-for-bailing-out-microfinance-banks/
MicroCapital.org story, May 15, 2012, “MicroCapital Brief: Nigerian National Petroleum Corporation (NNPC) to Seek License to Open Microfinance Bank”, https://www.microcapital.org/microcapital-brief-nigerian-national-petroleum-corporation-nnpc-to-seek-license-to-open-microfinance-bank/
MicroCapital Universe Profile: SMEDAN
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Small+and+Medium+Enterprise+Development+Agency+of+Nigeria+%28SMEDAN%29
MicroCapital Universe Profile: Azsa Microfinance Bank
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Azsa+Microfinance+Bank
Browse the MicroCapital Universe and add your entry to the wiki at: www.microcapital.org/microfinanceuniverse/
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