Integrated Microfinance Bank Plc (IMFB), a Nigerian based microfinance institution (MFI) has commenced operations in the Nigerian State of Kaduna. This announcement was made by Mr. Simon Ankinteye, the managing director and chief executive officer of IMFB during a chat with reporters in Lagos, Nigeria, according to a press release found on the news portal, NigerianBulletin. The release quoted Mr. Akinteye as saying that IMFB would offer the people of Kaduna banking services and other products such as lease financing, partnership financing, investment account for children, a trust fund and a savings account. He also added that specialized skill training would be provided to empower the people of Kaduna to ‘live above poverty levels’.
IMFB is one of the 800 organizations that have been licensed by the Central Bank of Nigeria (CBN) to supply credit to the marginalized poor and thereby support the Nigerian Government in its efforts to address poverty and meet the UN Millennium Development Goals (MDGs). With nearly 70 percent of its population living in poverty and more than 54 percent living below the poverty line (less than one US dollar a day), the United Nations has classified Nigeria as ‘Off track‘ in terms of meeting the first of its Millennium Development Goals (i.e. by 2015, reduce by half the proportion of population living on less than one dollar a day). According to a recent story featured by MicroCapital on microfinancing in Nigeria, the Government of Nigeria has identified microfinance as an effective tool to achieve its objectives of economic growth, inclusive finance and poverty alleviation. In this regard, as a step towards creating a more stable financial system which the poor can avail of, the Central Bank of Nigeria has started regulating the operations of all financial institutions in Nigeria including IMFB and bringing them under its purview. MicroCapital previously reported on IMFB’s license granted by CBN, more information on that story can be found here.
Incorporated in June 2006 as a limited liability company, IMFB’s mission is to economically empower the poor through innovative products and to take the Small and Medium Enterprise (SME) businesses in Nigeria to the ‘next level’ through the provision of effective financial services. As of December 2007, it had 8,641 active borrowers with a total asset base of USD 22.5 million, a gross loan portfolio of USD 7.0 million, a debt to equity ratio of 302.83 percent and a total of 14 branches spread across several states in Nigeria. As part of its efforts to support the Nigerian Government to promote economic growth, the IMFB has forged partnerships with several local governments including the Oyo, Lagos and Kano state governments. With the Oyo State Government, IFMB signed a pact to disburse loans worth a total of USD 3 million to small and micro business owners. MicroCapital previously reported on IMFB’s plans for expansion in the states of Oyo and Ogun. More information on the story can be found here.
Speaking on IMFB’s plans for the state of Kaduna, Mr. Akinteye said that IMFB’s products would be used towards development in the areas of agriculture, livestock, commerce and business, women and people empowerment and the production and manufacturing sector. In addition to this, IMFB would also provide free social programs such as capacity building, skill training, health services, maternal and child mortality awareness under its social program department. The release stated that Mr. Akinteye assured the people of Kaduna of IMFB’s commitment to improve their economic status. Currently Nigeria is ranked among the 25 poorest developing countries of the world in terms of standard of living, life expectancy and literacy, according to the 2008 Human Development survey of the United Nations.
Additional Resources:
NigerianBulletin press release.
MicroCapital.org:
June 6, 2008: CBN approves IMFB to become a Nigerian State Microfinance Bank
December 23, 2008: Kings MFB disburses loans to Nigerians
June 23, 2008: IMFB undertaking private placement of USD127m
United Nations: 2008 Human Development Survey
Similar Posts:
- MICROFINANCE EVENT: 8th Annual Symposium of the Nigerian Microfinance Platform; June 20-21, 2023; Lagos, Nigeria
- MICROCAPITAL BRIEF: African Development Bank (AfDB) Disbursing $1.6m for Green Finance in Benin, Côte d’Ivoire
- MICROCAPITAL BRIEF: Opportunity International, UPS Foundation Announce “Unstoppable Women Initiative” to Expand Financial Services in Colombia, India, Indonesia, Nigeria
- MICROCAPITAL BRIEF: Standard Life Organization Borrows $3m from Oikocredit to Invest in MSMEs, Education in Nigeria
- MICROCAPITAL BRIEF: Babban Gona Borrows $5m from Huruma Fund to Support Smallholder Farmers in Nigeria, Prepare for International Expansion
