Infinity Microfinance Bank, a Nigerian microbank, and the Partnership for Transforming Health Systems 2 (PATHS2), a program intended to improve Nigeria’s health system that is funded by the UK’s Department for International Development (DFID), reportedly will collaborate to expand PATHS2’s “Micro Health Insurance Scheme” (MHIS) in the country. According to a statement attributed to Mrs Clara Oloniniyi, the managing director of Infinity, the bank will encourage its customers and other members of the public to purchase MHIS. Mrs Oloniniyi reportedly stated that, “most times, microfinance banking faces a high rate of unrecoverable loans because some of the customers become suddenly ill on ordinary course of business… With the MHIS, such shortcomings will be eradicated.”
MHIS offers “full medical healthcare services” for NGN 3,375 (USD 21) per six months. Infinity reportedly has also contracted with about 27 hospitals in the Nigerian state of Lagos to ensure quality patient care for those covered by MHIS [1].
As of December 2011, Infinity reported total assets of NGN 304 million (USD 1.9 million), total liabilities of NGN 212 million (USD 1.3 million) and share capital of NGN 20.8 million (USD 128,000) [2]. More recent financial information on Infinity is not available. As of 2012, PATHS2 had a total budget of NGN 4.1 billion (USD 25.4 million) [3].
By Benjamin Krupp, Research Associate
About Infinity Microfinance Bank
Formed in 2007, Infinity Microfinance Bank is a microfinance institution (MFI) based in Nigeria. As of December 2011, Infinity reported total assets of NGN 304 million (USD 1.9 million), total liabilities of NGN 212 million (USD 1.3 million) and share capital of NGN 20.8 million (USD 128,000). As of 2010, Infinity reported a customer base of approximately 45,000.
About Department for International Development (DFID)
Formed in 1997, the Department for International Development (DFID) is the department of the British government responsible for carrying out overseas development work. The main spending areas included government and civil society, health, economic growth, education, and humanitarian assistance. As of 2013, DFID reported a budget of GBP 7.9 billion (USD 13.6 billion).
Sources and Additional Resources
[1] Leadership: Infinity Microfinance Bank Partners Path 2 on Micro Insurance Health Scheme
[2] Infinity Microfinance Bank: Infinity Microfinance Bank Limited Balance Sheet 2011
[3] PATHS2: PATHS2 National Quarter Twenty Report 2013
MicroCapital, July 11, 2014: National Insurance Commission (NAICOM) of Nigeria Approves Microinsurance Products from Mansard Insurance
MicroCapital, April 23, 2013: Nigeria’s Mutual Benefit Assurance Plc. Establishes Microfinance Bank In Effort to Drive Microinsurance
MicroCapital, April 30, 2012: Infinity Microfinance Bank of Nigeria Distributes Point of Sale Terminals to Loan Officers to Cut Fraud
MicroCapital Universe Profile: Infinity Microfinance Bank
MicroCapital Universe Profile: Department for International Development (DFID)
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