by the MicroCapital Team -

MICROCAPITAL BRIEF: 15 Mobile Money Firms Acquire Licenses from Central Bank of Nigeria

The governor of the Central Bank of Nigeria, Godwin Emefiele, reportedly has announced that, “We have so far provided 15 licenses to several mobile money operators who are working to increase access to finance using digital channels.” This is part of an effort to open 500,000

by the MicroCapital Team -

MICROCAPITAL BRIEF: Central Bank of Nigeria, Service Providers Partner to Establish 500k Financial Service Points via Shared Agent Network Expansion (SANE) Program

Under Nigeria’s new Shared Agent Network Expansion (SANE) program, the Central Bank of Nigeria, mobile-money operators, retail banks and “super agents” – organizations of 50 or more financial services agents – have agreed to create a network of 500,000 agents to offer services such as transferring funds to and from family members, vendors and the government. As part of the scheme, 50 million people will acquire biometric-based

by Petra Barbu -

MICROCAPITAL BRIEF: Central Bank of Nigeria (CBN) Releases Categorization System for “Non-interest Islamic Microfinance Banks”

The Central Bank of Nigeria (CBN), the country’s central banking authority, recently released a new categorization system for “Non-Interest Islamic Microfinance Banks” (NIMFBs). Such institutions operate under Islamic principles that prohibit charging interest, instead using arrangements such as the sharing of profit and loss.

by Hye In Arielle Oh -

MICROCAPITAL BRIEF: Central Bank of Nigeria (CBN) Grants National Microfinance Banking License to Fortis Microfinance Bank (Fortis MFB)

The Central Bank of Nigeria (CBN) recently granted a microfinance banking license to Fortis Microfinance Bank (Fortis MFB), a privately owned microfinance institution in Nigeria [1].

by Simon Pfanner -

MICROCAPITAL BRIEF: Central Bank of Nigeria (CBN) Issues First Disbursements from $1.36b Micro, Small and Medium Enterprises Development Fund (MSMEDF) After 2 Years of Delay

President Goodwill Jonathan of Nigeria officially launched the Micro, Small and Medium Enterprises (MSME) Development Fund at the eighth MSME finance conference in Abuja, Nigeria, where he announced the provision of NGN 870 million (USD 5.36 million) from the NGN 220 billion (USD 1.36 billion) fund to four beneficiaries

by Sarah Luo -

MICROCAPITAL BRIEF: Central Bank of Nigeria (CBN) Implements Bank Verification Number (BVN) Identification System for Customers in Lagos

The Central Bank of Nigeria (CBN), the country’s central banking authority, reportedly has initiated the first phase of a nationwide identification system upgrade for bank branches in Lagos.

by A'kos Szebeni -

MICROCAPITAL BRIEF: Central Bank of Nigeria Bans Debtors Owing More than $1.5m to Liquidated Banks from Seeking New Credit

The Central Bank of Nigeria (CBN), the country’s central banking authority, recently banned the extension of new credit to debtors owing over NGN 250 million (USD 1.5 million) to insolvent banks in the country.

by A'kos Szebeni -

MICROCAPITAL BRIEF: Central Bank of Nigeria (CBN) Allocates 60% of $1.3b Micro-, Small, Medium-Sized Enterprises Development Fund to Promote Women’s Empowerment, Gender Equality

In a publication outlining guidelines for the operation of its Micro-, Small, and Medium-Sized Enterprises Development Fund (MSMEDF), the Central Bank of Nigeria (CBN), the country’s central banking authority, included a mandate to allocate 60 percent of the fund, or NGN 132 billion (USD 802 million), for on-lending to women-owned enterprises in an effort to promote the empowerment of women and to reduce gender inequality.

by Nisha Koul -

MICROCAPITAL BRIEF: Central Bank of Nigeria Announces Closure of 83 Microfinance Banks (MFBs), Denies Shutdown of Additional 600 MFBs

The Central Bank of Nigeria (CBN), the country’s central banking authority, has rescinded the licenses of 83 microfinance banks (MFBs) in the country [1].

by Anesa Kratovac -

MICROCAPITAL BRIEF: Central Bank of Nigeria Launches $1.3b Micro, Small and Medium Enterprises Development Fund

The Central Bank of Nigeria (CBN), the country’s central banking authority, reportedly has launched a NGN 220 billion (USD 1.3 billion) Micro, Small and Medium Enterprises (MSME) Development Fund, which is intended to offer loans to microfinance institutions (MFIs) at an interest rate of 9 percent or less per year [1].

by Michael Averell -

MICROCAPITAL BRIEF: National Association of Microfinance Banks (NAMB), Central Bank of Nigeria (CBN) Propose Unified Software System for Microfinance Banks (MFB) in Nigeria

The National Association of Microfinance Banks (NAMB), a trade group of 820 microfinance banks (MFBs) in Nigeria, recently partnered with the Central Bank of Nigeria (CBN), the country’s main financial regulator, to propose a unified software system for all of NAMB’s member institutions.

by Michael Averell -

MICROCAPITAL BRIEF: Central Bank of Nigeria (CBN), Bill and Melinda Gates Foundation Create “Geospatial Mapping of Financial Institutions” Program in Effort to Boost Inclusion

The Central Bank of Nigeria (CBN), Nigeria’s central bank and main financial regulator, reportedly has partnered with the Bill and Melinda Gates Foundation (BMGF), a US-based nonprofit organization, to form a new initiative called “Geospatial Mapping of Financial Institutions” that aims to increase the financial inclusion of low-income Nigerians [1].

by Lena Phillips -

MICROCAPITAL BRIEF: Central Bank of Nigeria Agrees to Extend Deadline for Smaller Microfinance Banks to Raise Capital Until December 2013

The Central Bank of Nigeria (CBN) has agreed to extend the deadline by one year for microfinance banks (MFBs) to recapitalize as needed to avoid closing branches to comply with CBN’s regulatory framework that was revised in 2011 to limit the number and locations of branches MFBs can operate based on their level of capital.

by Nicole Boyd -

MICROCAPITAL BRIEF: Central Bank of Nigeria (CBN), National Association of Microfinance Banks to Establish Technical Committee to Address Implication of Microfinance Policy, Including Recapitalization of MFBs

The Central Bank of Nigeria (CBN), the country’s central bank, and the National Association of Microfinance Banks (NAMB), a trade group of 820 microfinance banks (MFBs) in Nigeria, recently agreed to establish a technical committee to address the recapitalization and other steps that some MFBs must undertake to comply with the Revised Microfinance Policy Framework that took effect January 1.

by Charlotte Newman -

MICROCAPITAL BRIEF: Central Bank of Nigeria Implements 3-Tiered Know-Your-Customer Requirements for Financial Institutions

The Central Bank of Nigeria (CBN), the country’s banking regulator, has introduced a three-tiered set of “Know Your Customer” (KYC) requirements for financial institutions that is intended to improve financial inclusion.

by Brendan Millan -

MICROCAPITAL BRIEF: Central Bank of Nigeria Allows States to Set up Microfinance Banks, Supports Entrepreneurship Development Centres in Beneu, Borno, Cross River

The Central Bank of Nigeria (CBN), the country’s banking authority, reportedly has amended its microfinance guidelines to permit state governments to establish microfinance banks.

by Lena Phillips -

MICROCAPITAL BRIEF: Rejecting Kenya’s M-Pesa Model, Central Bank of Nigeria Bars Telecommunications Companies from Becoming Licensed Mobile Money Operators

The Central Bank of Nigeria (CBN), the country’s central banking authority, reportedly has decided that telecommunications companies will not be allowed to become licensed mobile money operators for fear that they will limit competition within the industry.

by Lena Phillips -

MICROCAPITAL BRIEF: Central Bank of Nigeria (CBN): Telecommunications Company May Have Violated Mobile Banking Regulations

A large telecommunications company, which has not been identified, is reportedly under investigation by the Central Bank of Nigeria (CBN) because of its work with two Nigerian banks on establishing mobile banking services.