MICROCAPITAL BRIEF: FINCA Nigeria Expands FINCA eXpress Agent Banking Service in Imo

FINCA Microfinance Bank Limited, the Nigerian affiliate of the US-based Foundation for International Community Assistance (FINCA International), is serving 20,700 customers via 20 agents in the state of Imo. The institution, which is also known as FINCA Nigeria,  established this agency banking model, FINCA eXpress, one year ago with three agents participating.

FINCA Nigeria reports total deposits of NGN 1 billion (USD 2.9 million) and gross loan portfolio of NGN 4 billion (USD 11.4 million).

FINCA microfinance institutions serve approximately 2 million people in 23 countries. As of 2015, the organization reported total assets of USD 1.1 billion, with an operating loss of USD 2.8 million. It was founded in 1984.

By Sascha Strobl, Research Associate

Sources and Additional Resources:

FINCA Nigeria press release:
http://www.fincanigeria.com/news/finca-express-one-year-of-unlimited-access-to-reliable-and-secured-financial-services/

FINCA International financial statement 2015:
http://www.finca.org/files/2016/09/2015-FINCA-Annual-Report-FINAL-spreads_SM.pdf?x92621

FINCA Nigeria:
http://www.fincanigeria.com

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