Mainstreet Microfinance Bank (MFB), a Nigerian microfinance institution, reportedly has been selected to access an undisclosed amount of the NGN 1 billion (USD 6 million) take-off fund that was established by the government of Nigeria and the National Automotive Council (NAC) in order to provide lending to mechanics in Nigeria. The fund aims to supply mechanics with equipment, tools and working capital.
MFB has also announced that it will adopt the International Financial Reporting Standards (IFRS), a set of standards for a globally-compatible financial system. MFB has started training some of its staff in order to meet the standards by March 2013 as is required by the Central Bank of Nigeria.
Mainstreet Microfinance Bank Limited (MMB) is a Nigerian microfinance institution that licensed by the Central Bank of Nigeria in 2011. Its primary objective is to enhance the socio-economic empowerment of the underbanked through the provision of financial services. MFB does not report to the US-based Microfinance Information Exchange (MIX), and financial information on the organization is otherwise unavailable.
By Charlotte Newman, Research Associate
About Mainstreet Microfinance Bank
Mainstreet Microfinance Bank Limited (MMB) is a Nigerian microfinance institution that was licensed by the Central Bank of Nigeria in 2011. Its primary objective is to enhance the socio-economic empowerment of the underbanked through the provision of financial services. MFB does not report to the US-based Microfinance Information Exchange (MIX), and financial information on the organization is otherwise unavailable.
Sources and Additional Resources:
Business Day: “Mainstreet MFB Accessess Fund for On-Lending to NAC,” http://www.businessdayonline.com/NG/index.php/microfinance/35390-mainstreet-mfb-accesses-fund-for-on-lending-to-nac
MicroCapital.org story, April 8, 2012, “MICROCAPITAL BRIEF: Advans SA Opens Microfinance Institution Advans Cote d’Ivoire, International Finance Corporation (IFC) Invests $1m in Equity,” https://www.microcapital.org/microcapital-brief-advans-sa-opens-microfinance-institution-advans-cote-divoire-international-finance-corporation-ifc-invests-1m-in-equity/
MicroCapital.org story, April 2, 2012, “MICROCAPITAL BRIEF: Nigerian Microfinance Banks to Adopt International Financial Reporting Standard (IFRS) by March 2013,” https://www.microcapital.org/microcapital-brief-nigerian-microfinance-banks-to-adopt-international-financial-reporting-standard-ifrs-by-march-2013/
MicroCapital Universe Profile: Mainstreet Microfinance Bank
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Mainstreet+Microfinance+Bank+Limited
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