Nigeria’s Vanguard newspaper reports that the local microfinance interbank money market has collapsed due to the very liquidity problems it was intended to address. Initiated by Financial Derivatives Company Limited in April 2009, the market originally engaged five microfinance institutions (MFIs): ACCION Microfinance Bank, Integrated Microfinance Bank, MIC Microfinance Bank, Gapbrige Microfinance Bank and Susu Microfinance Bank. Since then, Integrated Microfinance Bank closed and other MFIs dropped out, some because they were unable to make payment.
Sources and Resources:
Vanguard source article:
http://www.vanguardngr.com/2010/01/17/liquidity-crisis-graounds-micro-finance-interbank-money-market/
MicroCapital posting regarding the closing of Integrated Microfinance Bank:
https://www.microcapital.org/news-wire-nigeria-crackdown-on-microfinance-institutions-begins/
MICROCAPITAL STORY: Microfinance Interbank Money Market Commences in Nigeria:
https://www.microcapital.org/microcapital-story-microfinance-interbank-money-market-commences-in-nigeria/
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