FINCA Microfinance Bank Nigeria, an affiliate of the US-based Foundation for International Community Assistance (FINCA International), recently partnered with Opportunity International (OI) EduFinance to lend money for private-school fees to parents in southeast Nigeria. The two organizations are also planning to offer “School Improvement Loans” for school owners to improve their facilities. The goal is to reach 118,000 children within the next two years.
Based in London, OI EduFinance is a unit of the US-based nonprofit Opportunity International that seeks to improve the quality of education in developing countries by providing technical assistance to microfinance institutions lending to students, families and education institutions.
FINCA International is a nonprofit that aims to bring economic inclusion to unbanked regions of Africa, Eurasia, Latin America and the Middle East. Founded in 1984, FINCA International held USD 263 million in deposits and disbursed loans totaling USD 1.1 billion during 2016. As of 2017, FINCA microfinance institutions serve approximately 1.9 million people in 20 countries.
By Ryan Gauthier, Research Associate
Sources and Additional Information
FINCA home page:
FINCA International 2016 Annual Report:
Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at https://www.microcapital.org/products-page/.
- MICROCAPITAL BRIEF: Analytics Private Limited (APL) to Use IBM Technology to Help FINCA Pakistan Understand Customers Better, Improve Digital Financial Services
- MICROCAPITAL BRIEF: FINCA Nigeria Expands FINCA eXpress Agent Banking Service in Imo
- MICROCAPITAL BRIEF: FINCA Armenia Completes $7m Dual-currency Bond Issue
- MICROCAPITAL BRIEF: FINCA Microfinance Bank of Tanzania Rolls Out HaloYako Mobile Savings Product
- MICROCAPITAL BRIEF: MicroFinanza Rating Issues 8 Institutional, Social, Client-protection Credentials to Microfinance Institutions in Asia, Latin America