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
The Guardian article:
https://guardian.ng/business-services/finca-mfb-unveils-loans-to-enhance-access-to-quality-education/
FINCA home page:
https://www.finca.org/
FINCA International 2016 Annual Report:
https://www.finca.org/files/2014/02/2017-FINCA-Annual-Report-FINAL-10.27.pdf
Opportunity International:
https://opportunity.org/
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