Former Nigerian gubernatorial candidate Prince Tonye Princewill has formed a NGN 26 million (USD 165,000) microfinance fund for women living in the Nigerian state of Rivers. Much of the fund will be disbursed by the government-backed Rivers State Microfinance Agency (RIMA) in the amount of approximately NGN 1 million (USD 6,340) “to each of the 23 local government areas in the state” [1].
For the year 2010, 24 microfinance institutions (MFIs) in Nigeria report to the US-based nonprofit Microfinance Information Exchange (MIX) aggregate gross loan portfolio of USD 84.4 million outstanding to approximately 482,000 borrowers.
By Brendan Millan, Research Associate
About Rivers State Microfinance Agency (RIMA): Established in 2008, RIMA is a government-backed microfinance institution (MFI) operating in Rivers State, Nigeria. RIMA does not report to the US-based nonprofit Microfinance Information Exchange (MIX) and financial data on the organization is otherwise not available.
Sources and Resources:
[1] Microfinance Africa: “Nigeria: Rivers Rural Women Get N26m Microfinance Loan” by Ike Wigodo. http://microfinanceafrica.net/news/nigeria-rivers-rural-women-get-n26m-microfinance-loan/
MicroCapital.org Article, March 13, 2012, “Lovonus Microfinance Bank Begines Operations in Nigeria’s Victoria Island”, https://www.microcapital.org/microcapital-brief-lovonus-microfinance-bank-begins-operations-in-nigerias-victoria-island/
MicroCapital Article, February 10, 2012, “Plans Still on for Nigeriato Create Microfinance Development Fund in 2012” https://www.microcapital.org/microcapital-brief-plans-still-on-for-nigeria-to-create-microfinance-development-fund-in-2012/
MicroCapital Universe Profile: Rivers State Microfinance Agency (RIMA), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Rivers+State+Microfinance+Agency+%28RIMA%29%3A
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
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