Patrick Gold Microfinance Bank, a Nigerian financial institution, recently launched the GetriPay and GetriSave digital banking platforms. GetriSave allows users to earn up to 13 percent interest on savings plus monthly loyalty rewards. GetriPay offers: (1) no-cost withdrawals from automated teller machines (ATMs), including an unlimited number of such transactions from Zenith Bank ATMs; (2)
Search Results for: nigeria
MICROCAPITAL BRIEF: DFC, Citibank Invest $300m in Access Bank for SME Financing in Nigeria
The US government’s International Development Finance Corporation (DFC) recently deployed USD 280 million in favor of Nigeria’s Access Bank to support about 4,000 small and medium-sized enterprises (SMEs), with a focus on women-owned and “climate-change focused” businesses. US-based Citibank is
MICROCAPITAL BRIEF: Airtel Africa Establishes Smartcash Payment Service Bank to Offer Payments, Remittances, Deposit to Individuals, Enterprises in Nigeria
Airtel Africa, a UK-based mobile money company active in Africa, recently launched Smartcash Payment Service Bank (PSB), to expand the range of financial services it offers in Nigeria. The move follows Airtel Africa having received a “super-agent” licence from the Central Bank of Nigeria, enabling the company to
MICROCAPITAL BRIEF: DFC, USAID, African Union’s AUDA-NEPAD Partner to Expand Access to Finance for MSMEs in Tanzania, Zambia, Malawi, Nigeria
The US Agency for International Development (AID) and the US International Development Finance Corporation (DFC) recently joined with the African Union Development Agency (AUDA-NEPAD) to provide loan guarantees to support micro-, small and medium-sized enterprises (MSMEs) in Tanzania, Zambia, Malawi and Nigeria. The goals of the partnership are to
MICROCAPITAL BRIEF: Max to Boost Financing of Motorcycle Taxis for Okada Drivers in Nigeria with $3m Credit Line from VFD Microfinance Bank, Operator of VBank
Nigeria’s VFD Microfinance Bank, whose primary offering is the VBank online banking service, recently agreed to open a credit line for Max, a Nigeria-based provider of electric and conventional motorbike leasing and other services to taxi drivers. In addition to lending Max up to USD 3 million, the bank will offer Max’s okada drivers
MICROFINANCE EVENT: 7th Annual Symposium of Nigerian Microfinance Platform; April 28, 2022; Abuja, Nigeria
The goal of this annual series of events is to bring together stakeholders in the Nigerian microfinance sector to discuss current issues in the field. The agenda for this year’s symposium includes the following topics: (1) Microfinance Banking in a Post-Pandemic Era: Financial Technology Options; (2) Improving Efficiency of Microfinance Banks through
MICROFINANCE PAPER WRAP-UP: “Measuring Fees and Transparency in Nigeria’s Digital Financial Services,” by William Blackmon and Brian Mwesigwa, Published by Innovations for Poverty Action
Digital financial services have evolved greatly in Nigeria over the last decade, but many people in the country still struggle to access formal financial services. This study explores three issues discouraging
MICROCAPITAL BRIEF: Pay-per-use Option from Software Group Targets Smaller FSPs Offering Branchless Banking in Nigeria
Software Group, a Bulgaria-based technology company serving financial services providers (FSPs), recently released a “Fast Track” version of its agency banking software. While the firm’s traditional agency product carries a subscription fee, the new version has a pay-per-use pricing structure, which can be more
MICROCAPITAL BRIEF: Angala Fintech Launches Payrail Agency App to Expand Agent Banking in Nigeria
Angala Financial Technology, a Nigerian firm, recently announced the release of its Payrail Agency mobile app, which allows entrepreneurs to offer branchless banking services to their customers. The app targets farmers as well as
MICROCAPITAL BRIEF: Simbatu Begins Selling Solar Energy Products in Nigeria
Simbatu, a retailer of solar equipment in Nigeria, recently launched its website, offering a range of equipment such as solar panels, hot water heaters, water pumps, power inverters and batteries. Pricing ranges from NGN 18,000 (USD 44) to NGN 338,000 (USD 820). Over time, the firm plans to add products powered by wind, water and biomass.
Daniel Andem, the Sweden-based founder of Simbatu, told MicroCapital that
SPECIAL REPORT: Networks in Nigeria, Latin America & Caribbean Boost Trajectory of Women Staff, Clients of Microfinance Institutions (MFIs)
At a session titled “Professional Women’s Networks and Women’s Leadership in Financial Inclusion,” Mariana Martinez of FinEquity, a platform hosted by CGAP that promotes women’s financial inclusion, described the platform’s new Spanish-language arm, FinEquityALC. FinEquityALC focuses on Latin America and the Caribbean, serving as a pilot project that could lead to FinEquity establishing other regional projects. The goals of FinEquityALC are to improve public policy that impacts women’s financial inclusion as well as financial products and financial education that are targeted at women. Its 1,100 users span 250 institutions.
Barbara Magnoni of Andares and EA Consultants described how Andares connects
MICROCAPITAL BRIEF: MFS Africa Acquiring Baxi to Expand Digital Payment Network for SMEs into Nigeria
Mobile Financial Solutions (MFS) Africa, a digital payments network based in South Africa, recently announced it will acquire Baxi, a platform facilitating online payments for small and medium-sized enterprises (SMEs) in underserved communities in Nigeria. Verdant Capital, a corporate finance firm that specializes in mergers and acquisitions,
MICROCAPITAL BRIEF: Trafficking Survivors to Access Microfinance from NAPTIP of Nigeria
Nigeria’s National Agency for the Prohibition of Trafficking in Persons (NAPTIP) recently announced it is planning to offer microfinance to survivors of human trafficking as part of a set of “sustainable and evidence-based rehabilitation, reintegration and empowerment programs.” These programs also will include
MICROCAPITAL BRIEF: SoftBank Leads $400m Equity Funding Round for Fintech OPay of Nigeria as it Eyes International Expansion
The SoftBank Vision Fund 2, a vehicle of the Japanese conglomerate SoftBank, recently led an investment package totaling USD 400 million in the Nigeria-based financial technology (fintech) firm OPay, a mobile platform for sending payments. The funding round values
MICROCAPITAL BRIEF: Forest Capital Acquires Kayvee Microfinance Bank of Nigeria as Part of Farmforte Plan to Boost Agricultural Value Chains via Technology, Financial Access
Forest Capital, a unit of Nigeria-based Farmforte Limited, recently acquired Nigeria’s Kayvee Microfinance Bank for an undisclosed price. Based in Nigeria, Farmforte’s goal is
MICROCAPITAL BRIEF: Judge in Nigeria Sentences Former Director of Workman Microfinance Bank to 5 Years in Prison
Sarita Aliyu Bello, the former Managing Director of Nigeria’s Workman Microfinance Bank, recently was sentenced to five years in prison after pleading guilty to
MICROCAPITAL BRIEF: IFAD Private Sector Financing Programme to Support Rural Businesses, Launching with $5m Loan to Babban Gona, Facilitator of Agriculture in Nigeria
The UN’s International Fund for Agricultural Development (IFAD) recently launched the Private Sector Financing Programme (PSFP) to support rural businesses; combat hunger, poverty and climate change; and promote the inclusion and empowerment of vulnerable groups in poor countries. The program will issue
MICROCAPITAL BRIEF: Oikocredit Loans $2.5m to Grace and Mercy Microfinance Institution to Support MSMEs, Women Entrepreneurs in Nigeria
Oikocredit, a Netherlands-based cooperative, recently offered a loan of USD 2.5 million to Grace and Mercy Households Improvement Initiative, a nonprofit microfinance institution in Nigeria. The loan is intended to support the expansion of