MICROCAPITAL BRIEF: Oikocredit Lends $10m to FCMB to Boost Lending to SMEs, Agricultural Enterprises in Nigeria

Netherlands-based cooperative Oikocredit recently invested USD 10 million in debt in First City Monument Bank (FCMB) Limited, which has operations in Nigeria and the UK. The investment will finance loans for

MICROCAPITAL BRIEF: Fintech Appzone of Nigeria Raises $10m in Funding Round Led by CardinalStone Capital Advisers

Appzone, a Nigeria-based financial technology firm, recently raised USD 10 million (NGN 3.8 billion) in its Series A round of funding, which was led by Nigeria-based private equity investor CardinalStone. The other participating investors were US-based Lateral Investment Partners and three Nigeria-based firms:

MICROCAPITAL BRIEF: CBN Adds $120m to COVID-19 Pandemic Relief Fund for Loans to MSMEs, Households in Nigeria

The Central Bank of Nigeria (CBN) recently announced the addition of NGN 50 billion (USD 120 million) to its Targeted Credit Facility, a stimulus program for micro-, small and medium-sized enterprises (MSMEs) as well as households affected by the pandemic. The funding will be disbursed through NIRSAL Microfinance Bank, which is minority-owned by CBN’s Nigerian Incentive-based Risk Sha

MICROCAPITAL BRIEF: Nigeria-based Microbank Citygate Global Introduces Fintech App Monéé

Citygate Global, a Nigeria-based microfinance institution, recently introduced Monéé, a digital application allowing customers to access financial services such as loans, savings, investments and bill payments via mobile phones. The app also offers fund transfers to

MICROCAPITAL BRIEF: Stanbic IBTC of Nigeria to Borrow $75m from CDC Group for On-lending in Sectors with Significant SME Supply Chains

The CDC Group, a development finance institution owned by the UK government’s Department for International Development, recently agreed to lend

MICROCAPITAL BRIEF: Pan-Atlantic University’s EDC, Mastercard Foundation Launch “Transforming Nigeria Youths Program” to Create 40k Jobs for Young People, Women

The Enterprise Development Centre (EDC) of Nigeria’s Pan-Atlantic University along with the Canada-based Mastercard Foundation recently launched the Transforming Nigerian Youths Program to “create a network of entrepreneurial and managerial changemakers particularly…across the micro-, small and medium-sized enterprises sector in Nigeria.” The goal is to provide 40,000 youth and women with

MICROCAPITAL BRIEF: IFC Guaranteeing Local-currency Equivalent of $25m for Union Bank to Invest in SMEs, Women-led Businesses in Nigeria

The World Bank Group’s International Finance Corporation (IFC) recently announced it will pay up to half of any losses that Union Bank of Nigeria may incur in lending the local-currency equivalent of USD 25 million to small and medium-sized enterprises (SMEs) in Nigeria. In particular, “the bank plans to offer more products and services to women-owned businesses, especially

MICROFINANCE EVENT: International Investors Forum for Financial Service Providers; March 9-10, 2020; Accra, Ghana; March 12-13, 2020; Lagos, Nigeria

These two events will bring together representatives of microfinance banks, NGOs, insurers and financial technology firms (fintechs) to meet with domestic and international investors. Speakers will include practitioners, researchers and government representatives. The goal is to

MICROFINANCE PAPER WRAP-UP: “Young People in Africa: Research Showing Opportunities for Financial Service Providers in Morocco, Nigeria and Senegal,” Published by World Savings Banks Institute

By Lise Paaskesen and Steven Peachey, published by the World Savings Banks Institute (WSBI), October 2019, 45 pages, available at 
https://www.wsbi-esbg.org/SiteCollectionDocuments/0587_ESBG_BRO_CENTRALREPORT%20(004).pdf

The Scale2Save initiative of WSBI and the Mastercard Foundation is intended to contribute to improving financial services for people aged 15 to 30 years by examining their access to services, support structures and entrepreneurship opportunities in three rapidly growing African countries – Morocco, Nigeria and Senegal. Part of this work is to

MICROCAPITAL BRIEF: 15 Mobile Money Firms Acquire Licenses from Central Bank of Nigeria

The governor of the Central Bank of Nigeria, Godwin Emefiele, reportedly has announced that, “We have so far provided 15 licenses to several mobile money operators who are working to increase access to finance using digital channels.” This is part of an effort to open 500,000

MICROCAPITAL BRIEF: FMO Loans $10m to DRC Arm of Nigeria’s Access Bank for SME Lending

The Netherlands Development Finance Company, which is also known by its Dutch acronym FMO, recently issued a loan of USD 10 million to the unit of Nigeria’s Access Bank Plc that operates in the Democratic Republic of Congo (DRC) to increase its financing of small and medium-sized enterprises (SMEs). 

MICROCAPITAL BRIEF: Nigerian Fintech Firm OPay Raises $120m in Equity Funding for Digital Payments, Ride Hailing, Food Delivery

OPay, a Nigerian mobile platform for making payments, arranging car rides and ordering deliveries from restaurants, recently raised USD 120 million in equity from 10 investors to scale up in Nigeria and expand to countries such as Ghana, Kenya and South Africa. OPay’s transportation arm, ORide, facilitates up to

MICROCAPITAL BRIEF: FMO Arranges Syndicated Loan of $162m for Access Bank of Nigeria, Supporting Private Sector, Including MSMEs

The Dutch development bank, which is known by the acronym FMO, recently arranged a syndicated loan of USD 162.5 million for Nigeria-based Access Bank. In addition to FMO, the participating lenders are the BlueOrchard Microfinance Fund, which is managed by BlueOrchard of Switzerland; Dutch cooperative Oikocredit;

MICROCAPITAL BRIEF: Nigeria’s Access Bank Buying Diamond Bank to Reach Total of 12m Customers

Nigeria-based Access Bank recently agreed to purchase Nigeria’s Diamond Bank for cash totaling NGN 72.5 billion (USD 199 million) plus stock in Access Bank. Diamond Bank shareholders will receive the equivalent of NGN 3.13 per share

MICROCAPITAL BRIEF: State of Ondo, Nigeria, to Provide $1.5m in Subsidized Loans to Individuals, Groups, Cooperatives Under Apalara Micro-Credit Loan Scheme, Mostly to Benefit Women

Governor Oluwarotimi Akeredolu of Ondo State, Nigeria, recently announced the launch of the Apalara Micro-Credit Scheme, which is intended to reduce poverty among people with low incomes. The scheme involves the distribution of NGN

MICROFINANCE EVENT: Africa Fintech Summit; November 8-9, 2018; Lagos, Nigeria

The Africa Fintech Summit Lagos will include sessions such as: (1) Regulatory Frameworks to Facilitate Innovation; (2) Banks and Fintechs – Models for Partnership; (3) The Outlook for Open Banking in Nigeria; and (4) Artificial Intelligence. Additionally, there is a half-day workshop on blockchain and the