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
Tag: Nigeria
MICROCAPITAL BRIEF: BII Lending $20m to Moove, Financier of Ride-hailing, Delivery Vehicles in Africa
British International Investment (BII), the UK government’s development finance institution, recently announced a four-year structured debt package of USD 20 million for Moove, a Nigeria-based financial technology (fintech) firm that helps drivers in Africa acquire motorcycles, cars and trucks to work for passenger and delivery driving services. Moove plans to use the proceeds to buy fuel-efficient cars for drivers in Nigeria to acquire through payments made over periods of up to four years. Moove’s vehicle financing packages include
MICROCAPITAL BRIEF: Baobab+ Borrows $5.1m from Symbiotics to Boost Solar Electrification in 6 Countries in Africa
Symbiotics, a Switzerland-based investor focused on small businesses in low- and middle- income countries, recently extended a loan of EUR 5 million (USD 5.1 million) to Baobab+, a French energy and technology company, with the objective of increasing electrification rates in Congo, Cote d’Ivoire, Madagascar, Mali, Nigeria and Senegal. Founded in 2015, Baobab+ provides access to solar energy and digital technology with the goal of
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
MICROCAPITAL BRIEF: Catalyst Fund to Incubate 6 “Inclusive” Fintechs Serving Africa, Latin America
Catalyst Fund, an initiative of the US-based firm BFA (Bankable Frontier Associates) Global, recently announced the tenth cohort of financial technology (fintech) companies that it will support in their efforts to serve more “underserved and climate-vulnerable communities in emerging markets.” Four of the companies are based in
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: Grameen Credit Agricole Foundation Lends $700k to LAPO SL for Microlending to Women in Sierra Leone
The Grameen Credit Agricole (GCA) Foundation has announced it lent approximately USD 700,000 to Lift Above Poverty Organization (LAPO) Microfinance Company SL, which is located in Sierra Leone, mainly serving women in rural areas. Its product lineup includes savings accounts as
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: 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
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