Category: Microfinance
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Digitization in Microfinance banks
Samson .T (Ajayi) Jola-Michae Many IT professionals were idle, while some were overwhelmed with so many activities during the lockdown due to Covid-19 pandemic. I feel reluctant to write this, but it is a path to opening up digital growth for Microfinance Banks (MFBs). A digital Microfinance bank in this context is a bank that…
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Microfinance in Nigeria: An Outlook for the next decade
Adolphus Areban Abraham As we enter a new decade, it is imperative for us to take a projective view of microfinance. Potential investors, whose interest this column seeks to focus should be able to decide if their investment will extinguish should they decide to enter the industry today or within the decade. They should be…
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Players in Nigeria’s micro finance sector must leverage on digital technology to deepen financial inclusion.
Stakeholders at the recently held 2019 Accion Microfinance Bank Seminar on Financial Inclusion emphasized the need for Microfinance banks to leverage digital technology to increase their lending activities, deepen financial inclusion and expand micro, small and medium -scale sector businesses. The event themed “Re-Emerging Microfinance Banks: Digital Reality” brought together regulators, members of the academia,…
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Abandoned NIPOST Offices in 774 LGs to Serve as CBN Microfinance Banks
Shola Oyeyipo in Abuja Abandoned offices of the Nigerian Postal Service (NIPOST) spread across the 774 local government areas in Nigeria will henceforth serve as microfinance banks operated by the Central Bank of Nigeria (CBN). This revelation was made at the weekend by Nigeria’s Post Master General, Mr. Bisi Adegbuyi, represented by NIPOST’s General Manager,…
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QuickCheck boosts financial inclusion with new App
QuickCheck, an online banking and micro-lending platform that provides collateral-free loans, has launched a new app to improve financial inclusion among Nigerians, while also educating borrowers about financial instruments and managing risky debts. About 60 per cent of the country’s adult population remains financially excluded, lacks credit history and cannot access financial services such as…
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Recapitalisation’ll enhance corporate governance in MfBs — MD Advans MfB
Obinna Ukachukwu is the Managing Director, Advans La Fayette, Microfinance Bank, MfB, which recently opened its first branch in Lagos. In this interview, he spoke on the necessity for recapitalisation in the MfB sub-sector and why it took Advans La Fayette MfB, seven years before it opened its first Lagos branch. He also shares his…
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CAN CASH TRANSFER PROGRAMS DEEPEN FINANCIAL INCLUSION IN NIGERIA?
Tochukwu Okwuanya Lagos, Nigeria In the past five years, I have had boots on the ground in the quest to deepen financial inclusion in Nigeria; first as Agent Network Manager for one of the early Digital Finance Startups in Nigeria, but later as a Product Manager for one of the Mobile Money Operators in Nigeria.…
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Financial inclusion and cashless policy is still underserved if I cannot buy roasted corn without cash
Dear Fellow FinTech expert, To all of us in the financial sector, most especially those that are operating in the sphere of financial technology and money integration, I wish to say categorically that all our efforts are still far below the addressable market and I call on all of us to brace up our thinking…
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Making Nigeria a credit driven society
In the last few years, financial inclusion has become a regular phrase amongst organisations looking to deepen the reach of financial services to unserved and underserved people across the country. This has given rise to several products, services and strategies typically designed to help a large part of the population access financial services to better…