As applicants await approval to operate mobile payment in Nigeria, stakeholders complain that the issue of low awareness must be addressed to ensure success
Business confidence fell unexpectedly in the second quarter of this year, led by a plunge in retail trade and the vehicle industry and suggesting that economic growth has slowed, a leading survey showed yesterday.
Lack of sufficient capital to support Small Medium Enterprise (SMEs) is said be responsible for the failure of microfinance banks in the country, just as the management of TechnoGlass Industries Limited(TGI) lamented the huge monthly electricity bill paid to Power Holding Company of Nigeria (PHCN) without getting the desired services from PHCN.
The conditions for investment and growth in Peru prompted IBM to develop a center to provide microfinance services in this South American country. Jaime Garcia Echecopar, general director for IBM in Peru, Bolivia, Ecuador, Paraguay and Uruguay, announced the launch of this project.
The Small and Medium Enterprises Development Agency of Nigeria, has signed a Memorandum of Understanding with six Microfinance Banks on the provision of micro credit for small and medium scale enterprises in the country. The pact will also enable business owners in the country to benefit from entrepreneurship training programmes put together by SMEDAN and the microfinance banks.
Despite the challenges that the board and management of Integrated Microfinance Bank, IMFB, have been faced with, it is determined to come out stronger and bigger. In this interview, IMFB's Managing Director, Mr. Adamu Ibrahim, takes us through the events of the past 9 months, steps being taken to regain public confidence and the recent injection of funds by an investor.
The Central Bank of Nigeria (CBN) is set to increase the minimum paid-up capital of Unit Micro-Finance Banks (MFBs) by 500 per cent to N100 million. It also increased that of State MFBs by 100 per cent to N2 billion. Under the micro-finance bank policy introduced in 2006, there are two categories of MFBs -State MFBs and Unit MFBs.
For little Nkamere Precious, Opayemi Toluwani, Ebuka Uba, Umoh Uwana and Miss Ngozi Ogudu, the 2010 Children’s Day will ever be remembered for the impact it is going to make in their lives. It was the day they were rewarded for their outstanding performance and achievements for the year with a minimum of between 10 As and 14 As out of 12 to 16 subjects they sat for in their various schools.
Ten years ago, it was not fashionable for social enterprises to take loans. Even if they wanted to, nobody would lend them money... Many small social investment firms have emerged recently.
Grameen Foundation announced it is expanding its technology for microfinance initiative to provide enhanced support to high-growth, mid-size microfinance institutions (MFIs) serving up to one million clients.
If Atlanta was the crucible from which these two movements sprang forth, why shouldn't Atlanta also be the place where a third movement will also originate - a third movement that will complete the sustainability triad and anoint Atlanta as the birthplace of sustainability?
CGAP, Deutsche Bank, Grameen-Jameel and Islamic Development Bank have joined forces to challenge the Islamic microfinance industry to develop new ideas for business models.
Even as financial inclusion emerges as one of the top goals of government and Reserve Bank of India, Microfinance Institutions (MFIs), which are the pioneers of financial inclusion, are finding themselves in a bit of soup, strangely enough for fats growth and for big profits. So are MFIs doing too much too fast?
Sustainable development is a pattern of resource use that aims to meet human needs while preserving the environment so that these needs can be met not only in the present, but also for future generations. The term was used by the Brundtland Commission which coined what has become the most often-quoted definition of sustainable development as development that "meets the needs of the present without compromising the ability of future generations to meet their own needs."
Sheetal Mehta is founder of Shanti Microfinance, which is a social enterprise charity that provides access to technology and capital for entrepreneurs in slums and villages in Gujarat, India.
CGAP, an independent microfinance center based at the World Bank, today announced a new partnership with the UK Department for International Development (DFID) to expand ongoing global efforts to use information and communication technologies (ICT), especially mobile phones, to increase access to basic financial services for the poor. In addition to a 2006 grant from the Bill & Melinda Gates Foundation and CGAP funding, DFID will provide GBP 8 million to the CGAP Technology Program.
Slum-dweller Krustin bin Juri lost everything when floodwaters swept through his home and shop on the banks of Jakarta’s filthy Ciliwung river two years ago.
But when the next flood hits, and it will because Jakarta sees frequent floods in the rainy season, bin Juri may have a modicum of protection thanks to a low-cost insurance policy that he purchased this month.
He is among millions of the world’s poor who are covered for natural disasters by cheap insurance, or microinsurance, as commercial firms recognise that insuring the poor is not just good public relations but also profitable.
Microfinance is a term for the practice of providing financial services, such as microcredit, microsavings or microinsurance to poor people. By helping them to accumulate usably large sums of money, this expands their choices and reduces the risks they face. Suggested by the name, most transactions involve small amounts of money, frequently less than US$100.
Silicon Valley company Bloom Energy revealed its heavily hyped and closely guarded solid oxide fuel cell on Wednesday, heralding the technology as a likely clean-tech game-changer. The system is already in use by companies like Google, eBay, FedEx, Staples and Wal-Mart.
Once upon a time, Sumitra used to roam the streets of the Indian city of Ahmedabad, collecting discarded caps which could be recycled and sold back to manufacturers such as Coca-Cola.
Clickatell, a vendor of messaging, is providing in-country SMS alert services to Satelite Microfinance Bank.
A permanent Calendar about the events of the FWA. The Financial Women’s Association brings together high achieving professionals from every sector of the financial world.
In reaction to the financial crisis, the U.S. banking industry and its regulators have been forced to seek new consumer protections that will put the industry on stronger ground. In marked contrast, one global subsector of the financial industry is moving proactively to ensure that client protection remains at the core of its business model. That subsector is microfinance, the provision of loans and other financial services to the poor worldwide.
Kiva President Premal Shah on the company's mission to fight poverty by lending to entrepreneurs. Video at Forbes.com
Ladi Smith, director, SIAO, in this interview with Daniel Obi, says Credit Awareness Nigeria Initiative is geared towards sensitising lenders on the need for credit information to avoid non-performing loans.
The ubiquity of the credit card and the impact of the recession mean the move to use a mobile phone to make payments and conduct banking is likely to be a slow and tortuous affair in Europe.
The summit will focus on urban poverty by bringing attendees to visit any of the seven leading microfinance organizations in Kenya.
A new microfinance bill that was recently introduced in the Indian Parliament would remove the cap on microloan interest rates. Although there would be no cap on interest rates, the regulatory body would “advise” microfinance institutions to keep rates low and would “closely monitor” them, according to government officials.
Central Bank of Nigeria (CBN) has been advised to shelve its proposed plan to conduct examination for all managing directors of registered microfinance banks across the country.
Will regulating the microfinance market in Egypt help breach a gap between supply and demand? Sherine Nasr seeks answers
MEPs gave the green light for EU funding to help Europe's unemployed start up small businesses. Credit will be made available to budding entrepreneurs through a "microfinance facility" funded partly from the existing Progress programme and partly from unallocated money in the EU budget.
Online sites like Babyloan or Kiva have taken the idea of lending small sums to help lift people out of poverty to create a direct personal link between lenders and borrowers.
The Microfinance Association (MA), an international membership organization for practitioners in the microfinance industry, has launched its Global Academy Program (GAP). The three-month program, developed by MA and Marconi University of Italy, is aimed at graduates seeking to develop a professional career in microfinance or international development.
In Mongolia, a microfinance system supported by The World Bank and its international partners helps create business opportunities in poor rural areas through the Mongolia Microfinance Development Fund and brings development to remote areas that have been severely affected by the global economic downturn.
Angel Acquisition Corp. ("Angel Acquisition Corp." or the "Company") (OTCBB: AGEL) announced today that the Company has signed a financing agreement with a Private Investor to partner with Angel's new micro financing, micro banking and micro lending network www.angelsinaction.tv
Bankers without Borders, a nonprofit that recruits finance executives to volunteer their time and expertise at microfinance projects in developing countries, has secured a $3m grant from JPMorgan Chase to expand the programme.
Microfinance, perhaps best known as a means of helping small business owners in developing countries move out of poverty, is one source already in place in the United States. These organizations make small loans and other financial services available to low- and moderate-income businesses.
Shah Mohammad Mir is the director of the Helmand Islamic Investment and Finance Corporation (HIIFC), an Islamic credit union, which makes microloans to farmers and other microentrepreneurs. Some farmers that previously grew poppies with Taliban-provided inputs have used loans to buy their own seeds and other supplies to grow wheat and other food crops. To comply with Shariah, Islamic law, loans do not bear interest but instead are repaid with a 2 percent administrative fee. Mr Mir says that the loans, normally for no more than USD 2,000 each, have enabled over 30 people to leave the Taliban. As a result, Mr Mir has received threatening phone calls and had guns fired outside his home. He left town for a short while, but has returned to operate HIIFC’s three branches, which have lent USD 1 million to 1,441 people since late 2007. Regarding the unrest in his country, Mr Mir says: “If we can get rid of the unemployment that should bring security.”
Poverty certainly emerged as the single most problem that lies at the heart of modern day crisis. It quite recently has assumed alarming proportions. Many efforts were made in the past but they could not wholly succeed. Among significant tools, the microfinance was also used for getting rid of poverty which quite recently plagued the whole world. There is always a room for innovation to be introduced to already existing structures. Though microfinance made some gains in alleviating it but with sufficient services the amount invested lie in the danger of being spent on the items of daily use owing to extreme poverty.
The Governor State Bank Syed Salim Raza said Islamic banking will be launched in microfinance sector.
NAMIBIA's first micro-finance bank is a reality after the Bank of Namibia (BoN) yesterday granted Fides Bank Namibia a permanent banking licence.
Microfinance: Trading bread for briquettes—MFIs are a new type of charity. Just because the holidays are over doesn’t mean you have to give up on giving. While supporting traditional environmental charities is a wonderful way to make a difference, you might also want to consider giving to eco-oriented microfinance institutions (MFIs). An MFI differs from a traditional aid program in that it lends, rather than donates, money at a low interest rate, which allows people to invest in small scale entrepreneurial projects of their own choosing.
MicroRate is the first rating agency dedicated to measuring the performance of microfinance institutions ("MFIs"). MicroRate's rating teams visit MFIs and "kick their tires". Statement of Damian von Stauffenberg Chairman and Founder MicroRate. Committee on House Financial Services Subcommittee on International Monetary Policy and Trade.
M&I Marshall & Ilsley Bank is adding to its mobile banking capabilities by launching an iPhone application for retail banking customers.
USAA is offering mobile banking to customers that have Google’s Android-powered smart phones.
USAA launched its Deposit@Mobile application for the Apple iPhone last year. Since then, USAA customers have deposited more than $300 million worth of deposits using their iPhones.
Khula Enterprise Finance (KEF) of South Africa provides funding to financial institutions to be channeled to socially-oriented causes.
"The relief effort is intense right now, and we know that Haiti needs food, water and medicine immediately, but Haiti will also need foundational support for it's economy"
Bill and Melinda Gates announced plans Friday to invest $10 billion in the fight against a number of illnesses including AIDS and said the record donation could save nearly nine million lives. Speaking at the World Economic Forum in Davos, Switzerland, they said the 10-year program will focus on vaccines for AIDS, tuberculosis, rota virus and pneumonia.
Microfinance leaders from 35 countries have already registered for the Africa-Middle East Regional Microcredit Summit to be held April 7-10, 2010 in Nairobi, Kenya. The Summit will be the largest microfinance gathering ever held in Africa and the Middle East. Her Royal Highness Princess Máxima of The Netherlands, one of the keynote speakers, will join Nobel Peace Prize Laureate Muhammad Yunus, BRAC Chair Fazle Abed, CARE CEO Helene Gayle, and Kenya’s Deputy Prime Minister and Finance Minister Mr. Uhuru Kenyatta at the Summit in Nairobi.
Chairman of FirstBank Plc, Mr. Oba Otudeko recentlyaddressed the board and management of the bank. In the address, Otudeko who was recently elevated to the chairman of the board, pointed the way forward for the bank.
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