Nigerian Government Creates $426m Microcredit Development Fund
Nigerian Government Creates $426m Microcredit Development Fund
The creation of the fund has been expected by the development community for some time and comes as part of Nigeria’s microfinance framework as established in 2005. The announcement took place on February 19th at CBN’s “Banks and the Nigerian Economy” conference and was followed by a request in which Yar’Adua asked states and municipal governments to contribute one percent of their annual budgets to the fund.
This comes after MicroCapital reported on a consolidation of the Nigerian banking community that closed down at least 145 banks leaving 716 MFIs in operation. According to another MicroCapital report, only eight of these providers report to MIX, the microfinance information clearinghouse. The reporting MFIs have a combined gross loan portfolio of USD 12 million with 250,000 active borrowers.
As noted by MicroCapital last month, the Central Bank of Nigeria (CBN) was established in 1958 and is responsible for the overall control and administration of Nigerian monetary and financial sector policies, including the granting and revocation of bank licenses. As of October 2007, it reported total assets of NGN 7.24 billion (USD 61.4 million).
Nigerian Government Creates $426m Microcredit Development Fund - To learn more about this author, visit David Satterthwaite's Website.
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Nigerian President Alhaji Musa Yar’Adua announced the creation of an N50 billion (the equivalent of over USD 426 million) microcredit development fund to be administered by the Central Bank of Nigeria (CBN). The new fund will be used to provide existing microfinance institutions (MFIs) with funding for credit creation and operational expenses.
The creation of the fund has been expected by the development community for some time and comes as part of Nigeria’s microfinance framework as established in 2005. The announcement took place on February 19th at CBN’s “Banks and the Nigerian Economy” conference and was followed by a request in which Yar’Adua asked states and municipal governments to contribute one percent of their annual budgets to the fund.
This comes after MicroCapital reported on a consolidation of the Nigerian banking community that closed down at least 145 banks leaving 716 MFIs in operation. According to another MicroCapital report, only eight of these providers report to MIX, the microfinance information clearinghouse. The reporting MFIs have a combined gross loan portfolio of USD 12 million with 250,000 active borrowers.
As noted by MicroCapital last month, the Central Bank of Nigeria (CBN) was established in 1958 and is responsible for the overall control and administration of Nigerian monetary and financial sector policies, including the granting and revocation of bank licenses. As of October 2007, it reported total assets of NGN 7.24 billion (USD 61.4 million).
Nigerian Government Creates $426m Microcredit Development Fund - To learn more about this author, visit David Satterthwaite's Website.
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John BrennanJohn Brennan Ed.D. Dr. Brennan is President of Interpersonal Development, LLC, a training and development firm. Interpersonal Development has provided sales training and coaching to more than 3,000 sales reps from over 100 companies. A native of Australia, Dr. Brennan received his doctorate from the University of Rochester. His dissertation researched the effectiveness of Behavioral Modeling Technology in training people in interpersonal skills. While he has spent most of his career designing or delivering training, he was also a Vice-President of Sales of a training and development franchise with operations in 25 markets. Dr. Brennan has designed and delivered sales training in North America, Asia, Europe, Australia and the Middle East. He has been a guest speaker at numerous national and regional professional conferences. When Microsoft wanted Best Practices articles on sales for their web site, they called Dr. Brennan. The results are at http://office.microsoft.com/en-us/FX011387391033.aspx His firm’s clients have included Volvo, The Prudential, Merrill Lynch, Eastman Kodak, Gannett, Equifax Europe, the Economist Group and countless small businesses. - Visit John Brennan's Website |
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Jay Kubassek(Jay's Full Bio: EvanCarmichael.com/jaykubassek) In five years, Canadian-born entrepreneur Jay Kubassek went from selling mufflers at a Midas franchise to revolutionizing Internet marketing with the 2004 launch of CarbonCopyPRO, a online marketing education company, now worth over $20 million with customers in over 160 countries.
As an independent film producer, his upstart film fund Aliquot Films is currently producing a films with Spike Lee and Abel Fererra (starring Ethan Hawke and Dennis Hopper.)
Jay's entrepreneurial spirit is irrepressible. He’s the owner of five companies, a professional speaker and trainer, international real estate developer/investor, extreme sport enthusiast and emerging philanthropist. Jay resides in NYC with his wife Jamie, son Milo and dog Cooper. Visit Jay's official website: www.JayKubassek.com - Visit Jay Kubassek's Website |
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Dave KurlanDave Kurlan is the founder and CEO of Objective Management Group, Inc., the industry leader in sales assessments and sales force evaluations, and the CEO of David Kurlan & Associates, Inc., a consulting firm specializing in sales force development. Dave has been a top rated speaker at Inc. Magazine's Conference on Growing the Company, the Sales & Marketing Management Conference and the Gazelles Sales & Marketing Summit. He has been featured on radio and TV, including World Business Review with General Norman Schwarzkopf, in Inc. Magazine, Selling Power Magazine, Sales & Marketing Management Magazine and Incentive Magazine. He is the author of Mindless Selling and Baseline Selling – How to Become a Sales Superstar by Using What You Already Know about the Game of Baseball. He created and wrote STAR, a proprietary recruiting process for hiring great salespeople, and he writes Understanding the Sales Force, a popular business Blog and is a contributing author to The Death of 20th Century Selling and 101 Great Ways to Improve Your Life, Volume 2. - Visit Dave Kurlan's Website |
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John PowerJohn Power, founder of Biltmore Franchise Consulting, has extensive experience developing and marketing franchises and business opportunities. He has been in and around franchising for over twenty years. From 1980 through 1990 he conceptualized, organized, and developed the American Video Association. He grew AVA to 2,000 national members, before selling the company it 1990. It was later merged into another home video marketing company. From 2000 to 2005 he worked as a contract marketing and human resources consultant to several local and national companies. In 2005 Mr. Power began working as a franchise development consultant on a full-time basis. Since that time he has helped more than three dozen companies initiate and develop their franchising program. He notes that there are many companies interested in developing a franchise program, and who need his specialized assistance. Mr. Power is a “hands-on” franchise consultant. He said, “I am the ‘nuts and bolts’ person who tends to the details for my clients.” Mr. Power holds a B.S. degree with a major in Marketing. See: www.biltmorefranchise.com You may contact Mr. Power at: jpower@biltmorefranchise.co - Visit John Power's Website |
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