E-Financial
IFC Invests in Lafayette Microfinance Bank to Expand Access to Finance for SMEs
IFC, a member of the World Bank Group, yesterday announced a loan facility of 400million Nigerian naira approximately $2.5 million, to Lafayette Microfinance Bank. The financing will support increased access to financial services for micro, small and medium enterprises, encouraging job creation, financial inclusion and economic growth.
La Fayette Microfinance Bank Ltd, also known as Advans Nigeria, is part of the Advans Network of Microfinance institutions. The Naira loan will help finance the growth and expansion of Lafayette Microfinance in Nigeria, and help them offer credit and deposit services to more micro, small and medium enterprises in Nigeria.
“La Fayette Microfinance Bank seeks to offer simple yet effective financial services to MSMEs that have limited or no access to formal banking services” said Zine Otmani, managing director, La Fayette Microfinance Bank.
“Partnering with IFC will not only bring in much needed capital but will give us access to technical expertise that will help us achieve our goal of building a network of highly effective microfinance institutions that help grow the nation’s economy”, he said.
Eme Essien Lore, country manager for IFC Nigeria said, “IFC is committed to improving financial inclusion and supporting growth in Nigeria. By providing finance in naira, IFC is helping to limit the foreign currency risk to La Fayette Microfinance Bank. The project will help create more jobs and improve the lives of Nigerians.”
Lafayette Microfinance Bank Nigeria was created in 2012 and started operating in Oyo state Nigeria in February 2013.
It currently has five branches in the state. Its mission is to provide adapted financial services to micro, small and medium enterprises, especially among the unbanked population in Nigeria.
IFC aims to promote financial sector diversification through specialized products, including trade finance, housing finance, insurance, and micro-, small- and medium-enterprise finance. Over the years, IFC has invested in excess of $10 billion in more than 60 local currencies around the world to help protect borrowing companies from currency risk by enabling them to borrow in the same currency in which they generate revenue.
E-Financial
Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme
“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.
MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.
Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.
The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.
The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.
E-Financial
CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering
Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.
The inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.
In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN, disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.
“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.
The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.
However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.
Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.
Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.
E-Financial
CBN Urges Banks to Expedite Action on Recapitalisation
Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.
Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.
The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.
Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.
“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”
- News2 days ago
IFC Invests in New 4DX Ventures Fund to Support Tech Startups in Africa
- Telecom2 days ago
SIM-NIN Linkage: Telcos to Bar More Lines Friday as NCC Insists on Deadline
- Telecom2 days ago
FG Rakes in N412Bn VAT from Telecom Subscribers
- News1 day ago
AXA Mansard Empowers Female SMEs with Financial, Digital Skills
- Telecom2 days ago
MTN to Exit Some African Countries, Gives Reasons
- E-Financial2 days ago
CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering
- Telecom1 day ago
Nigerian Business Leaders Partner Google for Strategic Advantage, Seeks Competitive Edge in Privacy-First Era
- Telecom1 day ago
Treepz Doubles Down on Corporate Mobility in Africa with Launch of a New Website