E-Financial
MDCL Accelerates Microfinance Industry Growth with Launch of Liquidity Platform
The Function Suite of Sheraton Hotel, Lagos, welcomed the crème-de-la-crème of the financial services sector on March 31, 2021 during a high-impact business forum for key stakeholders in the microfinance industry, organised by the Microfinance Development Company Ltd (MDCL), with the theme, “The 21st Century MFB: Leveraging Technology to Drive Financial Inclusion in the MFB Industry”.
Setting the tone for what was to come, the Chief Executive Officer of MDCL, Obinna Onunkwo, welcomed everyone to the event and said it was put together to address some of the critical challenges the microfinance industry was facing.
He also pointed out that, in line with its objective of creating a Shared Services platform for the industry, MDCL had entered into strategic partnerships with other companies to help them achieve their business goals.
One key partnership is that with InfoWARE, a software company that helped MDCL build the Intermember Liquidity Placement Platform (ILPP) which enables microfinance banks to place liquidity among themselves. Another one is with Stanbic IBTC to provide on-lending facility to its members, while the last one is the creation of a digital lending platform for microloans, built in partnership with Migo.
“It is important for all MFBs to unite and speak with one voice, so we can have a voice in the bankers’ committee meetings and be able to dictate policies that affect us as an industry,” Mr Onunkwo admonished.
Corroborating Mr. Onunkwo’s position, the Board Chairman of MDCL, Rogers Nwoke, opined, “financial inclusion had been a struggle for a very long time, and we are yet to meet the targets set by the CBN in that regard. One reason for that was the absence of liquidity for microfinance banks. MDCL is a response to the problem of funding. We are here to have a discussion on how to drive financial inclusion with technology, and we are going to crown the discussion with a launch of the Intermember Liquidity Placement Platform (ILPP).”
The President of NAMB, Alhaji Yusuf Ahmad Gyallesu, pointed out that the ILPP was a very good initiative and a dream come true for the microfinance industry, as it would provide them an opportunity to look inwards for liquidity, instead of looking outside. He then encouraged all microfinance banks to cash in on the solution to move their businesses forward.
While delivering the keynote address, Partner and Head of Technology Assurance at KPMG, Lawrence Amadi, said that, with a population of over 200 million people in Nigeria, over 80 million are financially excluded and microfinance banks have a key role to play in helping to reduce that number, in line with the CBN’s goal of having 80% of the population in the financial net.
According to him, “supporting innovative thinking is what MFBs must do in order to successfully drive change in the country. To do this effectively, they have to tap into technology to transform the entire financial sector.”
In a goodwill message by the Director of Other Financial Institutions Supervision Department (OFIS) of the CBN, Nkiru Asiegbu, who was ably represented by the Head of Microfinance Supervision, Idowu Akinlade, she mentioned that the event could not have come at a better time, considering that the industry is experiencing a high influx of FinTechs.
While commending MDCL for the great initiative to solve the liquidity challenge in the MFB industry through the ILPP, she pointed out that “innovations may solve some problems, but they may also create new ones.” It was therefore pertinent for the promoters to mitigate against server risk, operational risk, credit risk, compliance/money laundering risk, data security risk and other possible risks that may arise from the use of the platform.
The Director of Special Insured Institutions Department at the NDIC, J.J. Epiotodok, who was represented by the Deputy Director in charge of the Department, Adedayo Olukoya, congratulated MDCL for taking the bull by the horn and noted that the theme of the event was apt, considering the many challenges bedevilling the MFB industry.
“Financial inclusion is at the heart of microfinance banking, but the industry faces a dearth of cheap and long-term sources of funding, together with infrastructural challenges. This is why the ILPP is a very welcome initiative,” Mrs Olukoya opined. She further suggested that MDCL needed to partner with institutions like the Development Bank of Nigeria, Bank of Industry, African Development Bank, World Bank, Islamic Bank and other multilateral organisations to bridge funding gaps in the industry.
To contextualise the importance of ILPP, there was a panel session which was preceded by short presentations from the MD/CEO, Law Union & Rock Insurance, Ademayowa Adeduro; Partner at Bloomfield Law Practice, Adedoyin Afun; Product CEO, BankOne (Appzone), Mudiaga Umukoro; and MD/CEO of InfoWARE Ltd, Uwa Agbonile, represented by the Head of Sales and Marketing, Tereigh Ozakpo. The discussion centered around possible collaborations across different verticals, in furtherance of the financial inclusion objective of the federal government.
As the forum came to a close, the curiosity on the faces of attendees had lifted, as everyone could see a roadmap for the accelerated growth of the microfinance industry, leveraging the technological innovation of MDCL to solve perennial issues that had plagued microfinance banks in the past. Everyone left with a resolve to embrace new ways of doing business, riding on the strength of technology and strategic partnerships.
Ecobank Nigeria has announced the successful repayment of the outstanding principal and accrued interest on its original $300 million Eurobond due February 16, 2026, marking a significant milestone in its liability management strategy and overall balance sheet strengthening efforts.
Following the full repayment of the Eurobond obligations, the Bank stated that it will now focus its funding initiatives primarily on the domestic capital markets. T
his strategic shift reflects growing confidence in Nigeria’s local debt market and aligns with Ecobank Nigeria’s long-term objective of optimising funding costs while deepening its participation in the domestic financial ecosystem.
“Going forward, Ecobank Nigeria will prioritise domestic credit ratings and local debt issuance to achieve its funding objectives,” stated Ogorchukwu Okwechime, Financial Controller, Ecobank Nigeria, in Lagos.
He added that the successful repayment reinforces the Bank’s commitment to maintaining a resilient balance sheet and sustaining investor confidence.
The tender offer was conducted with Renaissance Capital Africa (Renaissance Securities Nigeria Limited) acting as financial adviser and dealer manager, while Sodali & Co Limited served as tender agent.
The notes were originally issued by EBN Finance Company B.V., with limited recourse to the issuer, for the sole purpose of financing the purchase of the US$300 million 7.125 per cent Senior Note due 2026 issued by Ecobank Nigeria.
The transaction underscores Ecobank Nigeria’s proactive approach to liability management, prudent capital planning, and strategic alignment with evolving market conditions.
It further positions the Bank to leverage domestic funding opportunities while maintaining financial flexibility and operational stability.
Bank of Industry (BOI) has received approval from the Central Bank of Nigeria (CBN) to operate a Non-Interest Banking (NIB) Window.
Theodora Amechi, bank’s divisional head, Public Relations, said the regulatory nod allows BOI to launch non-interest banking operations, targeting underserved business segments with tailored financial solutions to support Nigeria’s industrial development.
BOI stated that NIB operations will promote inclusive growth, attract ethical funding, bolster the real economy, and finance customer assets and raw materials using approved non-interest products.
“This approval authorises BOI to commence Non-Interest Banking operations, positioning the bank to further advance Nigeria’s sustainable and inclusive industrial development through tailored financial solutions for underserved and high-impact business segments.
“The Non-interest Banking operations will enable BOI to drive inclusive growth, mobilise new ethical funding, expand support for the real economy, and align its financing activities with social and developmental objectives.
According to the bank, under this framework, BOI will be able to finance customers’ assets and raw materials using approved Non-Interest Banking products.
Announcing this milestone, Dr Olasupo Olusi, MD/CEO, Bank of Industry, said, “This licence marks a pivotal moment in the Bank’s journey of transforming Nigeria’s industrial sector. With this licence, we can reach a new category of borrowers who, before now, could not be served.”
He said the approval underscores the CBN’s confidence in the Bank’s commitment to responsible financing, adding that it will allow the bank to scale its operations, introduce innovative financing solutions, and deepen support for Micro, Small and Medium Enterprises (MSMEs), as well as other underserved segments critical to Nigeria’s sustainable economic growth.
“BOI’s decision to commence Non-Interest Banking operations is aimed at expanding access to ethical funding for businesses—particularly those that have traditionally avoided conventional interest-based financing.
This initiative opens new opportunities for ethically motivated and faith-sensitive enterprises, as well as segments of the economy that face challenges accessing traditional credit.
It enables such businesses to access much-needed financing and participate confidently in the formal financial system in a manner consistent with their values and business realities.
Bank of Industry (BOI) is Nigeria’s foremost Development Finance Institution, committed to driving industrial growth and inclusive economic development,” Olusi said.
Established in 1959 as the Investment Company of Nigeria (ICON) and reconstituted as Nigerian Industrial Development Bank (NIDB) under World Bank guidance in 1964.
The Bank assumed its current form in 2001 following the merger of the Nigerian Bank for Commerce and Industry (NBCI) and the National Economic Reconstruction Fund (NERFUND).
The Bank’s primary mandate is to provide financial assistance for the establishment and expansion of large, medium, small-scale, and micro projects.
Zenith Bank Plc has cautioned the public against fraudulent videos circulating online falsely claiming that Group Chairman Dr. Jim Ovia endorses an investment scheme called “Wealth Bridge.”
Jim Ovia
In a disclaimer issued Tuesday by its management, the bank described the videos—circulated via the “Greece Island” Facebook handle—as entirely fake, doctored content bearing no connection to Dr. Ovia, the bank, or its affiliates.
The materials falsely promise up to N2 million in weekly returns for a N380,000 investment, while baselessly alleging Central Bank of Nigeria (CBN) endorsement and redirecting viewers to a sham “Arise News” webpage with a signup portal.
“Our attention has been drawn to a doctored video and still pictures currently circulating on social media, purporting to depict the Group Chairman of Zenith Bank Plc (‘the Bank’) as endorsing an investment scheme called ‘Wealth Bridge’ on the ‘Greece Island’ Facebook handle and soliciting members of the public to engage in a business relationship with the so-called entity,” the statement read.
“This claim is entirely false and has no connection whatsoever to the Group Chairman, the Bank or any of its affiliate companies.”
Zenith Bank stressed that Dr. Ovia and the institution have no knowledge of or partnership with “Wealth Bridge,” “delicious sitee,” “AfriQuantumX,” “Stock market analyst 1,” or related entities. The public was warned that dealing with these schemes carries full personal risk.
Ravenewsonline urges vigilance against rising impersonation scams targeting financial institutions.
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