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.
Proparco and Ecobank Group have signed a €10m trade finance guarantee for Small and Medium-sized Enterprises (SMEs) in Africa
The €10m trade finance guarantee facility was signed for Ecobank Chad to facilitate imports of raw materials essential for creating added value in the country.
The programme addresses supply needs not covered by the local market and is part of the Food & Agriculture Resilience Mission (FARM) initiative launched in 2022 by France, together with the European Union, the G7, and the African Union.
Its objective is to strengthen food security in the most vulnerable countries.
This guarantee is also part of the Choose Africa programme run by the AFD Group (Agence Française de Développement, Proparco, and Expertise France), which provides financing solutions to small African businesses, start-ups, micro-enterprises, and MSMEs, supporting them through the various stages of their growth via local partners backed by the AFD Group.
Speaking on the agreement, Jeremy Awori, group chief executive officer, Ecobank, said, “This renewed partnership with Proparco reflects our shared commitment to strengthening the economic resilience of Chad and the wider region, contributing to the implementation of Chad’s new National Development Plan.
“By facilitating access to essential raw materials, we are supporting local industrialisation, food security, and value creation on the continent. Using the combined expertise of our pan-African network and Ecobank International in France, we will continue to support our customers by facilitating trade and strengthening risk management to build sustainable growth.”
Djalal Khimdjee, deputy chief executive officer, Proparco, commented, “We are very pleased to welcome Ecobank Chad to the Trade Finance programme that we have co-developed with the Ecobank Group since 2018.
This new partnership will benefit local businesses, enabling them to import raw materials and become part of the international value chain to better meet the needs of local communities.
This transaction brings the total volume of trade finance guarantees granted to the Ecobank Group since 2018 to €125m.
Nigeria Deposit Insurance Corporation (NDIC) has advised Nigerians to seek clarification from the corporation on status of suspicious financial institutions and report banking-related infractions to secure their funds.
Thompson Sunday, managing director/chief executive, NDIC, gave the advice on Tuesday at an event to mark NDIC special day at the ongoing Lagos International Trade Fair.
Sunday who was represented by Wale Sule, director of the Claims Resolution Department, said one of the mandates of NDIC is banking supervision.
He added that, the corporation is available to handle any bank customer’s complaints unresolved by banks within two week.
He explained that the mandate of NDIC is to guarantee depositors funds, supervise banks, resolve distressed insured institutions and liquidate failed banks.
He also explained the collaborative role with the Central Bank of Nigeria (CBN) to maintain banking sector stability, enforce regulatory compliance and ensure effective oversight taking institutions
The NDIC boss urged depositors to escalate unresolved complaints to NDIC through its official channels, social media handles, help lines, website, email, offices nationwide, among others.
e also advised the public to watch out for NDIC protection logo towards escaping gimmicks of wonder banks.
“A Wonder Bank cannot have a logo that says protected by NDIC,” he said.
He said if any bank is soliciting for funds, customers should walk into any NDIC offices to complain or verify their authenticity through all NDIC official help lines.
He said the theme of the 2025 fair: “Connecting Business, Creating Value”aligned closely with the public policy objectives and mandate of NDIC.
Sunday said that the fair provided a valuable platform to showcase the ingenuity of the nation’s entrepreneurs, capacity of manufacturers and the creativity of small, medium, and micro enterprises (SMEs).
He added that the fair also highlighted the critical role of the organisation’s financial system as a vehicle that connects economic activities for sustainability and growth
Mastercard has launched a new suite of premium lifestyle benefits dubbed The Mastercard Collection, aimed at enhancing the experiences of its high-tier cardholders across Eastern Europe, the Middle East, and Africa (EEMEA).
The offering, which complements existing bank-issued rewards, is available to holders of World, World Elite, and the newly introduced World Legend and World Legend Exclusive Mastercards — the company’s most exclusive credit card tiers to date.
Speaking on the launch, Prakriti Singh, Executive Vice President, Core Payments, EEMEA, Mastercard, said the initiative is designed to transform everyday transactions into memorable experiences.
“Consumers today don’t just want access to benefits; they want moments that make memories,” Singh said. “Through this launch we are turning everyday payments into extraordinary possibilities.”
The Mastercard Collection includes priority access to curated dining, entertainment, and travel experiences in over 45 destinations. Cardholders can enjoy exclusive menus at top restaurants such as Aelia, Andaliman, and La Dame de Pic in Dubai and Istanbul, among others.
In partnership with Live Nation, Mastercard is also offering pre-sale tickets, premium seating, and VIP access to over 75 concerts annually in the region and more than 2,500 events globally.
Travel benefits include complimentary access to 1,350 airport lounges worldwide, discounts on terminal services, and fast-track security lanes at over 30 airports — including an exclusive lane at Istanbul Airport.
Ahmed Abdel-Karim Hussein, Executive Vice President, Integrated Marketing and Communications, EEMEA, Mastercard, said the initiative reflects the company’s commitment to connecting people to their passions.
“Our research shows that nearly 75 per cent of cardholders feel their best when pursuing passions like culinary exploration and cultural immersion,” Hussein said.
The World Legend Mastercard is currently available to banks in the region and will be rolled out to cardholders in the UAE, Saudi Arabia, and Türkiye in Q4 2025.
Eligible cardholders can access the benefits via priceless.com/themastercardcollection.
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