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Mainstreet Microfinance Bank is a large financial services provider in Nigeria.Mainstreet Bank Limited assumed the assets and liabilities of Afribank Plc., which had an epochal beginning as one of the big four banks in Nigeria, on 20 October 1959.
As at the time of Parallex Bank's transitioning, it left behind 875 Microfinance Banks in Nigeria, out of which 9 have national licenses, 98 operate at state level, and 768 operate as Unit Microfinance Banks. [3] In 2021, Mr. Femi Bakre was appointed as managing director of Parallex Bank. [4]
The Africa Microfinance Network (AFMIN) is an association of microfinance networks in Africa resulting from an initiative led by African microfinance practitioners to create and strengthen country-level microfinance networks for the purpose of establishing shared performance standards, institutional capacity and policy change.
The Asset Management Corporation of Nigeria AMCON was established in 2009 by the National Assembly of Nigeria. [11] The institution acquires non-performing loans of commercial banks. The financing of AMCON is composed of a ₦50 billion CBN fund and 0.3% of total assets of participating commercial banks.
The BOI-Microfinance Bank Limited is a limited liability company duly incorporated in Nigeria under the 2002 Companies and Allied Matters Act and regulated by CBN. The bank offers a broad range of financial services to micro, small and medium-sized enterprises and various low-income earners both as individuals and as groups.
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A key problem in microfinance is that it takes nearly ten times as much work and cost to assess, process and manage ten loans worth $1,000, as it does to assess, process and manage one loan worth $10,000. The total income for the financial institution from these two cases is likely to be similar if not identical.
Nigerian Books of Record (NBR) is a reference / Official Book of Record of the Federal Republic of Nigeria for documenting good records held by Nigerians. It is a collection of human achievements categorized into education, literature, agriculture, medical science, business, sports, nature, adventure, radio and cinema etc. [ 1 ] [ 2 ]