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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.
Kuda, also known as Kuda Technologies Limited, is a Microfinance Bank and fintech company operating in Nigeria and the UK. It was founded by Babs Ogundeyi and Musty Mustapha in 2019. [1] [2] [3] The company initially begun as Kudimoney, or "the bank of the free", an online-only savings and lending platform.
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Indeed, the local microfinance organizations that receive zero-interest loan capital from the online microlending platform Kiva charge average interest and fee rates of 35.21%. [44] Rather, the principal reason for the high cost of microcredit loans is the high transaction cost of traditional microfinance operations relative to loan size. [45]
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]
Community banking is a form of empowerment-based economics which falls under the larger umbrella of micro-finance.Micro-finance as a whole is focused on the entrepreneurship of individuals, generally with a goal of lifting low-income or disadvantaged groups out of poverty and providing the means for them to prosper. [3]
Banker to the Poor: Micro-Lending and the Battle Against World Poverty is an autobiography of 2006 Nobel Peace Prize Winner and Grameen Bank founder Muhammad Yunus.The book describes Yunus' early life, moving into his college years, and into his years as a professor at Chittagong University.
Microfinance consists of financial services targeting individuals and small businesses (SMEs) who lack access to conventional banking and related services. Microfinance includes microcredit, the provision of small loans to poor clients; savings and checking accounts; microinsurance; and payment systems, among other services. [1] [2]