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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]
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.
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]
Microfinance has since come under fire for not being able to deliver on its lofty goals, yet some analysts argue that offering access to financial services still makes a difference to the poor. In ...
2008: The Institute began the registration of Microfinance Banks in Nigeria as corporate members. January 13, 2009: Mr. Jacobs M. Ajekigbe, OFR, FCIB, GMD/CE, First Bank of Nigeria Plc, delivered the 1st CIBN Valedictory Lecture. February 2009: The Institute organized the 1st Seminar for Directors of Microfinance Banks.
The real average portfolio yield cited by the sample of 704 microfinance institutions that voluntarily submitted reports to the MicroBanking Bulletin in 2006 was 22.3% annually. However, annual rates charged to clients are higher, as they also include local inflation and the bad debt expenses of the microfinance institution. [20]
Lending to women has become an important principle in microcredit, with banks and NGOs such as BancoSol, WWB, and Pro Mujer catering to women exclusively. [12] Pro Mujer also implemented a new strategy to combine microcredits with health-care services, since the health of their clients is crucial to the success of microcredits. [ 20 ]
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]