Bridging the Gender Gap in Digital Financial Services: A Key to Nigeria's $1 Trillion Economy Vision

 As Nigeria strives towards its ambitious vision of becoming a $1 trillion economy by 2030, one critical gap demands urgent attention: the disproportionately low penetration of digital financial services among women. Currently, only 23% of Nigerian women access digital financial services, compared to 43% of men. This gender disparity poses a significant...

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Accelerating Inclusive Growth and Sustainable Development: The African Development Bank's Strategic Initiatives

Introduction:The African Development Bank (AfDB) Group's Commitment to Macro-Economic and Public Policy ManagementThe African Development Bank (AfDB) Group has undertaken significant initiatives aimed at bolstering institutional capacity for effective macro-economic and public policy management. The goal is to accelerate inclusive growth, sustainable...

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LAPO Microfinance Bank Secures 9th Consecutive 'Microfinance Bank of the Year' at BAFI Awards 2023

LAPO Microfinance Bank, a leading microfinance institution in Nigeria, has clinched the prestigious 'Microfinance Bank of the Year' award at the 2023 Businessday Banks’ and other Financial Institutions’ (BAFI) Awards. This remarkable achievement...

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NDIC Refunds N1.2 Billion to Depositors of Closed Microfinance Banks: Strengthening Financial Confidence and Justice

The Nigeria Deposit Insurance Corporation (NDIC) has announced the reimbursement of over N1.2 billion to approximately 34,000 depositors affiliated with 179 microfinance banks, whose licenses were recently revoked by the Central Bank of Nigeria (CBN). The...

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$100 Million Credit Facility for Women-led SMEs by FirstBank and CDC/BII

UK Government's Development Finance Institution, CDC which is now being renamed as British International Investment (BII) has announced $100 million credit facility to First Bank of Nigeria. This facility will be available to Women-led business...

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Central Bank Draft Guidelines for the regulation and supervision of microfinance banks in Nigeria

The Central Bank of Nigeria (CBN) has published the Guidelines for the Regulation and Supervision of Microfinance Banks (the "Guidelines"), which took effect on April 1, 2020. The Guidelines will have an influence on the operations of various digital financial services offered by Microfinance Banks in Nigeria. Here are the salient features: Earlier...

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FINCA Microfinance Bank Opens 2nd Branch in Owerri, Imo State

FINCA Microfinance Bank opened a new branch at the Relief Market in Owerri (Imo State) in 2016. This is its 2nd branch. The Bank has started operating with a single branch in December 2014 after its license was approved by the Central Bank of Nigeria...

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Per-Capita Access to Finance is Better in Abuja than in Lagos

Here is a quick bite of a statistical fact: The total number of financial access points in Lagos are 2,248. Compared to this, Abuja Federal Capital Territory (FCT) has only 1,193 access points. Lagos is better than Abuja - isn't it? But wait, we need...

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Microfinance Bank to be established by Lagos Government - Pros and Cons

A Micro-finance Bank (MFB) will be established by Lagos Government very soon. This announcement was made by the Governor Akinwunmi Ambode, Governor of Lagos State on 19 February at 5th edition of the Lagos Corporate Assembly tagged “A-plus meets...

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