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Microfinance And Economic Empowerment Of Women
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1.1.3 THE NIGERIAN MICROFINANCE
There have been
different operators in the Microfinance Industry in Nigeria; NGO- MFI,
Community Banks, Microfinance Banks, Development Financial Institutions,
Informal Financial Institutions/Cooperative Societies. There are
numerous financial and semi- financial institutions during the past
centuries. Nigerian Government used different means to boost financial
services for the MSME market, despite modest success during the 1960s
and the 1970s another initiative was launched, thus we have the
introduction of the community bank, Community banks were licensed in
1992 and supervised by the CBN, who also made some changes in the
community bank regulatory framework. In 2000 Community bank were
recognised not be functional and achieving it purpose. Therefore in 2005
the new Microfinance policy was implemented, it replaces the Community
bank scheme and it requires that; all Community Banks would have
transformed to Microfinance banks by 31stDec 2007.
NGO-MFI
§ 1st NGO to provide Microcredit was registered from the early 1980's
§ Few operators have reached a considerable scale: COWAN, FADU, LAPO and DEC
§ Loan portfolio are insignificants in absolute value
§ Low average loan amount i.e., provide loan to the poorest
§ Enable to develop the MSME customers on a long term
§ Most NGOs provide loan to women
§ Grameen based group lending methodology
Community Banks
§ In Jan 2007, 750 Community Banks were listed & located in rural areas
§ All Community Banks were transformed in MFB by 31/1212007
§ In Jan 2007,300 were transformed and 100 in process
§ Not all of them will fulfil capital requirements of: -
N 20 million/branch for a unit license
N 1 billion for a state license
§ In the year 2003, 57% of the Community Bank's portfolio were in arrears.
§ A large part of lending activity is for salary individuals
Microfinance Banks
§ Introduced at the end of 2005
§ In Jan 2007,37 fully licensed MFBs of which 15 are in Lagos
§ In general most MFBs have more deposit than lending clients
§ MFBs are still experimenting both: Individual and group models
Microfinance Banks: Products ranges and conditions
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ABSRACT - [ Total Page(s): 1 ]This study examines the impact of microfinance on economic, financial and social empowerment of women micro entrepreneurs in Ikeja, Lagos State. A sample of 50 women micro entrepreneurs were selected in Ikeja some of which include traders, hairdressers, fashion designers, fish farmers and boutique owners. Survey method was employed to obtain a picture of the population. Research data was collected using a 24 item questionnaire in order to measure the empowerment of women micro entrepreneurs and ... Continue reading---
