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FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
FirstBank Impact Series International Conference 2011 Brochure
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FirstBank Impact Series International Conference 2011 Brochure

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  • 1. VOLUME 2, SEPTEMBER 2011 AS A TOOL FOR POVERTY ERADICATION & ECONOMIC GROWTH IN NIGERIA
  • 2. VOLUME 2, SEPTEMBER 2011 MICRO-FINANCING AS A TOOL FOR POVERTY ERADICATION & ECONOMIC GROWTH IN NIGERIA
  • 3. Welcome to VOLUME 2, SEPTEMBER 2011“We must drive far-reaching changes in the society” AS A TOOL FOR POVERTY ERADICATION & ECONOMIC GROWTH IN NIGERIA Bisi Onasanya Group Managing Director/CEO First Bank of Nigeria Plc. I am pleased to welcome you to the maiden edition of Chief Host FirstBank Impact Series, a policy and thought leadership His Excellency initiative of First Bank of Nigeria Plc. The series will be made Mr. Babatunde Raji Fashola (SAN) up of annual international conferences meant to facilitate The Executive Governor of Lagos State business and economic growth, drive social change, and Guest of Honour entrench outstanding values in leadership and governance in Mr. Sanusi Lamido Sanusi, CON the polity. The series is envisaged to create true impact for socio- Governor, Central Bank of Nigeria economic growth and development through insightful, Other Speakers and Panelists actionable and change-centered conferences, workshops, Dr. Dalvinder Singh seminars, strategy sessions, and policy implementation road- Professor of Law, University of Warwick, UK shows to drive far-reaching changes in the society. Stephen Olabisi Onasanya, FCA As West Africas pioneer financial services group, the FirstBank GMD/CEO, First Bank of Nigeria Plc. group is proud of its legendary contributions to national growth Mrs. Pauline Nsa, MD/CEO and development over the past 117 years. Our role in ensuring FBN Microfinance Bank Ltd methodical and rapid economic transformation cannot be overemphasized. The truism that the citizenry requires Prof. Oyewusi Ibidapo-Obe commensurate technical progress to achieve the former is a FAS, FA Eng, OFR President, Nigerian Academy of Science matter of course for us. We will persist in initiating and implementing impactful programmes like this. Bunmi Lawson, MD/CEO, AMFB With FirstBank Impact Series, we intend to collaborate with you Tokunboh Ishmael, MD/CEO, Alitheia on a continuous basis in addressing every day challenges Conference Coordinators impeding systematic growth and development. The initiative Folake Ani-Mumuney will provide engaging platforms for evolving strategic outlook Oze K. Oze to problem-solving, especially from the capacity building and leadership perspectives. Chidinma Igbokwe Chiedozie Mbaogu This edition of the conference, with its thematic focus on “Micro- financing as a tool for poverty eradication and economic Conference Consultants growth,” appropriately addresses our bottom-up approach of Avaizon Consulting Ltd. engendering change from the grassroots. We are particularly excited to have Professor Muhammad Yunus, Nobel laureate, micro-finance icon and banker to the poor, as the distinguished This is a Publication of First Bank of Nigeria Plc. FirstBank Impact Series 03
  • 4. PROGRAMME Conference Director: Folake Ani-Mumuney, Marketing & Corporate Communications, First Bank of Nigeria Plc. Date: 5th September, 2011 Venue: Shell Hall of the MUSON Center, Lagos, Nigeria Morning Session 8.00am Registration and Coffee 8.30am Moderators Introductions Fela Durotoye, MD/CEO, Visible Impact Consulting 8.35am Welcome Address Mr. Bisi Onasanya, GMD/CEO, First Bank of Nigeria Plc. 8.45am Opening Speech by the Chief Host His Excellency, The Executive Governor of Lagos State: Mr. Babatunde Raji Fashola (SAN) 9.00am Micro-financing in Nigeria: Perspectives of the Central Bank of Nigeria (CBN) Mr. Sanusi Lamido Sanusi, CON, Governor of the CBN Panelists: Professor Oyewusi Ibidapo-Obe, The Academia Dalvinder Singh, University of Warwick Akin Akintola, Community Development Edna Ishaya, Credit Registry Pauline Nsa, FBN Microfinance Bunmi Lawson, ACCION Moderator starts conversation: Are MFBs truly lending to micro-entrepreneurs? Are we confusing SME lending with micro lending? What are the roles of micro-entrepreneurs in Nigerias industrial growth? Is CBN creating a regulatory environment that allows MFBs empower micro- entrepreneurs? Why dont young businesses with innovative ideas spring up and survive in Nigeria? What should the governments role be in supporting micro-businesses- strategy, structure, funding, capacity development? The panel will discuss: * Are the current CBN stipulated frameworks impeding MFBs from lending to the poor? * What should be the governments role in enabling suitable frameworks for micro-financing? * Is the Nigerian model encouraging innovation and creating a supportive environment for venture start-ups? * Micro-entrepreneurs: the nail that sticks up should not be hammered down * MFBs, venture capitalists and NGOs * Q&A 10.01am The Global Need for Micro-financing and Social Business: The Dangers of Doing Nothing Professor Muhammad Yunus, Keynote Speaker Panelists: Professor Oyewusi Ibidapo-Obe, The Academia Modupe Ladipo, EFinA04 FirstBank Impact Series
  • 5. Programme Fela Durotoye, Visible Impact Consulting Pauline Nsa, FBN Microfinance Bunmi Lawson, ACCION Ndidi Nwuneli, LEAP Africa Moderator starts conversation: What roles do large corporates have to play in micro-financingand social investments? Are Nigerias corporate giants aware of and fulfilling their roles in thisregard? What incentives are being provided by the Nigerian government to encourage socialinvestments? The panel will discuss: * What should the motive for setting-up a microfinance bank be? * Is it wrong to make profits from micro-financing? * What should be the priority: profit or social empowerment? * Are Nigerian MFBs structured with the capacity (human, funding) to engage the poor? * How can donor funding help? * How can donor funding be attracted by Nigerian MFBs? * Q&A11.31am Micro-financing in Nigeria: Challenges and Opportunities Mrs. Pauline Nsa, MD/CEO, MFB Microfinance Bank Limited Panelists: Professor Oyewusi Ibidapo-Obe, The Academia Modupe Ladipo, EFinA Tokunboh Ishmael, Alitheia Capital Edna Ishaya, Credit Registry Ndidi Nwuneli, LEAP Africa Moderator starts conversation: How can MFBs operations costs be reduced? Is the tax regimeencouraging? How much help can MFBs get from the regulators, donors, capacity development NGOs? The panel will discuss: * How can MFBs lend to the non-skilled poor? * Is collateral over-rated? * Do Nigerian MFBs hire the right people for the job? * Where is the collaboration point for NGOs and MFBs? * Should MFBs just tend to SMEs? * Is social empowerment beyond the remits of Nigerian MFBs? * Do we need a different institution for reaching the poor? * Q&A12.31pm Lunch BreakAfternoon Session1.16pm Moderators Introductions1.20pm Banking the Unbanked: What Regulatory Frameworks Exist Dr. Dalvinder Singh, Warwick University Panelists: FirstBank Impact Series 05
  • 6. Programme Mr. Tokunbo Abiru, Honourable Commissioner for Finance, Lagos State Tokunboh Ishmael, Alitheia Capital Lanre Olushola, FATE Foundation Adesina Ayodele Fagbenro, DFID Edna Ishaya, Credit Registry Bunmi Lawson, ACCION Ndidi Nwuneli, LEAP Africa Moderator starts conversation: How much can we learn from the international communities where micro-financing has worked? What can we learn from those that failed? Do we require an overall policy review? Is government (at all levels- LGA, State and Federal) doing enough? What legal structure is required to enable government-provided funds disbursed through partner MFBs rather than political channels? The panel will discuss: * Lessons from abroad; what can we take onboard? * What should the motive for setting-up a microfinance bank be? * Should MFB lending rate be regulated? * What regulatory reporting/supervisory system is required for the MFBs * What is micro insurance and how does it help MFBs in Nigeria? * How do we make banking attractive to the unbanked? * Q&A 2.21pm Making a Success of Micro-financing and Social Business: Case Studies from Around the World, and the Roadmap for Nigeria Professor Muhammad Yunus, Keynote Speaker Panelists: Mr. Tokunbo Abiru, Honourable Commissioner for Finance, Lagos State Tokunboh Ishmael, Alitheia Capital Lanre Olushola, FATE Foundation Adesina Ayodele Fagbenro, DFID Dalvinder Singh, University of Warwick Akin Akintola, Community Development Edna Ishaya, Credit Registry Bunmi Lawson, ACCION Moderator starts conversation: Who is responsible for social business incubation? How should social businesses be funded? Microfinance fund; what, why and how? Where exactly do the problems lie; regulations, MF Bankers, micro-entrepreneurs, donors? The panel will discuss: * What must happen for there to be lasting change? * What has culture got to do with it? * Would micro-financing work better under an Islamic banking system? * Could women (gender) empowerment be the answer? * What are the effective ways for organizations such as NAPEP work with MFBs? * CSR and Micro-financing: could there be a strategic partnership? * Q&A06 FirstBank Impact Series
  • 7. CONTENTS Economic Growth With your active participation in this conference, we look forward to generating a visible roadmap for tackling the challenges of micro-financing and development, as we make commensurate input to: Informed Policy making Structured financial inclusion; and Impactful socio-economic transformation Bisi Onasanya, FCA Group Managing Director/CEO, First Bank of Nigeria Plc. 09 11 41 FirstBank Impact Series 07
  • 8. CONTENTS Speakers 15| Prof. Muhammad Yunus Winner, Nobel Peace Prize (2006) 22| Dr. Dalvinder Singh Associate Professor of Law, University of Warwick, UK Panelists 29 15 41| Stephen Bisi Onasanya Group Managing Director/CEO, First Bank of Nigeria Plc. 42| Prof. Oyewusi Ibidapo-Obe FAS, FA Eng, OFR. President, Nigerian Academy of Science 43| Hon. Tokunboh Abiru Comm. for Finance, Lagos State 44| Mrs. Edna Ishaya COO, Credit Registry 24 42 45| Adesina Ayodel Fagbenro DFID 46| Tokunboh Ishmael 32| Managing Director, Alitheia FBN Microfinance Bank Profile 47| Modupe Ladipo Chief Executive Officer, EFInA 68| Microfinance Banks Directory 48| Bunmi Lawson Senior Operational Director, ACCION 99| Participating Organisations 49| Mr. Lanre Olusola Life & Executive Coach 50| Mr. Akinyemi Akintola CEO, Community Development Foundation Papers 51| Ndidi Okonkwo Nwuneli Founder, LEAP Microcredit and Social Business 18| for a Poverty Free World Prof. Muhammad Yunus Moderators The Role of the IMF and World Bank in 53| Fela Durotoye Computer Scientist & Economist 23| Financial Sector Reform and Compliance Dr. Dalvinder Singh 54| Ademola Ogunbanjo Strategy & Execution Management Expert08 FirstBank Impact Series
  • 9. BabatundeRajiFashola (SAN)Chief Host FirstBank Impact Series 09
  • 10. G overnor of Lagos State, Mr. improving Agriculture and Food undertaking the statutory training for Babatunde Raji Fashola (SAN) is Security among many others. Barristers and Solicitors. the recipient of the 2009 Yikzak Rabin Centre for African Development A passionate lover of children and the For the mandatory National Youth Governor of the Decade for Peace youth who represent the future of our Service Corps [NYSC] programme Award and the recipient of the 2010 continent, Governor Fashola has, in [1988-1989], he served in Benin, the Award of Excellence in Leadership of the three and a half years of his former Bendel State now Edo State. the Martin Luther King Jnr. tenure, embarked on projects aimed His flourishing private legal practice, Foundation. at improving their lives and the running into nearly fifteen years, saw opportunities open to children and him acquiring appreciable expertise He is the recipient of the 2009 Good youths in the State. They include, the and vast experience in such areas as Governance Award from the United construction of Maternal and Litigation, Intellectual Property Kingdom-based African Business Childcare Centres across the State to [registration of trademarks], Magazine. Here in Nigeria, he is The improve maternal and child health, Commercial Law, Mergers, Guardian, The Vanguard and The Sun immunization against polio and other Acquisitions, Right of Issues, newspapers Man of The Year for child-killer diseases, the revitalization Ownership of Shares and Equity of 2009. of voluntary uniformed organizations Corporations, as well as Land in the States public schools to build Disputes and Chieftaincy Matters. Both nationally and internationally, character and leadership qualities in he is acclaimed as one of the bright children and provide a choice away In the course of his distinguished hopes for the future of Nigeria; one of from street gangs, renovation and legal career at Sofunde, Osakwe, the very progressive Governors rehabilitation of classrooms as well as Ogundipe and Belgore; the law firm of determined to reclaim Nigerias past the building of new structures and K.O.Tinubu & Company and as glories through competent and the provision of educational facilities Managing Partner, Lead Counsel, transparent leadership. including desks and chairs. Babatunde Raji Fashola successfully Others are the provision of free pleaded many cases at High Courts, In the past three and a half years, Mr. uniforms and textbooks to pupils and various divisions of the Court of Fashola (SAN), has demonstrated students in public schools, provision Appeal and the Supreme Court, and excellence and uncommon of summer vacation jobs for students, to cap a successful legal career, he commitment to his avowed pledge to the formation of youth clubs and was elevated to the class of Nigerian lead the change that would transform societies in schools, including Climate Elite Lawyers in August 2004 when he Lagos into Africas model mega-city. Change Clubs and the Be Road was conferred with the rank of Senior Friendly Club designed to inculcate Advocate of Nigeria [SAN], a Some of the key projects which his environmental and road traffic leadership position of the Nigerian dynamic and proactive business- awareness respectively in children at Bar and the nations highest legal minded skills have inspired and an early age. These have been distinction and honour for lawyers. advanced include the Eko Atlantic projected at making school more City project, the 10-lane Lagos- attractive to children; the school He was appointed Chief of Staff by the Badagry Expressway, the expansion should also become that real centre former Governor of Lagos State of the Lekki-Epe Expressway, the of a well rounded learning. [Governor Emeritus], Asiwaju Bola Lekki Free Zone, the Bus Rapid Transit Ahmed Tinubu who he later System, massive Infrastructure Born on June 28, 1963 in Lagos, Mr. succeeded in office and served from Renewal in all parts of the State, that Babatunde Raji Fashola (SAN) is a truly August 16, 2002 to November 6, 2006, has won the State honours from as far made in Nigeria product. He obtained during which time he served as as Australia for undertaking the his First School Leaving Certificate Member, State Tenders Board; fastest infrastructure renewal ever in [FSLC] from the Sunny Fields Primary Member, State Executive Council, Africa, and the establishment of the School, Adelabu Surulere, Lagos, after Member, State Treasury Board, and Security Trust Fund. which he proceeded to Birch Member, State Security Council Freeman High School, Surulere, Lagos amongst several other Ad-Hoc His other achievements include and later Igbobi College, Yaba from Committees/Panels. With the Environmental Regeneration that where he acquired the West African experiences he garnered he resigned helped reduce violent crimes by over School Certificate [WASC]. He, voluntarily to contest for the Office of 70% in (one) year; the massive thereafter, went to the University of Governor of Lagos State under the cleanup of Oshodi and other Benin, Benin City and graduated with platform of Action Congress [AC] metropolitan open sores once a Bachelor of Laws [LLB Hons] degree Party now Action Congress of Nigeria. regarded as irredeemable. Concrete in 1987. He was called to the Nigeria steps have also been taken towards Bar in November 1988 after With his victory at the April 14, 200710 FirstBank Impact Series
  • 11. SanusiLamidoSanusi CONGuest of Honour FirstBank Impact Series 11
  • 12. Mallam Sanusi Lamido Sanusi was appointed Governor of President Umaru Musa YarAdua nominated Sanusi as the Central Bank of Nigeria on 3 June 2009. He is a career Governor of the Central Bank of Nigeria on 1 June 2009 and banker and ranking Fulani nobleman, and also serves as a his appointment was confirmed by the Senate on 3 June respected Islamic scholar 2009, in the middle of a global financial crisis. Based on his past record it seemed probable that as governor of the Birth and Education central bank he would impose strict controls. Sanusi was born on July 31, 1961. His father was a Permanent Secretary in the Ministry of Foreign Affairs in the 1960s and In August 2009, Sanusi bailed out Afribank, Intercontinental his grandfather was Emir of Kano and Islamic Scholar, Alhaji Bank, Union Bank, Oceanic Bank and Finbank with 400 billion Muhammadu Sanusi. Sanusi graduated from Kings College, Naira of public money, and dismissed their chief executives. Lagos in 1977 and studied at Ahmadu Bello University (ABU), He said "We had to move in to send a strong signal that such Zaria earning a BSc in Economics in 1981. He obtained an recklessness on the part of bank executives will no longer be MSc in Economics in 1983, and then taught economics at tolerated." 16 senior bank officials face charges that included ABU from 1983 to 1985. fraud, lending to fake companies, giving loans to companies they had a personal interest in and conspiring with Banking Career stockbrokers to boost share prices. In September 2009 he In 1985, Sanusi joined Icon Limited (Merchant Bankers), a said that 15 of the current 24 Nigerian banks might survive subsidiary of Morgan Guaranty Trust Bank of New York, and reform in the banking sector. Baring Brothers of London. He moved to the United Bank for Africa in 1997 in the Credit and Risk Management Division, In a wide-ranging interview with the Financial Times in rising to the position of a General Manager. In September December 2009, Sanusi defended the extensive reforms that 2005, he joined the Board of First Bank of Nigeria as an he had initiated since taking office, dubbed by some as the Executive Director in charge of Risk Management and "Sanusi tsunami". He noted that there was no choice but to Control, and was appointed Group Managing Director (CEO) attack the many powerful and interrelated vested interests in January 2009. He was also the Chairman, Kakawa Discount who were exploiting the financial system, and expressed his House and sat on the Board of FBN Bank (UK) Limited. Sanusi appreciation of support from the Presidency, the Economic is recognized in the banking industry for his contribution and Financial Crimes Commission, the Finance minister and towards developing a Risk Management culture in the others. Nigerian banking sector. First Bank is Nigerias oldest bank and one of the biggest financial institutions in Africa. Sanusi In January 2010, Sanusi said that banks will only want to give was the first Northerner to be appointed CEO in First Banks credit to the Nigerias Small and Medium Enterprises (SMEs) if history of more than a century. the government gives adequate attention to the provision of infrastructure. In January 2010 Sanusi admitted that since Governor of the Central Bank12 FirstBank Impact Series
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  • 14. t he ee t s a M k e r S p e14 FirstBank Impact Series
  • 15. ProfessorMuhammad Yunus FirstBank Impact Series 15
  • 16. Profile Professor Muhammad Yunus Recipient of the 2006 Nobel Peace Prize, Professor Muhammad Yunus is internationally recognized for his work in poverty alleviation and the empowerment project in 1976, Grameen Bank has grown to provide collateral-free loans to His Grameen Bank spread from village to 5 million clients in Bangladesh, 96% of village as a lender of tiny amounts of who are women. Over the last two money (microcredit), primarily to decades, Grameen Bank has loaned out I magine a bank that loans money women. Yunus heard that “all women over 5 billion dollars to the poorest of the based on a borrowers desperate can do is raise chickens, or cows or make poor, while maintaining a repayment circumstances -where, as baskets. I said, Dont underestimate the rate consistently above 98%. The Muhammad Yunus says, “the less talent of human beings. ” No collateral is innovative approach to poverty you have, the higher priority you have.” required, nor paperwork—just an effort alleviation pioneered by Professor Yunus Turning banking convention on its head to make good and pay back the loan. in a small village in Bangladesh has has accomplished a world of good for Now the bank boasts 5 million inspired a global microcredit movement millions of impoverished Bangladeshis, borrowers, receiving half a billion dollars reaching out to millions of poor women as the pioneering economist Yunus has a year. It has branched out into student from rural South Africa to inner city demonstrated in the last three decades. loans, health care coverage, and into Chicago. other countries. Grameen has even What began as a modest academic created a mobile phone company to His autobiography, “Banker to the Poor: experiment has become a personal bring cell phones to Bangladeshi Micro-lending and the Battle Against crusade to end poverty. Yunus reminds villages. Yunus envisions microcredit World Poverty,” has been translated in us that for two-thirds of the worlds building a society where even poor French, Italian, Spanish, English, population, “financial institutions do not people can open “the gift they have Japanese, Portuguese, Dutch, Gujarati, exist.” Yet, “weve created a world which inside of them.” Chinese, German, Turkish and Arabic. It goes around with money. If you dont was published in 1998 and it became a have the first dollar, you cant catch the Biography New York Times Best-Seller. next dollar.” It was Yunus notion, in the Professor Yunus has successfully melded In 1957, he enrolled in the department of face of harsh skepticism, to give the capitalism with social responsibility to economics at Dhaka University and poorest of the poor their first dollar so create the Grameen Bank, a microcredit completed his BA in 1960 and MA in they could become self-supporting. institution committed to providing small 1961. Following his graduation, Yunus “Were not talking about people who amounts of working capital to the poor joined the Bureau of Economics as dont know what to do with their for self-employment. research assistant. Later he was lives….Theyre as good, enterprising, as appointed as a lecturer in economics in smart as anybody else.” From its origins as an action-research Chittagong College in 1961. He was16 FirstBank Impact Series
  • 17. offered a Fulbright scholarship in 1965 to study in the USA. He x Human Rightsobtained his Ph.D. in economics from Vanderbilt University in x International Affairs1969. x Entrepreneurship x VisionariesBesides Grameen Bank he has created a number of x Womens Issuescompanies in Bangladesh to address diverse issues of poverty x Feed the Worldand development. Among the companies are: x Making Poverty HistoryGrameen Phone (A Mobile Telephone Company) Some Speech TitlesGrameen Cybernet (Internet Service Provider) x Social Entrepreneurship - A Different Business ModelGrameen Communications (Rural Internet Service Provider) x The Total Eradication of Poverty from the WorldGrameen Software Company x Global Advances in Health CareGrameen Information Technology Park x Halving Poverty by 2015 - We Can Actually Make ItGrameen Fund (Social Venture Capital Company) HappenGrameen Capital Management CompanyGrameen Textile Company Advisor and Board MembershipsGrameen Knitwear Company x International Crisis Group, Washington D.C., USAGrameen Renewable Energy Company x Patron, United Kingdom Social Investment Forum,Grameen Health Company London, UKGrameen Education Company x Board of Directors, United Nations Foundation,Grameen Agriculture Company Washington, USAGrameen Fisheries and Livestock Company x Founding Patron, C21: Tomorrows Leaders for a SaferGrameen Business Promotion Company Planet, Oxford Research Group, Oxford,United KingdomProfessor Muhammad Yunus serves on the boards of many x Board of Directors, Schwab Foundation for Socialnational and international organizations. Entrepreneurship, Cologny, Geneva, Switzerland x Board of Directors, ManyOne Foundation, CanadaTopics x Board of Trustees, Coexist Foundation, University ofx Economy Cambridge, UKx Finance x Board of Directors, Prince Albert II of Monaco Foundation, Monaco FirstBank Impact Series 17
  • 18. Microcredit and Social Business for a Poverty Free World Muhammad Yunus Lagos, Nigeria September 2011 Grameen Bank After all my efforts, over several months, It is 30 years now since we began. We I became involved in the poverty issue failed I offered to become a guarantor for keep looking at the children of our not as a policymaker or as a researcher. I the loans to the poor. When I gave the borrowers to see what has been the became involved because poverty was loans, I was stunned by the result. The impact of our work on their lives. The all around me, and I could not turn away poor paid back their loans, on time, every women who are our borrowers always from it. time! But still I kept confronting gave topmost priority to the children. difficulties in expanding the program One of the Sixteen Decisions developed In 1974, I found it difficult to teach elegant through the existing banks. That was and followed by them was to send theories of economics in the university when I decided to create a separate bank children to school. Grameen Bank classroom, in the backdrop of a terrible for the poor, I finally succeeded in doing encouraged them, and before long all famine in Bangladesh. Suddenly, I felt that in 1983. I named it Grameen Bank or the children were going to school. Many the emptiness of those theories in the Village bank. of these children made it to the top of face of crushing hunger and poverty. I their class. We wanted to celebrate that, wanted to do something immediate to Today, Grameen Bank gives loans to so we introduced scholarships for help people around me, even if it was nearly 7.00 million poor people, 97 per talented students. Grameen Bank now just one human being, to get through cent of whom are women, in 76,848 gives 30,000 scholarships every year. another day with a little more ease. That villages in Bangladesh. Grameen Bank brought me face to face with poor gives collateral-free income generating Many of the children went on to higher peoples struggle to find the tiniest loans, housing loans, student loans and education to become doctors, engineers, amounts of money to support their micro-enterprise loans to the poor college teachers and other professionals. efforts to eke out a living. I was shocked families and offers a host of attractive We introduced student loans to make it to discover a woman in the village, savings, pension funds and insurance easy for Grameen students to complete borrowing less than a dollar from the products for its members. Since it higher education. Now some of them money-lender, on the condition that he introduced them in 1984, housing loans have PhDs. There are 15,754 students would have the exclusive right to buy all have been used to construct 644,965 on student loans. Over 7,000 students she produces at the price that he houses. The legal ownership of these are now added to this number decides. This, to me, was a way of houses belongs to the women annually. recruiting slave labor. themselves. We focused on women because we found giving loans to We are creating a completely new I decided to make a list of the victims of this women always brought more benefits generation that will be well equipped to money-lending n the village next door to to the family. take their families way out of the reach of our campus. poverty. We want to make a break in the In a cumulative way the bank has given historical continuation of poverty. When my list was complete, it had the out loans totaling about US $6.1 billion. names of 42 victims who borrowed a total The repayment rate is 98.28%. Grameen Free Market Economy amount of US $27. I was shocked. I offered Bank routinely makes profit. Financially, Many of the problems in the world today, US $27 from my own pocket to get these it is self-reliant and has not taken donor including poverty, persist because of a victims out of the clutches of those money since 1995. Deposits and own too narrow interpretation of capitalism. money-lenders. The excitement that was resources of Grameen Bank today created among the people by this small amount to 155 per cent of all Capitalism centers around the free action got me further involved in it. If I outstanding loans. According to market. It is claimed that the freer the could make so many people so happy Grameen Banks internal survey, 64 per market, the better is the result of with such a tiny amount of money, why cent of our borrowers have crossed the capitalism in solving the questions of shouldnt I do more of it? poverty line. what, how, and for whom. It is also claimed that the individual search for That is what I have been trying to do ever This idea, which began in Jobra, a small personal gains brings collective optimal since. The first thing I did was to try to village in Bangladesh, has spread around result. persuade the bank located in the campus the world and there are now Grameen to lend money to the poor. But that did type programs in almost every country. The theory of capitalism assumes that not work. They didnt agree. The bank entrepreneurs are one-dimensional said that the poor were not creditworthy. Second Generation human beings, who are dedicated to one18 FirstBank Impact Series
  • 19. mission in their business lives − to new type of capital market of its own, to Bank shares with their own money, andmaximize profit. This interpretation of raise capital. these shares cannot be transferred tocapitalism insulates the entrepreneurs Young people all around the world, non-borrowers. A committedfrom all political, emotional, social, particularly in rich countries, will find the professional team does the day-to-dayspiritual, environmental dimensions of concept of social business very running of the bank.their lives. Many of the worlds appealing since it will give them aproblems exist because of this challenge to make a difference by using Bilateral and multi-lateral donors couldrestriction on the players of free-market. their creative talent. easily create this type of social business. When a donor gives a loan or a grant toWe have remained so impressed by the Almost all social and economic problems build a bridge in the recipient country, itsuccess of the free-market that we never of the world will be addressed through could create instead a "bridge company"dared to express any doubt about our social businesses. The challenge is to owned by the local poor. A committedbasic assumption. We worked extra hard innovate business models and apply management company could be givento transform ourselves, as closely as them to produce desired social results the responsibility of running thepossible, into the one-dimensional cost-effectively and efficiently such as company. Profit of the company will gohuman beings as conceptualized in the healthcare for the poor could be a social to the local poor as dividend, andtheory, to allow smooth functioning of business, financial services for the poor, towards building more bridges. Manyfree market mechanism. information technology for the poor, infrastructure projects, like roads, education and training for the poor, highways, airports, seaports, utilityI have said that capitalism is a half told marketing for the poor, renewable companies could all be built in thisstory. By defining "entrepreneur" in a energy − these are all exciting ideas for manner.broader way we can change the social businesses.character of capitalism radically, and Grameen has created two socialsolve many of the unresolved social and Social business is important because it businesses of the first type. One is aeconomic problems within the scope of addresses very vital concerns of mankind. yogurt factory, to produce fortifiedthe free market. Let us suppose an It can change the lives of the bottom 60 yogurt to bring nutrition toentrepreneur, instead of having a single per cent of world population and help malnourished children. It is a jointsource of motivation (such as, them to get out of poverty. venture with Danone. It will continue tomaximizing profit), now has two sources expand until all malnourished childrenof motivation, which are mutually We cannot cope with the problem of of Bangladesh are reached with fortifiedexclusive, but equally compelling − a) poverty within the orthodoxy of yogurt. Another is a chain of eye-caremaximization of profit and b) doing capitalism preached and practiced today. hospitals. Each hospital will undertake,good to people and the world. With the failure of many Third World on an average, 10,000 cataract surgeries governments in running businesses, per year at differentiated prices to theEach type of motivation will lead to a health, education, and welfare rich and the poor.separate kind of business. Let us call the programs efficiently everyone is quick tofirst type of business a profit-maximizing recommend: "hand it over to the private Social Stock Marketbusiness, and the second type of sector". I endorse this recommendation To connect investors with socialbusiness as social business. whole-heartedly. But I raise a question businesses, we need to create social stock with it. Which private sector are we market where only the shares of socialSocial business will be a new kind of talking about? Personal profit based businesses will be traded. An investorbusiness introduced in the market place private sector has its own clear agenda. will come to this stock-exchange with awith the objective of making a difference It comes in serious conflict with the pro- clear intention of finding a socialto the world. Investors in the social poor, pro-women, pro-environment business, which has a mission of his orbusiness could get back their agenda. Economic theory has not her liking. Anyone who wants to makeinvestment money, but will not take any provided us with any alternative to this money will go to the existing stock-dividend from the company. Profit familiar private sector. I argue that we market.would be ploughed back into the can create a powerful alternative - acompany to expand its outreach and social-consciousness-driven private To enable a social stock-exchange toimprove the quality of its product or perform properly, we will need to create sector, created by social entrepreneurs.service. A social business will be a non- rating agencies, standardization ofloss, non-dividend company. terminology, definitions, impact Grameens Social Business measurement tools, reporting formats,Once social business is recognized in law, Even profit maximizing companies can and new financial publications, such as,many existing companies will come be designed as social businesses by The Social Wall Street Journal. Businessforward to create social businesses in giving full or majority ownership to the schools will offer courses and businessaddition to their foundation activities. poor. This constitutes a second type of management degrees on socialMany activists from the non-profit social business. Grameen Bank falls businesses to train young managerssector will also find this an attractive under this category of social business. It how to manage social businessoption. Unlike the non-profit sector is owned by the poor. enterprises in the most efficient manner,where one needs to collect donations to and, most of all, to inspire them tokeep activities going, a social business The poor could get the shares of these become social business entrepreneurswill be self-sustaining and create surplus companies as gifts by donors, or they themselves.for expansion since it is a non-loss could buy the shares with their ownenterprise. Social business will go into a money. The borrowers buy Grameen Role of Social Businesses in Globalization FirstBank Impact Series 19
  • 20. Muhammad Yunus Debates Microfinance Models at Annual Meeting of Clinton Global Initiative (CGI) At the annual meeting of the Clinton Global August 16, 2010. Equity investors include Initiative, a forum on international development Quantum Hedge Fund, Sequoia Capital, Vinod founded in 2005 by former US President Bill Khosla, Small Industries Development Bank of Clinton, Nobel laureate Muhammad Yunus and India, Bajaj Allianz, Yatish Trading, Kismet Vikram Akula, founder of Indian SKS Capital, Sandstone Capital, Silicon Valley Bank Microfinance, which recently went public, and Unitus. SKS Microfinance reported total discussed different models for microfinance assets as of March 31, 2010, of USD 791 million. institutions (MFIs). As of March 2010, according to the Microfinance Information Exchange (MIX), the microfinance Dr Yunus claims that he does not oppose MFIs information clearinghouse, SKS Microfinance making a profit, but stresses that there should reported a return on assets of 4.96 percent, be a cap on profits. In addition, Dr Yunus also return on equity of 21.56 percent, gross loan urges SKS Microfinance to convert from being a portfolio of USD 961 million and 5.8 million non-bank finance corporation (NBFC) into a bank, a process that would enable SKS Microfinance to accept deposits and place them under the deposit guarantee scheme of the Reserve Bank of India (RBI). On the other hand, Mr Akula emphasizes that having access to commercial capital markets is the only way to raise sufficient funds to meet the needs of the poor. In addition, he argues that it is extremely difficult to secure a banking license in India. In response, Dr Yunus warns of the volatility of the commercial capital markets and argues that the “microcredit is not about exciting people to make money off the poor.” About SKS Microfinance: SKS Microfinance is an Indian microlender that delivers microfinance products through a group- lending model to impoverished women in India. It is a for-profit, non-banking finance company which converted to a public limited company in May 2009 and launched an initial public offering on July 28, 2010, after which trading commenced on the Bombay Stock Exchange and the National Stock Exchange of India on20 FirstBank Impact Series
  • 21. FirstBank Impact Series 21
  • 22. Profile Dr. Dalvinder Singh D r. Dalvinder Singh is the Associate Professor of Bank Resolution, London: Informa Law, Lloyds Commercial Law at the University of Warwicks School of Law Library; D Singh with W Shan & P Simons (eds) Law, 2007. He has given technical assistance Redefining Sovereignty in International Economic Law, to the IMF on micro-finance legislation for the Oxford: Hart Publishing 2008; D Singh with A Campbell, JR Republic of Guinea and has also participated in a bank LaBrosse & DG Mayes (eds) Deposit Insurance, Basingstoke: insolvency workshop organized by CARTAC. He is also Palgrave Macmillan (2007). Senior Associate Research Fellow, Institute of Advanced Legal Studies, University of London; Managing Editor of Articles and Chapters: D Singh, The US Architecture of Bank the Journal of Banking Regulation, since 2003 and Regulation and Supervision: Recent Reforms in their Historical Context, in D Singh with JR LaBrosse and R Financial Regulation International, since 2006; Editorial Olivares-Caminal (eds) Managing Risk in the Financial Advisory Board Member, Journal of Financial Regulation System, Cheltenham, Edward Elgar, (2011); D Singh, The UK and Compliance (Emerald). He has acted as a technical Banking Act 2009, pre-insolvency and early intervention: advisor to the International Monetary Fund. He was policy and practice Jan, Journal of Business Law, (2011) 20 – invited in 2008 to be a member of the International 42; D Singh, UK approach to financial crisis management, Association of Deposit Insurers, Research and Guidance, Transnational Law and Contemporary Problems, Iowa Law Expert Advisory Panel. He is also External Examiner at the School, Vol. 19 (Winter), (2011) 872 – 926; D Singh & JR LaBrosse, Northern Rock, Depositors & Deposit Insurance Centre for Commercial Law Studies, Queen Mary, Coverage: Some Critical Reflections Jan, Journal of Business University of London, for several of their postgraduate Law, 2010 55-84; D Singh & D Walker The European Deposit programmes, and the University of Strathclyde, Scotland. Guarantee Directive: An Appraisal of the Reforms, in Financial Crisis Management and Bank Resolution, D Singh, He is author and editor of several monographs: D Singh, with RJ LaBrosse, & R Olivares-Caminal, London, Informa Law Banking Regulation of UK and US Financial Markets, (2009); D Singh The Role of the IMF and World Bank in Aldershot: Ashgate Publishing 2007; D Singh with R Financial Sector Reform and Compliance? , in Redefining22 FirstBank Impact Series
  • 23. The Role of the IMF and World Bank in Financial Sector Reform and Compliance DALVINDER SINGHThe IMF and the World Bank have crisis resolution and macro-policy purposes to ascertain whether theyresponsibility respectively for advice; and the Bank on longer-term pose a risk to the stability of theexchange rate and currency stability, development—including micro- international monetary system. Itand reconstruction and economics and trade and industry seeks to provide financial assistancedevelopment. The post-war agenda issues—and poverty reduction. This to members experiencing balance ofof exchange rate stability and move from the traditional remits of payment problems, on the basis thatreconstruction has been broadened responsibility is evidence of a the individual member compliesto assist members with their efforts growing influence of the two in the with the conditions set for suchto achieve monetary and financial arena of a countrys domestic policy; assistance so the IMF can be assuredstability, create sustainable this is achieved through the the money will be repaid.economic growth to reduce poverty, conditions attached to their financialand enhance development; focusing and technical assistance when This invariably requires the memberon their capacity to improve the domestic policies and legal and country to adjust its economic anddomestic infrastructure that is regulatory infrastructure are not monetary policies, giving rise to anecessary in most cases to deal with sufficient to prevent or manage a considerable level of coercive andthe prescribed assistance the crisis. unfettered leverage by the IMF toinstitutions provide. The evolving role of the IMF and ensure changes are indeed made. World Bank The final function of the IMF is toThe responsibilities of the two are The responsibilities and functions of provide technical assistance to itsdistinguishable by the period over the IMF centre on its key purpose: to members, but without the samewhich they assist their members. The deal with international monetary degree of compulsion as is attachedIMFs assistance has tended to be on problems by acting as the forum for to the other activities. Conditionalitya short-term basis, focusing on its members to consult and which generally refers to themacro-economic matters; whereas collaborate with it so as to facilitate designated policy and proceduresthe World Bank has concentrated on and promote international attached to the assistance the IMFlong-term development projects monetary co-operation, growth of provides ensures to a certain extentthat focus on the micro-economic international trade and exchange the objectives of the assistance isside. In the pursuit of these rate stability to achieve financial and achieved. It has, in many respects,interdependent goals a considerable economic stability. The IMF seeks to generated a considerable level oflevel of cooperation between the achieve these broad purposes controversy in light of the expansiontwo institutions has evolved, through its core functions: of its policy remit to include mattersnotwithstanding an inevitable surveillance, financial assistance and at a micro level such asdegree of tension on occasion when technical assistance to ensure its infrastructural reform. As Lastratheir policies seem to conflict with members continuously adhere to its notes the rationale for thisone another; this occurred especially underlying purposes. expansion was the fact that the crisisduring the 1990s and the financial stricken countries discussed abovecrises experienced by a number of The traditional objective of exposed considerable problems incountries. surveillance is ensuring orderly this area thus exacerbating the exchange arrangements among financial problems they experienced.This has resulted in more formal members. The IMF, in consultationcoordination over the years to deal with its members by both bilateral The traditional functions as notedwith such matters, although both and multilateral means, assesses above have expanded considerablystill concentrate on their core asks. individualmembers economic and over the years, both formallyGilbert et al propose the core foci as monetary policies against its through amendments of the Articlesthe Fund on macro-economic and FirstBank Impact Series 23
  • 24. of Agreement and informally regulation reform—especially given through policy pronouncements, to However, when a country is seeking that weaknesses in this area were encompass a broader set of issues financial support from the IMF the part of the reason for the Asian that underpin the stability of the picture is very different: here the financial crisis. international monetary system. This issue of financial sector reform The World Bank is primarily made up has widened the IMFs role from features frequently, in addition to of two main agencies: the macro-economic policy matters to the traditional areas of IMF International Bank for include microeconomic policy, to responsibility, in the Letters of Intent Reconstruction and Development achieve inter alia financial and prepared by the member seeking (IBRD), and the International economic stability in its broadest support. For example, the Letter of Development Association (IDA) and sense by acting as a forum for Intent of the government of affiliate agencies. The role of the international cooperation to Thailand dated 1997 contained IBRD is aimed at reduction of monitor economic developments on numerous references to its intention poverty and sustainable a global scale and specifically of making changes in the financial development, although its initial addressing weaknesses in the sector, such as legal and regulatory responsibility was for assistance with overseeing of domestic financial reforms. the reconstruction of countries markets. affected by war. The World Bank acts To obtain financial support from the for its members as a facilitator for The key issue highlighted is the risks IMF these changes were of a short- investment and technical assistance, now posed by such weaknesses in and long-term nature, and designed broadly speaking to assist with the the financial system, both internally ultimately to restore confidence in development of productive facilities and externally to others. The the financial system by closing and resources in less developed traditional role of surveillance has insolvent banks, putting in place a countries. The investment (or loans been broadened from what Lastra deposit protection system and as the case may be) it provides coins “macro-surveillance” to improving the approach to comes from both private means and microsurveillance” specifically enforcement sanctions. These issues its own resources, but the principal focusing on financial system form part of the adjustment policy objective is to give financial soundness by placing particular the member seeking assistance must assistance to members on the most attention on weak financial put in place and adhere to in order reasonable terms and conditions. institutions, inadequate bank to give the IMF the assurance to The IBRD raises most of its funds by regulation and supervision, and lack provide such assistance. selling its AAA-rated bonds to of transparency as a result of its financial intermediaries in the broad discretionary mandate The IMFs technical assistance international markets. The traditional articulated in the Articles of function has also evolved in light of objectives it tries to promote are of Agreement, These issues form part its broader agenda to include a long-term nature: the growth of of the broader agenda of bilateral financial sector reform, which international trade, equilibrium of and multilateral surveillance the IMF incorporates the FSAP, by providing balance of payments and undertakes periodically with technical assistance on a voluntary investment for the development of members to lessen the frequency basis. In more recent Letters of the productive resources of and diminish the intensity of Intent, such as Turkey in 2006, the members, focusing on raising potential financial system problems; letter not only referred to the productivity, the standard of living members are required to cooperate measures put in place to effect and conditions of labor in their with the IMF, outlining how they will financial sector reform, but also territories, but avoiding interfering attempt to deal with any issues by expressed the intention to use the in the political affairs of the country. drawing up a programme of reform. findings of the FSAP for Turkey to The purpose of the IBRD is relatively For example, the Article IV staff guide our future reform efforts in the narrow in terms of its Articles of report for Tunisia in 2002 illustrated financial sector. This indicates the Agreement, but has obviously been the work the authorities were link between the compulsory and interpreted broadly to cover the undertaking in the financial sector the voluntary parts of the IMFs role whole spectrum of development, area and progress towards and the importance attached to from economics to health, implementing the findings from a financial sector reform, if necessary, education, environment, Financial Sector Assessment in seeking financial support from the infrastructure and poverty Program (FSAP) assessment. IMF. The voluntary aspect is alleviation: The Articles must important because not all members receive a great measure of Despite the perception that financial will require formal assistance but purposive interpretation to reflect sector reform is a wholesale part of may nevertheless pose a threat to the Banks changing role as a Article IV consultation, in fact only domestic or international stability, so development institution. The two reports explicitly refer to some form of voluntary assessment objectives are continuously financial sector matters, namely programme was needed that evolving rather than static and rigid, Tunisia and Iceland. specifically focused on bank and need to be interpreted in the24 FirstBank Impact Series
  • 25. broad spirit rather than to the letter. The IMF and World Bank Financial For example, in the period Sector Assessment Program:The primary functions of the World 1993–2003 the World Bank provided A Diagnostic ToolBank as a whole are said to be to act $56 billion of assistance for financial The FSAP diagnostic tool wasas a financial intermediary, a sector reform projects, which introduced by the IMF and Worlddevelopment research institution equates to about 24 per cent of its Bank after the Asian financial crisisand a development agency.66 The budget, to improve economic on a voluntary basis. This promptedIBRD and the IDA provide long-term growth and reduce poverty by the international community tofinance for specific programmes enhancing the mobility of savings respond with a whole host ofover 15–20 years and 35–40 years and investment across as broad a initiatives to mitigate the risk ofrespectively, depending on whether sector of the economy as possible to such episodes occurring again. Thethe individual country is classified as make it more inclusive. The size and IMF and the World Bank set up themiddle-income or low-income—the complexity of the projects mean that FSAP so their respective strengthsformer do not have the financial the World Bank acts as the overall and specialisms could be harnessedneed to seek assistance from the lead manager, with other donors, together to identify financial sectorIBRD. The World Bank also assists especially regional development vulnerabilities and deal with themembers by providing what are banks, providing assistance such as development needs of theirtermed knowledge services technical and financial support. In members to reduce the likelihoodthrough assessments and technical these projects the state is at the of further financial crises and theassistance on development matters; centre and advocates the reforms, disruption they cause to financialthis is one of its most important while the central bank and stability. Another objective of theroles. The loans provided by the government departments are FSAP is to determine the extent toWorld Bank fall into two broad responsible for implementing the which members comply withcategories: goods and services, and changes; this is in contrast to the international standards of financialadjustment loans or structural general perception that changes in regulation and supervision inadjustment loans. The latter are for banking regulation and supervision banking, securities and insurancepolicy and institutional reforms: the are implemented by the central business; this is either incorporatedprogramme of reforms . . . proposed bank rather than being state led. under the Assessment of Financialby the country and negotiated with Sector Standards or in an individualthe World Bank to ensure the Support has focused on numerous Report on Observance of Standardsobjective of the projects and the projects relating to the infrastructure and Codes (ROSC). The jointoutcomes are achieved under the of the financial system; for instance, programme aims, to help countriesaegis of conditionality.67 Non- in the case of Egypt in 2006, which is to enhance their resilience to crisescompliance can ultimately lead to no exception, the goal was to and cross-border contagion, tothe withdrawal of a loan, or in most modernise bank regulation and its foster growth, by promotingcases the threat of it being enforcement so as to comply with financial system soundness andwithdrawn, notwithstanding the international standards. The changes financial sector diversity; itsfact that a country is not obliged to were aimed at improving the synergy connects the macro/microfulfill the measures set out in the efficiency of the banking system by prudential aspects of financialprogramme; this is seen as its enhancing market confidence and stability by linking it with thesovereign prerogative given the accountability of individual banks. In regulatory infrastructural needs of apolitical, social and economic Paraguay in 2002 the focus was on country. The diagnostic focus of theimplications of the programme for mechanisms to deal with efficient FSAP then forms a platform forthe country. Financial sector reform bank resolution and provide an remedial work under the directionhas been on the World Banks effective safety net to avoid small of the assessed country.agenda for a considerable length of depositors losing their money whentime (a lot longer than it has a bank fails or is closed. In Mexico in a) FSAP process and toolsfeatured at the IMF), either through 199575 and the Philippines in 1998, The FSAP process has focused onfinancial support for structural technical assistance to strengthen the needs of developing, emergingreform projects or technical financial sector oversight by and industrialized countries. Itassistance to a countrys authorities improving their capabilities to deal concentrates on what it termsto develop this area of the economy with financial crisis was one of the systemically important countries,and improve the capacity to main features of the loan. In the case as well as countries at variousoversee the financial system of Pakistan where the reform efforts stages of development that pose athrough legislative changes and have been in place for a significant systemic threat to internationaltraining. Structural adjustment length of time compliance with the financial stability. For example, inloans have focused on a broad Basel Core Principles now stands at the case of developed countries arange of areas, including reducing 22 out of the 25 Core Principles. vulnerability assessment isgovernment ownership and undertaken to gauge the extent tostrengthening bank supervision. FirstBank Impact Series 25
  • 26. which the banking system can mission chief. The assessment of financial sector withstand macro-economic shocks; standards is the other significant In the case of emerging economies The mission involves an in-country part of the overall assessment of the the FSAP process has to pay Financial System Stability financial system. The focus of the particular attention to the quality of Assessment (FSSA) of the banking FSAP is on three areas: (i) financial regulation after financial crises and system and its regulation and sector regulation and supervision; the diversity of the financial system, supervision. The team hold (ii) institutional and market to assess whether the non-bank discussions with institutions such as infrastructure; (iii) policy sector, for instance, can pose the central bank and the bank transparency. It consists of systemic risks to the overall well- regulator and supervisor, and have assessing countries financial being of the financial system. The meetings with figureheads in the systems in light of a variety of priority set for developing countries banking industry. international standards in banking, is different, focusing on building securities and insurance business. the infrastructure of the financial The stress test forms a significant system. part of the FSAP process. It consists The international banking of assessing the extent to which a standards devised by the Basel The response by those deemed countrys financial system can Committee are a significant part of systemically important differs from withstand instability arising from the FSAP process, which adopts the that of countries at other stages of plausible shocks to key Basel Committee methodology to development. For example, the macroeconomic variables. The evaluate compliance with the Core former consider the FSAP as an assessment focuses on macro- Principles. Through the assessments external review from an economic shocks to the financial a number of issues have over time international perspective to gauge system to judge its robustness to been identified which would call whether they could weather withstand them. Stress tests could into question the effectiveness of episodes of international financial examine the implications of the regulatory regime in a country: instability; the latter consider it as changes to interest and exchange examples are political interference an opportunity for identifying gaps rates for financial services firms. in the authorization process or lack in existing regulation and of legal immunity from law suits; a supervision and initiating reforms The stress test is not a single, lack of powers to deal with with development objectives in uniform model that is simply unauthorised activities; a lack of mind. applied to all countries, ignoring criteria to ascertain whether a bank, the level of development; each shareholders or individual director According to observations made assessment is designed around the are fit and proper; capital adequacy after the pilot programme, most country relative to the complexity rules which are not adhered to or countries that participated wanted of the financial system, and data monitored effectively on either an more attention to be paid to the availability, while also being individual bank basis or a implications of missing, mindful of the resource burden consolidated basis; large exposures incomplete, or informal markets for imposed on the central bank and which are not monitored or the stability and the development supervisory authorities. reported; insufficient on-site of a assessment of banks; limited diversified financial sector. The For example, in the case of Gabon consolidated supervision of cross- most recent review highlights the stress tests focused on issues sector or cross-border activities; similar sentiments wanting such as a government default on ineffective enforcement by the improvements in the assessment to domestic debt repayments as a regulators of standards and rules reflect the development issues that result of changes to oil production that actually exist; and limited are integral to the reform process. in the country and their effect on cooperation between respective commercial banks servicing their regulators to oversee banks that The process of assessing debts. In Mexico the focus was on operate across borders. observance of codes and standards the resilience of the banking sector consists of a premission, the to withstand a slowdown to the US The degree of compliance with the mission and a post-mission economy, which would have a Basel Core Principles makes assessment involving an significant effect on banking interesting, yet unsurprising, international team of consultants profitability. The position in Sweden reading. The level of compliance is and IMF and World Bank officials. was assessed by testing the in many respects commensurate The country first completes a resilience of the banking sector to with the stage of development the questionnaire on its system of bank real estate, exchange and interest country is at. Indeed, the forms of regulation in conformity with the rate shocks; it was found that banks noncompliance are also associated Basel Core Principle methodology; were resilient to such changes. with the stage of development. this is then submitted to the Developing countries evidence a26 FirstBank Impact Series
  • 27. BRIEF Microinsurance: What Can Donors Do? Poor people in developing countries enjoy few safeguards against the numerous perils of life-illness or injury, natural disasters, and loss of property. Microinsurance is growing in popularity among donors as one means of Governments in developing countries are often unable provide adequate social Few donors agencies have insurance protection for their poorer citizens. At the expertise. Agencies that make significant same time, formal insurers in many markets investments in micrinsurance should have do not see low-income people as viable access to staff with appropriate technical clients. (However, there has been recent skills. Donors can either invest in in-house progress with some simple products, such as expertise or ensure program staff have life insurance.) enough “insurance literacy” to outsource intelligently and select the best implementing HOW CAN DONORS EFFECTIVELY SUPPORT partners. Some funders, like the Aga Khan MICROINSURANCE? Agency for Microfinance, have recruited full- time experts from leading insurance In most countries, reaching scale and companies. providing real value to clients will likely require donor involvement in the medium Determining when and how to deploy the term. donors will need appropriate expertise appropriate instrument-from technical and resources to engage effectively in assistance to grants, loans, equity, guarantees, microinsurance because it is relatively new, and policy support-requires good knowledge complex, and risky. of market conditions. In many instances, relatively small amounts of funding provided Donors have diverse reasons for wanting to over longer periods are needed. In markets support micrinsurance. Even within the same where commercial insurers show interest, agency, different units may have varying donors should focus on brokering views on how subsidies can be used best, how relationships with organizations close to much clients should pay for insurance target clients. services, and what roles the government and Donors can also support public goods like the private sector should play. Strategic clarity research and consumer education. However, on the reasons for engaging in in the numerous markets where formal microinsurance affects how a donor’s insurers are not yet willing to step in, donor objectives are set, how expertise is recruited, funding can help build the institutional and what type of monitoring is implemented. capacity to provide insurance services. the Bill FirstBank Impact Series 27
  • 28. PAULINEWANDOO A.NSA FirstBank Impact Series 29
  • 29. Profile PAULINE WANDOO NSA P auline Nsa is the pioneer MD/CEO of FBN Microfinance Bank Ltd. She was actively involved Microfinance Bank Limited, a fully owned in the market research that led to UBA/AfriCap subsidiary of First Bank Nigeria Plc, the decision to invest in a microfinance initiative. leading financial services institution in Nigeria. She holds a BSc degree in Business Pauline Nsa has attended numerous training Administration from the Ahmadu Bello programmes within and outside the country University, Zaria, Nigeria (1983) and a Masters in including the Risk Management course Business Administration (MBA) in Finance from organized by Euromoney, London (1986); Best the University of Ibadan (1992). and Brightest Bankers Programme of IFESH/USAID in New York (2002); WAIFEM She has over 25 years work experience spanning Microfinance programme for Technical Service Bank Examination, Credit Risk Management, Providers in Accra, Ghana (2004); Boulder Consumer Banking, Training and Microfinance microfinance course by ILO in Turin, Italy (2005); Operations. Her experience in financial analysis Cracking the Capital Markets, sponsored by the follows her 12 years in the Risk Management Grameen Foundation, New York (2007); Building function, first at International Merchant Bank new ventures in established companies at the (IMB) Plc, and then United Bank for Africa (UBA) Harvard Business School (2008); Strategic Plc. These followed four years experience in Leadership in Microfinance by Accion/ Harvard Nigeria Deposit Insurance Corporation (NDIC) as Business School (2009) to name a few. an examiner. Her key strengths are strong leadership abilities, Prior to joining the First Bank Plc, Pauline was presentation and analytical skills. Pauline is responsible for the set up of the defunct UBA passionate about microfinance and works30 FirstBank Impact Series
  • 30. FirstBank Impact Series 31
  • 31. Corporate Profile32 FirstBank Impact Series
  • 32. v i s i o nTo be Nigerias micro finance services provider of first choice FirstBank Impact Series 33
  • 33. Mission34 FirstBank Impact Series
  • 34. FBN Microfinance Bank Ltd incorporated Key(FBNMFB) March 2008 and duly licensed by theCentral Bank of Nigeria under the BOFIA (Banks Strengthsand Other Financial Institutions Act No 25 of 1999)commenced operations January 2009 with a fullypaid up capital of one billion naira.FBNMFB is a state microfinance bank, licensed tooperate in the 36 states of the federationincluding FCT. A fully owned subsidiary ofFirstBank, FBNMFB is committed to providingfinancial access to small scale industries, pettytraders, artisans and individuals to meet their day-to-day business aspirations and create wealth.FBNMFB is also dedicated to providing financialand business advisory services to serve this targetsegment with a range of financial productsdesigned for the growth of their businesses. Thebank as at December 31, 2009 had a customer for the countrys economically active poor. Thus,base of 36,654 and disbursed micro loans we serve the family income earners and the selfamounting to N2,308,568.81 to 7,539 clients. employed micro entrepreneurs with our stock of financial products aimed at growing theirAs a commercially sustainable microfinance businesses and consequently producinginstitution FBNMFB is committed to delivering key significant economic multipliers with positiveinfrastructure to help build up financial inclusion FirstBank Impact Series 35
  • 35. BRANCH The Bank currently operates in seventeen (17) locations within Lagos state, due to NETWORK regulatory requirement to cover two-third of its chosen state before launching out to AND other states of the federation. Our CONTACT approach to branch expansion is systematic, growing organically until we PERSONS provide microfinance services to every Branch/Customer Agege Branch/Customer Ketu Meeting Points Meeting Points contact persons Adetokunbo Ope contact persons Olawale Oluyemi Address 77, Old Abeokuta Road, Agege, Lagos Address Ketu Market, Yam Section Telephone numbers +234-1-8103327, +234-7029082131 Telephone numbers +234-7029743501 Branch/Customer Ikotun Branch/Customer Iyana Ipaja Meeting Points Meeting Points contact persons Oderinde Remi contact persons Ihuoma C. Chuks-Ugwuegbu Address Block YK 10, Irepodun Market, Ikotun Lagos Address Old Iyana Ipaja Road, Iyana Ipaja, Lagos. Telephone numbers +234-1-8103325, +234-7029082111 Telephone numbers +234-702814549436 FirstBank Impact Series
  • 36. Branch/Customer Ajegunle Meeting Points contact persons Paul Kujah Branch/Customer Bariga Address 48 Baale Adeyemo Str., Ajegunle, Lagos Meeting Points Telephone numbers +234-8033231737, +234-7029082316 contact persons Akinwa Francis Address 11, Jagunmolu Street, Bariga Lagos Branch/Customer Ikorodu 2Telephone numbers +234-1-8103326, +234-7029082116 Meeting Points contact persons John Agbabiaka Branch/Customer Ikorodu Address Ayangburen Road, Ikorodu, Lagos Meeting Points Telephone numbers +234-1-7360689, +234-7029743507 contact persons Francis Uwaifo Address 88, Lagos Road, Ikorodu Lagos Branch/Customer AjahTelephone numbers +234-1-7360689, +234-7029743500 Meeting Points contact persons Innocent Odoh Branch/Customer Matori 1B Ado/Badore Rd., Opp., Olumegbon Palace Address Meeting Points Ajah, Lagos Telephone numbers +234-7029082390 contact persons Enoh Asuquo Address 84/88 Ladipo Str., Papa Ajao, Mushin, Lagos Branch/Customer Ebute-mettaTelephone numbers +234-1-7360688, +234-7029743489 Meeting Points contact persons Adewunmi Oni Branch/Customer Broad Street Address 84 Muritala Mohammed way Yaba, Lagos Meeting Points Telephone numbers +234-702982116 contact persons Chinweoke Onwusowulu Address 93, Broad Street, Lagos Branch/Customer KetuTelephone numbers +234-1-7360687, +234-1-8103340 Meeting Points contact persons Martha Okilua Branch/Customer Ogba Address 6,Demureen Street,Ketu Meeting Points Telephone numbers +234-7029743499 contact persons Adams Adeleke Address Suite 74,LSDPC Shopping Arcade,Ijaye Rd Ogba Branch/Customer OshodiTelephone numbers +234-7029743503 Meeting Points contact persons Hellen Mustapha Branch/Customer Okoko/Alaba Address 22,Oshodi road Oshodi Meeting Points Telephone numbers +234-7029082142 contact persons Kingsley Nwosu Address D24 -27 Electrical Section, Off Branch/Customer Head Office St Patrick Catholic Church Road, Meeting Points Alaba International Market, LagosTelephone numbers +234-1-8201220, +234-7029112424 contact persons MDs Office Address 305,Herbert Macaulay way Yaba,Lagos Telephone numbers +234-1-8103708, +234-1-8742230, +234-1-8501505, +234-7029743508, +234-8191353465 FirstBank Impact Series 37
  • 37. PRODUCTS AND SERVICES DEPOSIT PRODUCTS Little-by-Little Micro Fix Easy Life “The Young Shall Grow” Beta Life Account “Our Account” (Association Account) Current Account Mycash (ATM Cards) CREDIT PRODUCTS Easy Loan Level- Don- Change (Asset Loans) Kia-Kia Loan Step-Up Loan OTHER SERVICES Business Advisory Technical Assistance ….come change levels.38 FirstBank Impact Series
  • 38. MeetThe Panelists40 FirstBank Impact Series
  • 39. Stephen Olabisi Onasanya Group Managing Director/ Chief Executive Officer (GMD/CEO), First Bank of Nigeria Plc.Mr. Stephen Olabisi Onasanya until his appointment as Group Managing Director/ChiefExecutive Officer was Executive Director, Banking Operations & Services. Prior to this, he wasManaging Director/Chief Executive Officer of First Pension Custodian Nigeria Limited, awholly-owned subsidiary of FirstBank, where he developed initiatives that drove bestpractices in the nations pension custody industry.A seasoned banker and chartered accountant with over 25 years diverse management andoperational experience, Bisi is a highly respected and personable executive who hasestablished a reputation at FirstBank for solid performance and sound judgment. AsGMD/CEO, he has pledged his commitment to continue the momentum of the Banksongoing growth and modernisation plans.Bisi commenced his banking career as a Senior Accountant with Wema Bank in 1985. Hejoined FirstBank in 1994 and held several positions, including Group Head, Finance andPerformance Management. As Coordinator of the Banks Century 2 EnterpriseTransformation Project in 2004, Bisi managed what is perhaps acknowledged today as themost critical phase of the Banks early transformation, to ensure continuous competitiveness.He maintained this coordinating role as Executive Director, Banking Operations & Servicesuntil this appointment as GMD/CEO.He is a Fellow of the Institute of Chartered Accountants of Nigeria, a Member of the CharteredInstitute of Bankers of Nigeria, and an Associate Member of the Nigerian Institute of Taxation. FirstBank Impact Series 41
  • 40. Prof. Oyewusi Ibidapo-Obe FAS, FA Eng, OFR President, Nigerian Academy of Science International Development Agency and a Senior Fulbright Research Scholar (1980-1981). He served the University of Lagos from October 1, 1972 as a Graduate Assistant through 1976 as Lecturer Grade II till 1983 as Professor. Professor Ibidapo-Obe has served as Head of the Engineering Analysis Unit (1991-1995) and the Dean of the Faculty of Engineering at the University of Lagos, (1995- 1999). He was subsequently the Deputy Vice-Chancellor in April 2000 and acted as Vice-Chancellor between September 2000 and April 2002. He was appointed substantive Vice-Chancellor on 1st May, 2002 and successfully served until 30th April 2007.He was the Chairman of the Committee of Vice Chancellors of Nigerian Universities. He was 2-times awarded the Best Vice Chancellors Prize (2004, 2005) for the Nigerian University System (NUS).The tenure witnessed a phenomenal development of the University through massive re- assessment and focused endowment/funds mobilisation. Professor Oyewusi Ibidapo-Obe, the new President of the Nigerian Academy of Science attended Igbobi He has published extensively in reputable international College from 1967-1968 for the Higher School as a journals with some 60 papers after the appointment as member of Aggrey House. Professor. The focus of his research is on Control and Information Systems in a Stochastic Environment. He He was awarded a Bachelor of Science [B.Sc. (Hons)] serves as an International Scholar-in-Residence at The degree in Mathematics in the 1st Class Division by the Pennsylvania State University and a Visiting Research University of Lagos, Nigeria in 1971; a Master of Professor at Texas Southern University. Mathematics [M. Maths] degree in Applied Mathematics with a minor in Computer Science in Professor Ibidapo-Obe was conferred with the prestigious 1973 and a Doctor of Philosophy [PhD] in Civil Fellowship of the Academy of Science and Academy of Engineering with specialisation in Applied Engineering, Nigerian Computer Society and Mechanics/Systems in 1976 both from the University Mathematical Association of Nigeria and a recipient of of Waterloo, Ontario, Canada. the ICOBA Merit Award .He was conferred with the national honour as Officer of the Federal Republic (OFR) by the Federal Republic of Nigeria. He is also the Vice He is a distinguished alumnus of both the University of President of the Network of African Science Academies Lagos and the University of Waterloo. He was born on (NASAC). July 5 1949, married to Olusola and has 4 children. Professor Ibidapo-Obe serves as the Chairman of the Professor Ibidapo-Obe was a Western Nigeria Science Technology and Innovation Group of the Nigeria Government Scholar at the University of Lagos from Vision 20-2020, member of the Council of Osun State 1968-1971 and was the overall best graduating University, Crawford University as well as the University student of the University in 1971. of Science and Technology Ifaki-Ekiti, Chairman of the Monitoring Committee of National Open University of Professor Ibidapo-Obe was a Commonwealth Scholar Nigeria. He is also on the Board of a few public and (Canada) (1972-1976); an NSERC/CIDA (Natural private companies including Computerize Nigeria, Zinox Sciences and Engineering Research Council/Canadian Technologies, Supercard, UBA Micro Finance Bank, VC-42 FirstBank Impact Series
  • 41. Mr. Tokunbo Abiru Honourable Commissioner for Finance, Lagos State.Tokunbo Abiru was appointed Honourable responsible for public sector business in the South-Commissioner for Finance, Lagos State, and Member West of Nigeria i.e. Lagos, Ogun, Oyo, Osun, Ekiti &of the Lagos State Executive Council on the 4th of Ondo States.July, 2011. Tokunbo joined First Bank Nigeria Plc in January 2002 as a Principal Manager/Relationship Team Leader. HisPrior to this, he was Group Head of the Corporate responsibilities included improving customer serviceBanking division of First Bank Nigeria Plc, operating at delivery channels with a view to deepening businessthe highest level of senior management responsibility relationships and ensuring growth in depositand specifically in charge of overall corporate volumes for about 22 branches of First Bank.banking business in Ikoyi and Victoria Island; thecommercial hubs of corporate banking in Lagos. He became an Assistant General Manager in 2006, Deputy General Manager in 2009 and Group Head,Tokunbo Abiru started his career in 1990 with Corporate Banking in October 2010.Akintola Williams & Co. as an Audit Trainee, providingtax and business advisory services to corporate and Tokunbo holds a Bachelor of Science degree inindividual clients. Economics from the Lagos State University. He is a qualified Chartered Accountant with the Institute ofIn 1991, he moved on to Guaranty Trust Bank Plc as an Chartered Accountants of Nigeria and was appointedExecutive Trainee/Assistant Banking Officer in the Fellow of the Institute in April 2010. He is also anOperations Unit. He rose to the position of Banking Honorary Senior Member of The Chartered InstituteOfficer in one year, and by 1995, he was Deputy of Bankers of Nigeria.Manager, Financial Control and Manager in 1998. In his banking career, Tokunbo received numerousIn 2000, he joined National Bank of Nigeria Limited as awards and commendations; some of which are Besta Senior Manager of the Public Sector Group, FirstBank Impact Series 43
  • 42. Mrs. Edna Ishaya COO, Credit Registry Mrs. Ishaya has worked in various capacities as Development Program. Program Officer in Development Exchange Center (a non-governmental Microfinance She is currently involved in the development of institution) in Bauchi, Nigeria; Managing microfinance banks in Nigeria, in training and Director of Ishaya Consultancy Services, Gombe; capacity building and in board retreats. She has and Founder and Pioneer Managing Director of conducted the training of operators and Centre for Microenterprise Development. directors at the training organized by Central Bank of Nigeria in December 2008. She has She has carried out consultancy services to been involved in the development of several institutions like United Nations Fund for business plans and is currently re-organizing Women (UNIFEM), United Nations Childrens Crystal-Gold Microfinance Bank Limited to meet Fund (UNICEF), Department for International with all the requirements of Central Bank of Development (DFID), United nations Nigeria. Development Program (UNDP), the British She holds a BSc and an MSc in Biology both Council, The Ford Foundation, Central Bank of from the Ahmadu Bello University, Zaria. She Nigeria. also has certificates in Women and Agricultural Development from the Reading University, A Researcher, Trainer and Microfinance Reading, United Kingdom; Microfinance Practitioner, Mrs Ishaya also serves on the board Institutions Training from the Economic of Enhancing Financial Innovations and Access Institute, Boulder-Colorado, USA; and (EFInA). She is a trained Board Source Trainer Microenterprise Development (MDI) program and has undergone the Wharton Executive from SNHU, New Hampshire, USA.44 FirstBank Impact Series
  • 43. Adesina Ayodele FAGBENROAdesina Ayodele Fagbenro-Byron started his career after adegree in Economics as a Olevels Economics teacher andthen as an Audit Clerk, in the firm of C.S.Ola and CoChartered Accountants between 1983 and 1985. Duringthis period a firm foundation in knowledge sharing andcritical analysis was established.Following the footsteps of his father, he subsequentlypursued a degree in Law and was called to the NigerianBar in 1989 and started work in the chambers of Chief BayoKuku & Co as a Solicitor-in-Chambers and later as PersonalAssistant to his Principal in his capacity as President of theNigeria Stock Exchange. He rose to be Head of theCommercial Law Chambers in 1994 with responsibilitiesin the perfection of documentation in Oil and Gas,Commercial and Banking Transactions as well asNigerian Public Policy analysis for potential foreigninvestors in Nigeria Capital market. Information Science, at the University of IbadanHe later moved to Ibadan to join family and worked briefly specialising in Development Information.in the chambers of S.P.A Ajibade and Co where he was aSenior Counsel and honed his skills in litigation and An optimistic but pragmatic Sina delved deep into socialadvocacy over a wide range of commercial, civil and development work and consultancy and was engaged bycriminal matters. During this period, Sina gathered the World Bank as a good governance consultant toextensive court room experience spanning several states undertake assessments on Public Procurement at theof the federation and before a wide range of courts up till Country Level as well as in Lagos State, his work along withthe Court of Appeal. other colleagues set the tone and contributed to enabling the establishment of the Due Process Office in Abuja andIn 1996, he set up his own Legal and Consultancy the beginning of the reforms of the Lagos State Financialchambers Sina Fagbenro Associated while also venturing Management systems which commenced in 2000into social development and issues around access to respectively.justice and commercial opportunities for the poor and thebottom of the pyramid. His work included legal and Sina went back to the private sector when he joined thebusiness advice for small and medium scale enterprises Niger Delta Petroleum Resources Ltd, Nigerias firstmostly in Oyo, Kwara, and Lagos. In 1994 he organised and marginal (small) oil field Production Company in Lagos asfunded, annaual Public Seminar on Commercial Company Secretary and Legal adviser in which heOpportunities in Oyo State 1990s and beyond He contributed to finance documentation and stakeholderhowever continued to service high profile corporate community relations. However the pull into socialentities such African Petroleum, First Bank Securities and development remained compelling and when he wasExchange Commission. offered a Consulting assignment by the European Commission as Consultant on Anti-Corruption, he seizedBetween 1995 and 1997 Sina attended courses in Public it. In this capacity Sina was responsible for developing a 5Policy, Economic Managemet and was appointed a year programme for the EFCC costing 22 million Euro.Consultant to the Ibadan based Development Policy This assignment was successfully completed in 2003 andCenter (DPC) to conduct research and make he was again offered an assignment on the team thatrecommendations to Federal Government on Nigerias developed the eGovernance Enterprise of the FCTNon-Oil Export Policy in which he submitted a Strategic Government specifically responsible fro developing theAppraisal under the guidance of Prof Dotun Phillips and governance strategy.Prof Akin Mabogunje. Fully appreciating that the worldwas turning a corner and entering an Information age, Sina joined Department For International DevelopmentSina opted for and completed a Master Degree in (DFID) as Governance Adviser. DFID is responsible forInformation Science from the African Regional Centre of managing the British Governments Contribution to FirstBank Impact Series 45
  • 44. Tokunboh Ishmael CEO, Alitheia Capital Alitheia Capital (www.thealitheia.com) is an investment manager and advisor based in Lagos, Nigeria. Our mission is to broaden the access to finance, energy and housing. To do so, Alitheia operates across three business streams: Fund Management Alitheia Capital’s fund management business focuses on two areas – (i) the management of specialised funds that enable sustainable investments, which meet the twin objectives of positive economic and social impact; and (ii) the leveraging of existing and newly developed real estate portfolios for private equity investments. Real Estate Advisory The Company lends its strong technical competencies and deep knowledge of its key markets to the development and management of commercial and residential properties; and advises on strategies for unlocking capital tied up in real estate. Our real estate offerings broaden participation in the sector and address the scarcity of project management expertise. Tokunboh Ishmael is the co-founder and Managing Director of Alitheia Capital. She has worked in the USA, UK and Africa. In her most recent role as Managing Director of Avante Capital Ltd, she advised on a number of acquisitions in the oil and gas sector including the acquisition and financing of a government owned refinery and led the first secondary listing of a Nigerian company on the Johannesburg Stock Exchange. Prior to Avante, she was the Nigeria Country Partner, for Aureos Capital where she successfully raised funding to complete a $50m fundraising exercise for the Aureos West Africa Fund; and sourced private equity investments. Other previous roles include M&A banker at Salomon Smith Barney. Ms. Ishmael is a Chartered Financial Analyst and a member of the CFA Institute; a member of the board of the African Venture Capital Association and a panelist on the TV show, Dragons Den Nigeria. Alitheia Capital:46 FirstBank Impact Series
  • 45. ModupeLadipoCEO, EFInAModupe Ladipo is the Executive Director/ChiefExecutive Officer for Enhancing FinancialInnovation & Access (EFInA). EFInA is a financialsector development organization that promotesfinancial inclusion in Nigeria. EFInA’s vision is tobe the leader in facilitating the emergence of anall-inclusive and growth-promoting financialsystem.EFInA is funded by the UK Department forInternational Development (DFID) and the Bill &Melinda GatesFoundation.EFInA’s holistic approach to expanding access tofinancial services for all, especially for low incomehouseholds is based on three pillars:Research: The provision of credible marketinformation on the Nigerian financial sector.Innovation: Through our Innovation Fund, wecatalyze the development of innovative inclusivefinancial services for the unbanked and under-banked population in Nigeria.Advocacy: We advocate for the development andimplementation of policies that create anenabling environment for financial inclusion.Modupe has over 20 years financial servicesexperience, predominantly in investment banking,covering corporate strategy & development,product development & implementation, mergers& acquisitions, retail and institutional brokerage.She has worked for Tata Consultancy Services,Merrill Lynch, ABN AMRO, the London StockExchange and Credit Suisse Financial Products.She holds a Masters in Business Administrationfrom FirstBank Impact Series 47
  • 46. Bunmi Lawson Managing Director/CEO ACCION Microfinance Bank Limited Mrs. Bunmi Lawson is the pioneer Managing Director/Chief Executive Officer of ACCION Microfinance Bank Limited. ACCION prides itself as a model microfinance bank with unique and well researched products and services to delight its customers. ACCION Microfinance Banks led by Bunmi Lawson commenced operations in May 2007 with one branch and 18 staff and has today grown to over 50,000 customers serviced in 11 branches and over 200 staff members. Accion MFB has disbursed over N5bn to date in loans and has total assets of over N1.8bn. Its shareholders are ACCION Investments, Citibank, Ecobank, International Finance Corporation, SME Managers and Zenith Bank Mrs. Lawson holds a Masters Degree in Business Administration from the IESE Business School, University of Navarra and is an alumnus of the Lagos Business School. She is a Fellow of the Institute of Chartered Accountants of Nigeria and has attended several courses both locally and internationally at renowned institutions including Harvard Business School and INSEAD. She has presented several lectures locally and internationally in Microfinance and other areas of capacity building for small scale industries and young entrepreneurs, SME Financing as well as been part of special workgroups on various topics bothering on several aspects of the Nigerian economy. Prior to joining ACCION, Bunmi was the Executive Director of FATE Foundation Ltd/Gte, a leading business development service provider, a co-owner and Executive Director of VLA Lawrence & Associates, a leading Human Resources services organization and has48 FirstBank Impact Series
  • 47. Mr. Lanre Olusola Mr. Lanre Olusola The Study House. U.K Psychology 2009 Advanced Diploma EFT Training U.K Emotional Freedom 2009 EFT/ Matrix Reimprinting. Techniques (EFT) Levels 1 & 2 Practitioner Matrix Reimprinting · Mind-Emotion-Body – Belief MATRIX · Emotional, Mental and Physical Well Being Quadrant 1. U.K REAL NLP FOR 2009 Certification in NLP Performance Neuro Liguistic Programming for Organizational Performance The NLP Academy U.K John Grinder 2009 New Code NLP Practitioner · The Mind/Body Dynamics · The Healer Within The Coaching Academy. · Personal and Business 2009 Advanced Diploma. U.K Performance Coaching Harvard Business School. U.S.A · Governance for 2007 Certification. U.S.A Organizational Excellence · StrategyLanre is a Programs Expert, a People Manager, Life / Study House. U.K. · Life/Executive Coaching 2007Executive Coach, and Peak Performance Catalyst. He ASET(EDI) Diplomais also a National Development Strategist / Advisor, The Coaching Academy. · Life Coaching 2006/2007facilitator and pubic speaker extraordinaire. Certification. UK · Performance CoachingHe has an uncanny knack for improving performance University of Lagos. Structural Engineering and 1990 B.Sc Hons Project Managementin individuals and organizations, such as Federal andState Governments in Nigeria, Federal & State Lanre, has considerable experience in Governance, Strategy, ChangeMinistries, Several Nigerian banks (post Management, for Government, Non-Governmental and private sectorconsolidation), International Donor Organizations, driven social responsibility based projects, where he has used hismultinationals with whom he has worked consummate skills to identify location specific socio-economicextensively in various capacities over the years. opportunity gaps and provide strategic direction in creating and deploying custom fit CSR solutions.He is a Consultant, Development Strategist and In addition, he uses well-tested performance management matricesAdvisor for the World Bank and a Senior National and tools based in human behavioural physchology, his expertise andPolicy and Planning Advisor – Quality Assurance for experience in private sector strategy, CSR performance and projectthe Department For International Development management to ensure optimum performance and guide(DFID) / British Council/ Cambridge Education implementation, monitoring and feedback, within diverse industries.Consultants U.K. Lanre was Head of the Transformation Task Team for QualityDriving such National Developmental Projects as Standards, Accountability and Academic Achievement at the FederalCUBE (Capacity for Universal Basic Education) and Ministry of Education with a purview for the entire Nations EducationESSPIN (Education Sector Support Programme In sector reforms. He initiated and managed several Projects includingNigeria) Projects, for which he has oversight in the Adopt-a-Public-School, Operation Reach All Secondary Schoolsfollowing States and Federal Government agencies – (ORASS), Community, Accountability & Transparency Initiative (CATI),Lagos, Jigawa, Kano, Kaduna, and Kwara State Vocational Enterprise Institutions (VEIs), Innovation EnterpriseMinistries of Education (SmoEs); Federal Capital Institutions (IEIs) etc.Territory – Federal Ministry of Education (FME),Universal Basic Education Commission (UBEC), and He has facilitated various conferences for the Federal Ministries ofState Universal Education Boards (SUBEB). Education (The Presidential Education Summit 2007), Federal Ministry FirstBank Impact Series 49
  • 48. Mr. Emmanuel Akinyemi Akintola CEO, Community Development Foundation M r Akintola Holds a Higher National Diploma (Accountancy) from the Polytechnic Ibadan and Master of Science Degree in Banking and Finance from the University Ibadan. He is a Fellow of the Institute of Chartered Accountants of Nigeria and an Associate of the Nigerian Institute of Management. He has attended several trainings in Financial Management and Social Development work including Corporate Strategic planning, Profit improvement planning, Post-graduate certificate training in Microfinance Management, University of Reading, England, Post-Graduate Certificate training in Essentials skills in program development, Bradford University England and training in International Development Evaluation, Carlton University, Ottawa, Canada. He has facilitated and participated in several workshops in Microfinance, Management Planning, Governance, Enterprise Development, Youth Empowerment, Networking, HIV- AIDS, Advocacy, etc. Mr. Akintola has served on several Boards and Committees including UNDP Microstart I, Central Bank of Nigeria (CBN) Committee on International Year of Microfinance, International Network of Alternative Financial Institutions (Africa Region and Global) Member, Commonwealth Study Conference 2003 among others.50 FirstBank Impact Series
  • 49. Ndidi Okonkwo Nwuneli Founder/Managing Partner, LEAP AfricaNdidi Nwuneli is the founder and managing partner of LEAP Africa, a leadershiptraining and coaching organization which is committed to empowering, inspiringand equipping a new cadre of leaders in Africa. She is also the founder of NIA, anonprofit organization committed to helping more young women in SoutheasternNigeria to achieve their highest potential. Prior to establishing these organizations,Ndidi served as the pioneer executive director of FATE Foundation Nigeria, anonprofit organization which promotes entrepreneurial development amongNigerian youth. Ndidi also worked as a management consultant with theBridgespan Group and with McKinsey & Company. During her time with McKinsey,she served companies and nonprofit organizations in Chicago, New York andSouth Africa.Ndidi has also worked as a consultant with Ford Foundation’s West Africa Officeand the Center for Middle East Competitive Strategy in Palestine and Israel.Ndidi holds a master of business administration from the Harvard Business School.She received her undergraduate degree with honors in multinationalmanagement and strategic management from the Wharton School of theUniversity of Pennsylvania. Ndidi serves as a director of FATE Foundation, the Aartof Life Foundation and as an advisor for a range of nonprofit organizations in theUnited States and in Africa. FirstBank Impact Series 51
  • 50. Moderators52 FirstBank Impact Series
  • 51. Fela Durotoye Customer Service Management training programmes and retreat on behalf of Phillips Consulting. Fela co-led the Diagnostic Review Team on the Culture Change programme in First Bank Nigeria plc. He later led the Diagnostic Review Team on the Bank Transformation project in Inland Bank plc during which he was also given the responsibility of preparing the Organisation Diagnostic Report on Inland Bank. Fela Durotoye was also responsible for the programme design and logistic management for the first-ever series of Management Retreats facilitated by Phillips Consulting for the Central Bank of Nigeria. In 2001, Mr. Durotoye established V.I.P CONSULTING Limited, (now VISIBLE IMPACT), and soon gained the reputation as the one of the leading experts in the fields of Customer Management and Workforce Activation particularly in the banking sector. Having honoured over 120 invitations to speak at variousH e is a Computer Scientist and an Economist who meetings and public gatherings, in just 2004 alone and has acquired financial and management over 350 in 2007, the name Fela Durotoye now rings consulting experience with VENTURES & TRUSTS across Nigeria, the United States of America and theLIMITED, the sole investment consultants in Nigeria to United Kingdom as one of our nation’s most sought afterthe European Investment Bank, between 1992 and 1995. business strategists and motivational speakers.As a venture capital and project finance analyst, he wasinvolved in the set up and management of several Ask Fela what he lives for and he will answer “My missionventure capital projects including Academy Press is to build God’s kingdom as well as build institutions, theBusiness Forms Limited and Stark Nigeria Limited. future generations and our nation”.Fela has a Masters degree in Business Administration from Fela Durotoye builds institutions through the platform of“Great Ife”, the prestigious Obafemi Awolowo University, V.I.P CONSULTING (now VISIBLE IMPACT), one of theduring which he understudied the Management of nation’s leading business consulting and humanChange in Complex Organisations. In 1998, he brought his resource management firms focused on assisting itsexperience to bear in the area of Business Process Re- clients achieve competitive leverage. “Our business isengineering for some major Total Quality Management clearly to help our clients become NUMBER ONE in their(TQM) implementation projects in PHILLIPS CONSULTING markets or a particular area of their business operationswhere he excelled to head the Customer Service Group. by assisting them become IRRESISTIBLE to their target markets and INDISPENSABLE to their customers. TheAs Head of the Customer Service Group, Fela designed natural result is that our clients become highly soughtand facilitated several customer service and personal after by their target markets.”mastery training programmes and retreats. Based on hisunconventional approach to facilitating, Fela Durotoye Putting the natural gifts of Fela Durotoye to inspire thehas become a “household” name in the many workforce of several organisations to commitorganisations, including Guaranty Trust Bank, themselves to be their professional best and achieveDiamondbank, IBTC Chartered Bank, Societe Generale outstanding career goals, V.I.P CONSULTING (nowBank of Nigeria, where he has managed streams of VISIBLE IMPACT) has been able to successfully activate in FirstBank Impact Series 53
  • 52. Ademola Ogunbanjo Manager, Energy Investments, and he later co-pioneered the start-up of Avaizon Consulting, a Strategy and Execution Management practice he currently runs as Chief Executive Officer. He led the creation, and continues to serve as a director on the board of a new Avaizon subsidiary, OPSL Human Capital, an upstream human capital management firm specially set-up for Oando Energy Services Limited for the supply and management of oil rig workers. As a consultant, Demola has led and participated in a number of core consulting engagements with clients such as the World Bank, The Oando Group, Imo, Kaduna, Lagos, Cross River and Kano States, Chimons Group, Zain Nigeria, HP, Temple Productions, Bank PHB, Virgin Nigeria, Triton Aviation, First Bank Plc., and a host of others. Demola led the development, and serves as the editor-in- chief of the Avaizon Business Digest, a quarterly online business newsletter published by the company. As a business incubator of renown, Demola has just created Demola Ogunbanjo started his career with the Nigeria two new Avaizon divisions; Business Unscripted, a free Institute of Social and Economic Research (NISER), where he resource platform designed to provide knowledge-based participated in several research projects and data gathering solutions to common growth and development challenges and analysis under the Department of Physical Planning facing our world, and Avaizon Technologies, a vehicle and Development, focusing on infrastructure research and designed to lead the company into new frontiers of development for the third world with particular emphasis offering simple and bespoke technology solutions to on transportation & power projects and their impact on organizations to help enhance their brand promise as well the environment. as refine their internal processes to deliver on promises made. He later moved to National Bank of Nigeria where he led the development and implementation of strategies for In addition, he has developed and managed a number of growing retail products and services in the south-west business collaborations with other global professional region of Nigeria. He left the organization in 2005 as services companies such as Boston Consulting Group and Regional Retail Manager, South-West. McKinney Rogers. After a brief stint with MTNs sales and distribution division, Demola is a fast growing strategy and EM coach, and has Demola later worked as a strategist for both Corporate & trained a number of senior managers at BankPHB, Imo State SME segments of Vmobile Nigeria (now known as Airtel Investment Promotions Agency, Oando Plc., Chimons Nigeria Limited). At Vmobile, he formulated and supervised Group and Zain Nigeria in various courses such as the implementation of strategies for improved subscriber Managing for Results, Turning Strategy into Business acquisition and retention, new product development, and Results, Essentials of Trade Marketing, Presenting and sales channels expansion, especially for corporate Nigeria Communicating with Impact, The Culture of Execution, and small to medium scale businesses. He was directly etc. responsible for getting Nigerian banks to sign-on as dealers and sales agents (Service Provider Banks- SP He actively helps clients in developing business strategies, Banks) in a collaborative structure that saw Vmobiles as well as offering execution management expertise for corporate subscribers double in less than 14 months. achieving business goals. Demola joined Ocean and Oil Holdings in March 2007 as Demola offers free knowledge resource to Fate Foundation54 FirstBank Impact Series
  • 53. k yo u! Th an since pport we have received ed by the groundswell of suWe feel greatly honour FirstBank Impact Series wasthis maiden internati onal conference of the ers, public agencies, st of industry practition e overwhelming intere hipannounced. Th a public-private partners ne ral public is indicative ofthe academia and the ge erted development in th e society. We that will fan the embe rs of strategic and conc fertilisation of fresh vista for the cross- are pleased to be at the vanguard of this inental flair. ment with a multi-cont ideas to prop agate veritable develop ynote ad Yunus, the erudite ke We are indeed grate ful to Professor Mohamm remarkable eminent panelists and speaker, distin guished guest speakers, ul at this esence has been impactf is event a delight. Your pr audience for making th perpetuate the invaluab le lessons. memorable outing an d we trust that you will r Board and the commitment of ou We are im mensely encouraged by ts and our , participants, consultan Management, special guests, resource persons growth and ing this roadmap to the staff. We are there fore dedicated to foster s. y in various ramification development of humanit y and u and pray that this polic On behalf of the Fir stBank Group, I thank yo Folake Ani-Mumuney Corporate Communications g& Head, Marketin First Bank of Nigeria Plc. FirstBank Impact Series 55
  • 54. FROM THE PANELISTS’ SESSION WITH DR. SINGH HELD ON SATURDAY, 5TH OF MARCH 2011 AT THE LAGOS ORIENTAL HOTEL, LEKKIIn Attendance:1. Tokunboh Ishmael, Alitheia Capital2. Dalvinder Singh, University of Warwick3. Edna Ishaya, Credit Registry4. Bunmi Lawson, Accion5. Modupe Ladipo, EFInA6. Fela Durotoye, Visible Impact Consulting7. Pauline Nsa, F BN Microfinance Bank8. Ademola Ogunbanjo, Avaizon Consulting9. Folashade Ibidapo-Obe, Avaizon ConsultingDemola made the introductions and gave anoverview of the purpose of the meeting andprovided some insight into what the FirstBankImpact Series has been set-up to do and what itseeks to achieve.Modupe explained that EFInA engages in a lot ofresearch work within the Nigerian financial sectorwith particular focus on financial inclusion as anobjective; and that the CBN sometimes rate thestrength of the Nigerian financial systems basedon generated reports from such research. It wasclear, however, that the CBN does not do enoughwith regards to driving policy formulationthrough research. She highlighted the regulatoryissues in the Nigerian financial system, especiallythe uncertainty in regulatory policies and lack ofinertia in the microfinance sector. She believes theCBN can do more to help boost the sector if givenpriority status.Pauline mentioned that the CBN has solelyfocused on commercial banks at the expense ofthe poor populace who are in dire need of micro-financing. She further said that there is a need formid-layer banks to handle SMEs as neither theMFBs nor commercial banks are adequately set-upto serve them, yet MFBs engage more in SMEbanking than servicing the micro sector for which FirstBank Impact Series 57
  • 55. they were licensed. As generally agreed, she mentioned that one of the main issues plaguing micro-financing in Nigeria is the CBN’s conversion of community banks in MFBs. Fela highlighted the need for the poor to be empowered with capacity and financing rather than being given aids or charity. He further explained that venture capitalists are unwilling to invest in micro-financing for the moral burden of profiting from the poor, and re-iterated that the58 FirstBank Impact Series
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  • 63. Micro Finance Banks Active Directory68 FirstBank Impact Series
  • 64. Micro Finance Banks Active DirectoryName State (A) Name State (A)Abia State University Microfinance Bank Limited ABI CreditLink Microfinance Bank LimitedAbriba Microfinance Bank Limited ABU ABI Dollars Microfinance Bank LimitedArochukwu Microfinance Bank Limited ABI ABUChibueze Microfinance Bank Limited e-Barclays Microfinance Bank Limited ABI ABUConvenant Microfinance Bank Limited ABI EWT Microfinance Bank Limited ABUDecency Microfinance Bank Limited FEDETH Co-op Microfinance Bank Limited ABI ABUEast Gate Microfinance Bank Limited Fidfund Microfinance Bank Limited ABI ABUEgosal Microfinance Bank Limited Finmal Microfinance Bank Limited ABI ABUExpress Microfinance Bank Limited First Mutual Microfinance Bank Limited ABU ABI Fortis Microfinance Bank LimitedIhechiowa Microfinance Bank Limited ABU ABI Future Growth Microfinance Bank LimitedIsuofia Microfinance Bank Limited ABU ABI Garki Microfinance Bank LimitedNkpa Microfinance Bank Limited ABU ABI Global Trust Microfinance Bank Limited ABUNwanne-Ukwu Microfinance Bank Limited Grants Microfinance Bank Limited ABI ABUOhafia Microfinance Bank Limited Greenfield Microfinance Bank Limited ABI ABUOhambele Microfinance Bank Limited ABI Gufax Microfinance Bank LimitedOkaiuga Microfinance Bank Limited ABU ABI Hasal Microfinance Bank LimitedOkpuala-Ngwa Microfinance Bank Limited ABU ABI Hedgeworth Microfinance Bank Limited ABUStandard Abia Microfinance Bank Limited IMAD Microfinance Bank Limited ABI ABUSwift Microfinance Bank Limited ABI Inri Microfinance Bank Limited ABUUmuchukwu Microfinance Bank Limited ABI JHN Microfinance Bank Limited ABUUvuoma Microfinance Bank Limited Kada Microfinance Bank Limited ABU ABI M & M Microfinance Bank LimitedUzuakoli Microfinance Bank Limited ABU ABI Mega Microfinance Bank LimitedACE Microfinance Bank Limited ABU ABUAja-Yejebwo Microfinance Bank Limited ABU Neu-Kom Microfinance Bank LtdAnchorage Microfinance Bank Limited ABU ABUAtlas Microfinance Bank Limited ABU Nopov Microfinance Bank LimitedBam Microfinance Bank Limited ABU ABUBFL Microfinance Bank Limited ABU Peace Microfinance Bank LimitedBmazahin Microfinance Bank Limited ABU ABU Safeline Microfinance Bank LimitedBusiness Support Microfinance Bank Limited ABU ABU Target Microfinance Bank LimitedChigbe-Yaji Microfinance Bank Limited ABU ABUCommon Trust Microfinance Bank Limited Touchgold Microfinance Bank Limited ABU ABUConsumer Microfinance Bank Limited ABU Utako Microfinance Bank Limited FirstBank Impact Series 69
  • 65. Micro Finance Banks Active Directory ABU BAU Visa Microfinance Bank Limited ABU Misau Microfinance Bank Limited Well Woman Microfinance Bank Limited ABU BAU Biyama Microfinance Bank Limited Ningi Microfinance Bank Limited ADA BAU Bonghe Microfinance Bank Limited Sadau Microfinance Bank Limited ADA BAU Fufore Microfinance Bank Limited Nun Microfinance Bank Limited BAY ADA Apa Microfinance Bank Limited BEN Girei Microfinance Bank Limited ADA Bama Microfinance Bank Limited Michika Microfinance Bank Limited BEN ADA Standard Microfinance Bank Limited Name State (C) ADA Agbarho Microfinance Bank Limited Ummah Microfinance Bank Limited CRO ADA Akin Microfinance Bank Limited CRO Active Point Microfinance Bank Limited AKW Alache Microfinance Bank Limited Brooks Microfinance Bank Limited CRO AKW Bakassi Microfinance Bank Limited Edet Microfinance Bank Limited AKW CRO Eduek Microfinance Bank Limited Bekwarra Microfinance Bank Limited AKW CRO Ikpe-Annang Microfinance Bank Limited Calabar Microfinance Bank Limited AKW CRO Ini Microfinance Bank Limited AKW CRUTECH Microfinance Bank Limited CRO Nsehe Microfinance Bank Limited CSD Microfinance Bank Limited CRO AKW Prospects Microfinance Bank LImited Name State (D) AKW Sapphire Microfinance Bank Limited Adaigbo Microfinance Bank Limited AKW DEL UNIUYO Microfinance Bank Limited Aniocha Microfinance Bank Limited AKW DEL AACB Microfinance Bank Limited Aspire Microfinance Bank LImited ANA DEL Abatete Microfinance Bank Limited Boji Boji Microfinance Bank Limited DEL Name State (B) Coastline Microfinance Bank Limited Alkaleri Microfinance Bank Limited DEL BAU Co-operative Union Microfinance Bank Limited DEL Bauchi Investment Corporation MFB Limited Creekline Microfinance Bank Limited BAU DEL CEDEP Microfinance Bank Limited CUB Microfinance Bank Limited DEL BAU DCFA-Universal Microfinance Bank Limited Darazo Microfinance Bank Limited DEL BAU Dolphin Microfinance Bank Limited DEC Microfinance Bank Limited BAU DEL Gamawa Microfinance Bank Limited Eagle Flight Microfinance Bank Limited DEL BAU Ebu Microfinance Bank Limited DEL Garu Microfinance bank Limited BAU Goldman Microfinance Bank Limited Guddiri Microfinance Bank Limited DEL BAU Ibokwe Microfinance Bank Limited Katagum Microfinance Bank Limited DEL70 FirstBank Impact Series
  • 66. Micro Finance Banks Active DirectoryICB Microfinance Bank Limited DEL EDOIC-Global Microfinance Bank Limited Amoye Microfinance Bank Limited EKIName State (E) Aramoko Microfinance Bank Limited EKICity Microfinance Bank Limited EBO Confidence Microfinance Bank Limited EKIIshiagu Microfinance Bank Limited Essence Microfinance Bank Limited EBOIzzi Microfinance Bank Limited EBO Name State (G)Ndiagu Microfinance Bank Limited EBO Gombe Microfinance Bank LimitedOzizza Microfinance Bank Limited GOM EBO Jewel Microfinance Bank LimitedRe-Union Microfinance Bank Limited EBO Name State (I)Transizzi Microfinance Bank Limited Akokwa Microfinance Bank Limited EBO IMOABC Microfinance Bank Limited EDO All Workers Microfinance Bank Limited IMOAfemai Microfinance Bank Limited Alvana Microfinance Bank Limited EDO IMOAloaye Microfinance Bank Limited Amaifeke Microfinance Bank Limited EDO IMOAuchi Microfinance Bank Limited Amram Microfinance Bank Limited EDO IMOEdo Microfinance Bank Limited EDO Amucha Microfinance Bank LimitedEhor Microfinance Bank Limited EDO IMOEnugwu Ukwu Microfinance Bank Limited Arondizuogu Microfinance Bank Limited IMO EDO Chikum Microfinance Bank LimitedEsan Microfinance Bank Limited EDO IMOIghomo Microfinance Bank Limited Dikenafai Microfinance Bank Limited EDO IMOLift Above Poverty Organisation Microfinance Bank FUTO Microfinance Bank Limited EDO IMOLift Microfinance Bank Limited EDO Greenland Microfinance Bank LimitedLofty Heights Microfinance Bank Limited IMO EDO Ihioma Microfinance Bank LimitedOkuta Microfinance Bank Limited IMO EDO IMSU Microfinance Bank LimitedOkwuta Benin Microfinance Bank Limited IMO EDO Isu Microfinance Bank Limited IMOOsomhe Microfinance Bank Limited Mbaitoli Microfinance Bank Limited EDO IMOOtuo Microfinance Bank Limited EDO Merit Microfinance Bank LimitedProsperity Microfinance Bank Limited IMO EDO Mgbidi Microfinance Bank LimitedSBDC Microfinance Bank LImited IMO EDO Nations Microfinance Bank LimitedTrustfund Microfinance Bank Limited EDO Name State (J)Uda Microfinance Bank Limited EDO Babura Microfinance Bank LimitedUjoelen Microfinance Bank Limited JIG EDO Dutse Microfinance Bank LimitedUromi Microfinance Bank Limited JIG FirstBank Impact Series 71
  • 67. Micro Finance Banks Active Directory Name State (K) KAT Abokie Microfinance Bank Limited Hinache Microfinance bank Limited KAD KAT Ahmadu Bello University Microfinance Bank North Capital Microfinance Bank Limited Limited KAD KAT Ajiya Microfinance Bank Limited Aliero Microfinance Bank Limited KAD KEB Atyap Microfinance Bank Limited Argungu Microfinance Bank Limited KAD KEB Balera Microfinance Bank Limited Imani Microfinance Bank Limited KAD KEB Barnawa Microfinance Bank Limited Kamba Microfinance Bank Limited KAD KEB Birni Microfinance Bank Limited KAD Aiyetoro Gbede Microfinance Bank Limited Bunkasa Microfinance Bank Limited KOG KAD Fadan Chawai Microfinance Bank Limited Name State (L) KAD AB Microfinance Bank Limited LAG Fahimta Microfinance Bank Limited Accion Microfinance Bank Limited KAD LAG Giwa Microfinance Bank Limited KAD ACFL Microfinance Bank Limited Gwong Microfinance Bank Limited LAG KAD Acuity Microfinance Bank Limited Gworok Microfinance Bank Limited LAG KAD Addossar Microfinance Bank Limited Hamda Microfinance Bank Limited LAG KAD Adkolm-Emerald Microfinance Bank Limited Hamdala Microfinance Bank Limited LAG KAD Afribank Microfinance Bank Limited Kadpoly Microfinance Bank Limited LAG KAD Aguda Titun Microfinance Bank Limited LAG Kurama Microfinance Bank Limited Al-Barakah Microfinance Bank Limited LAG KAD Altitude Microfinance Bank Limited Legacy Microfinance Bank Limited LAG KAD Asha Microfinance Bank Limited LAG Microcred Microfinance Bank Nigeria Limited Asset Matrix Microfinance Bank Limited LAG KAD Assets Microfinance Bank Limited Mutunchi Microfinance Bank Limited LAG KAD Associated Investment Trust Microfinance Bank Nakowa Microfinance Bank Limited Limi LAG KAD Avalon Microfinance Bank Limited Sabon Yelwa Microfinance Bank Limited KAD LAG Dambatta Microfinance Bank Limited AZSA Microfinance Bank Limited KAN LAG Gidauniya Alheri MFB Limited KAN Bancorp Microfinance Bank Limited Kano-West Microfinance Bank Limited KAN LAG Rakib Microfinance Bank Limited Berachah Microfinance Bank Limited KAN LAG Women Development Initiative MFB Limited Bethseda Microfinance Bank Limited KAN LAG Wudil Microfinance Bank Limited BishopGate Microfinance Bank Limited LAG KAN Biztrust Microfinance Bank Limited Garewa Microfinance Bank Limited LAG KAT Blue Intercontinental Microfinance Bank LimitedLAG Gobarau Microfinance Bank Limited Blue Ridge Microfinance Bank Limited LAG72 FirstBank Impact Series
  • 68. Micro Finance Banks Active Directory BOI Microfinance Bank Limited LAG LAG Bonded Microfinance Bank Limited Echo Microfinance Bank Limited LAG LAG Eden Microfinance Bank Limited LAG Bosak Microfinance Bank Limited EDS Microfinance Bank Limited LAG LAG Elim Microfinance Bank Limited LAG Bowman Microfinance Bank Limited Enterprise Microfinance Bank Limited LAG LAG Briyth Covenant Microfinance Bank Limited Equator Microfinance Bank Limited LAG LAG Broadview Microfinance Bank Limited LAG Estate Microfinance Bank Limited Calm Microfinance Bank Limited LAG LAG Ethics Microfinance Bank Limited Capstone Microfinance Bank Limited LAG LAG FBN Microfinance Bank Limited LAG Cardinal Rock Microfinance Bank Limited Fieldreams Microfinance Bank Limited LAG LAG Cash Cow Microfinance Bank Limited LAG Finatrust Microfinance Bank Limited Cedar Microfinance Bank Limited LAG LAG Finex Microfinance Bank Limited Chanelle Microfinance Bank Limited LAG LAG First Choice Microfinance Bank Limited LAG Chevron Employee Co-operative MFB LAG First Ideal Microfinance Bank Limited Citadel Microfinance Bank Limited LAG LAG Fiyinfolu Microfinance Bank Limited Citigate Microfinance Bank Limited LAG LAG Flourish Microfinance Bank LImited Citiserve Microfinance Bank Limited LAG LAG Fortress Microfinance Bank Limited City Mission Methodist Microfinance Bank LAG Limited LAG Freedom (Lagos) Microfinance Bank Limited Coconut Avenue Microfinance Bank Limited LAG LAG Gapbridge Microfinance Bank Limited Compass Microfinance Bank Limited LAG LAG Gideon Trust Microfinance Bank Limited LAG Complete Trust Microfinance Bank Limited Global Initiative Microfinance Bank Limited LAG LAG Congress Microfinance Bank Limited Glory Microfinance Bank Limited LAG LAG Conpro Microfinance Bank Limited Gold Microfinance Bank Limited LAG LAG Good Neighbors Microfinance Bank Limited Coral Microfinance Bank Limited LAG LAG Green Acres Microfinance Bank Limited LAG Corestep Microfinance Bank Limited Greenfield Lagos Microfinance Bank Limited LAG LAG County Microfinance Bank LImited GS Microfinance Bank LImited LAG LAG GTI Microfinance Bank Limited LAG Credit Express Microfinance Bank Limited Halmond Microfinance Bank Limited LAG LAG Credit Plus Microfinance Bank Limited LAG Harmony Microfinance Bank LImited Crowned Eagle Microfinance Bank Limited LAG LAG Haven Microfinance Bank LImited Crystal Gold Microfinance Bank Limited LAG LAG Daily Capital Microfinance Bank Limited LAG Havilah Microfinance Bank Limited Desmonarchy Microfinance Bank Limited LAG LAG Hebron Microfinance Bank Limited Dunamis Microfinance Bank Limited LAG74 FirstBank Impact Series
  • 69. Micro Finance Banks Active DirectoryHeritage (Alapere) Microfinance Bank Limited OGU LAG Honey Microfinance Bank LimitedHigh Street Microfinance Bank Limited LAG OGUHitech Microfinance Bank Limited Ijebu Ife Microfinance Bank Limited LAG OGUHybrid Microfinance Bank LImited Ijebu-Imusin Microfinance Bank Limited OGU LAG Ikenne Microfinance Bank LimitedI.C. Microfinance Bank Limited LAG OGUIbogun Microfinance Bank Limited Ilaro Polytechnic Microfinance Bank Limited LAG OGUIfeanyichukwu Microfinance Bank Limited Ilisan Microfinance Bank Limited OGUName State (N) Imodi-Imosan Microfinance Bank LimitedAmba Microfinance Bank Limited OGU NAS Imowo Microfinance Bank LimitedFEDPOLY Microfinance Bank Limited OGU NAS Interland Microfinance Bank LimitedKeffi Microfinance Bank Limited NAS OGUNassarawa Microfinance Bank Limited NAS Iperu Microfinance Bank Limited OGUBaba Microfinance Bank Limited NIG Irolu-Remo Microfinance Bank Limited OGUBejin-Doko Microfinance Bank Limited NIG Iwade Microfinance Bank LimitedBorgu Microfinance Bank Limited OGU NIG Karis Microfinance Bank Limited OGUBrass Microfinance Bank Limited Landgold Microfinance Bank Limited NIG OGU Lavender Microfinance Bank Limited OGUName State (O) MAPOLY Microfinance Bank LimitedAbigi Microfinance Bank Limited OGU OGU Molusi Microfinance Bank LimitedAfotamodi-Ogunola Microfinance Bank Limited OGU OGU New Image Microfinance Bank Limited OGUAgosasa Microfinance Bank Limited OCON Success Microfinance Bank Limited OGU OGUAiyepe Microfinance Bank Limited Olabisi Onabanjo University Microfinance Bank OGU Limited OGUAjose Microfinance Bank Limited Omu Microfinance Bank Limited OGU OGU Orisun Microfinance Bank LimitedAlekun Microfinance Bank Limited OGU OGU Riverside Microfinance Bank LimitedApple Microfinance Bank Limited OGU OGU Sagamu Microfinance Bank LimitedAstra Polaris Microfinance Bank Limited OGU OGUCatland Microfinance Bank Limited Solid Rock Microfinance Bank Limited OGU OGUCombined Benefits Microfinance Bank Limited Star Microfinance Bank Limited OGU OGU Support Microfinance Bank LimitedCovenant University Microfinance Bank Limited OGU OGUEkuombe Microfinance Bank Limited Tasued Microfinance Bank Limited OGU OGUEruwon Microfinance Bank Limited Treasure Microfinance Bank Limited OGU OGUEso-E Microfinance Bank Limited Trust Microfinance Bank Limited OGU OGU UNAAB Microfinance Bank LimitedForesight Microfinance Bank Limited OGU FirstBank Impact Series 75
  • 70. Micro Finance Banks Active Directory West-End Microfinance Bank Limited Name State (R) OGU Acorn Microfinance Bank Limited Zigate Microfinance Bank Limited RIV OGU Ahetou Microfinance Bank Limited Ajuta Microfinance Bank Limited RIV OND CKC Microfinance Bank Limited RIV Aogo Microfinance Bank Limited Cosmopolitan Treasure Base Microfinance Bank OND Ltd RIV Aracom Microfinance Bank Limited Diobu Microfinance Bank Limited OND RIV COWAN Microfinance Bank Limited First Global Microfinance Bank Limited RIV OND Garden City Microfinance Bank Limited RIV Ekimogun Microfinance Bank Limited Golden Choice Microfinance Bank Limited OND Igbo-Ora Microfinance Bank Limited RIV OND Iwoama Microfinance Bank Limited Ijare Microfinance Bank Limited OND RIV Ile-Oluji Microfinance Bank Limited Levite Microfinance Bank Limited OND RIV Ilu Tuntun-Osoro Microfinance Bank Limited Maxitrust Microfinance Bank LImited OND RIV Irele Microfinance Bank Limited OND Minji-Se Churchill Microfinance Bank Limited Korede Microfinance Bank Limited OND Name State (S) Layelu Microfinance Bank Limited Gwadabawa Microfinance bank Limited SOK OND Nagarta Microfinance Bank Limited Mokin Microfinance Bank Limited OND SOK New Age Microfinance Bank Limited OND Name State (T) Oakland Microfinance Bank Limited Avyi Microfinance Bank Limited TAR OND Jen Microfinance Bank Limited TAR Oka Microfinance Bank Limited OND Okeagbe Microfinance Bank Limited OND Name State (Y) Oredegbe Microfinance Bank Limited Gashua Microfinance Bank Limited OND Oroke Microfinance Bank Limited OND Name State (Z) Agbowu Microfinance Bank Limited Bungudu Microfinance Bank Limited OSU ZAM Boluwaduro Microfinance Bank Limited OSU Gusau Microfinance Bank Limited ZAM Kwatashi Microfinance Bank Limited Name State (P) ZAM Bukuru Microfinance Bank Limited PLA Daffo Mangai Microfinance Bank Limited PLA Daniels Global Microfinance Bank Limited PLA First Lowland Microfinance Bank Limited PLA Gracefield Microfinance Bank Limited PLA76 FirstBank Impact Series
  • 71. Strategy | Execution | Performance 10th Floor, The Octagon13A, A.J. Marinho Drive, Victoria Island, LagosTel: 01-4616223-5, 4603366. Fax 01-4616221 www.avaizonconsulting.com
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