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MIC Defined:
MIC focuses on the provision of loans,
savings and other financial services to the micro, small and medium
enterprises in Nigeria. |
NEWS
>>
MIC secures CBN Licesnse
MIC appoints board of Directors
Lagos State partners MIC Bank |
MARKET BULLETIN >>
Approximately 12 million micro and small businesses in Nigeria.
With an estimated 2.3 million micro and small enterprises in Lagos
State alone;
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Microfinance
update >>
Three (3) currently
operating Microfinance
Banks in Lagos, (MIC regarded as leading)
MIC Microfinance Bank
(Allen Avenue,
Ikeja, Lagos)
Susu Microfinance Bank
(Adeniyi Jones, Ikeja, Lagos)
Integrated Microfinance Bank
(Sabo, Yaba, Lagos)
Accion Microfinance Bank is expected to
start in February 2007). In total, fourteen (14) microfinance
institutions have been formally approved by CBN.
An additional sixty four (64) Community banks are expected to
convert before end of the year More international players are
expected to join the race in 2007 as the market matures.
MIC recapitalized to N120million and has
put plans in motion to increase this to N300million; and it obtained
the CBN's Approval-In-Principle license in May 2006 for the establishment
of Nigeria's second and its first indigenous Microfinance Bank.
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MARKET:
Approximately 40% of all bank account holders in Nigeria operate
micro and small businesses
Unmet loan portfolio in Nigeria is in excess of US$ 420 million
(N54,6 Billion);
MARKET:
An estimated 80% of total funds in circulation is in the informal
sector (N540 Billion in 2005)
Savings potential of more than N80 billion.
NIGERIAN STOCK MARKET |
PORTAL FEED FROM LIVE NSE WEBSITE
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LINK UP WHEN WE ARE ONLINE. |
This is the best bank amongst the
community banks. Service is quick and easy and they helped me refresh
my 25year lease in 2weeks...'
Mrs
R Wangboje
Trader/Businesswoman
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