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Nigeria:
Country Overview |
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Nigeria is Africa’s most populous
country with 151 million inhabitants. The vast majority
of Nigeria’s inhabitants live close to the poverty line,
despite the country’s large income from natural
resources.
Even though Nigeria was one of the
pioneer countries in microfinance in the early nineties,
the sector remains small in terms of the number of MFIs
as well as the number of clients reached. The main
reason for the slow development of microfinance is a
lack of funding. To facilitate faster growth of the
existing microfinance banks and NGOs, the Central Bank
of Nigeria (“CBN”) has promulgated a regulatory
framework that is more favorable to MFIs. Following the
launch of this framework (in December 2005, all
community banks in the country had to transform into
microfinance banks before the end of 2007. Most of these
“microfinance banks” do not offer loans other than
savings. According to the Central Bank, 795 MFIs
obtained license of micro finance bank till 2008. |
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Figures in million
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Population Demographics |
Microfinance Demographics |
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Country |
Total
Population |
Below
Poverty
Line (%) |
Rural
(%) |
Urban
(%) |
Estimated
# MF
Clients |
Currently
Served |
Served
(%) |
|
Nigeria |
151 |
70.00 |
51.00 |
49.00 |
16.44 |
0.63 |
4 |
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Status of ASA
International in Nigeria: ASAI established
one NGO namely ASIEA (Association of Social
Improvement and Economic Advancement) in 2009 and
started lending in March 2009. Also, we launched an
application for establishing one microfinance bank.
Operation
Coverage: The operation started with 3
branches Lagos. ASIEA plans to open 10 branches
during 2009.
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Main
Product and Feature
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Context |
Small / General Loan |
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Loan Ceiling (1st
loan) |
NGN
20,000/ USD 135 |
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Increased in later Ceiling |
Up to
NGN 5,000/USD 35 |
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Insurance/Loan Processing Fees |
2% of
loan principal |
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No. of Installments
|
23 |
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Loan Duration/ Period |
6
Months |
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Processing Time for 1st
Loan |
2 Week |
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Grace Period |
Nil |
Source of Fund:
Shareholder’s equity
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Performance
(Lending Started in February 2009) |
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Particular |
Up to December 2010 |
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No. of Borrowers |
35,959 |
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No. of Loan Officer |
178 |
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No. of Borrowers per Loan Officer |
202 |
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Loan Outstanding (Principal) U$$ |
4,783,459 |
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Avg. Outstanding per Borrower (U$$) |
133 |
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Portfolio per Loan Officer (U$$) |
26,873 |
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Contact:
nigeria@asa-international.com
Phone: + 234 703 5006763
Head Office: 11, Bayode Oluwole Street, Off Awolowo
Way, Ikeja, Lagos
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