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MFB Disburses N50bn Loans to 60,000 Small Businesses

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Retail banking
  • MFB Disburses N50bn Loans to 60,000 Small Businesses

Hasal Microfinance Bank Limited has disbursed loans totalling N50bn to about 60,000 small businesses in Nigeria.

According to the firm’s Managing Director/Chief Executive Officer, Rogers Nwoke, the loans were mainly disbursed to small business owners who could not access funds from the Deposit Money Banks.

Nwoke, who doubles as the President of the National Association of Microfinance Banks, disclosed this on the occasion of Hasal’s 10th anniversary/walk for health programme recently in Abuja, adding that the N50bn was disbursed during a period of 10 years.

He said, “Small businesses and low-income earners find it difficult to get loans because when they have between N5,000 and N10,000 to open a savings account, they go to the DMBs. They find it tough to access loans because they don’t patronise the MFBs.

“In the last 10 years, we have disbursed almost N50bn to about 60,000 people. We have a customer base of more than 200,000. For those who have taken loans and still taking loans, we have recorded close to 60,000 people.

Nwoke added, “So, not just Hasal, many MFBs are giving out loans to small businesses across the country. And as a matter of fact, I am also the President of the National Association of Microfinance Banks and so I am speaking from a position of knowledge and authority.”

He said microfinance banks had been supportive of small businesses in Nigeria and urged small and medium entrepreneurs to support the MFBs across the country.

He said, “The MFBs are established to include everybody into the national financial system. For those who have been excluded and feel that the big Deposit Money Banks do not care for them, let them come to microfinance banks. Our job is to provide banking services to people who want those small loans that the big banks cannot give.

“The MFBs are in a position to give loans. Small business owners should stop rushing to where it would be difficult to access loans for their businesses. When you look for, say N100,000 or N200,000 from a commercial bank, they will tell you to go to a micro-finance bank. So, small businesses need to understand this.”

On the walk for health programme, Nwoke said, “Through this exercise, we are saying you should walk for your heart and health. We realise that people understand work but don’t understand the significance of walking. If you work from Monday to Friday, on Saturday, take a walk around your environment because it is good for the heart and your health.

“We hope to continue to do this, but we chose the occasion of our 10th anniversary to inaugurate it as a corporate social responsibility initiative for not just our customers, but for as many that wish to join in this exercise.”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Insurance

Heirs Insurance Group Unveils Revolutionary Website for Seamless Insurance Experience

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Heirs Life Assurance- Investors King

Heirs Insurance Group has launched a website designed to revolutionize the insurance experience for its customers.

With a focus on simplicity, accessibility, and personalized service, the new website aims to streamline the process of obtaining insurance coverage and empower customers to make informed decisions about their insurance needs.

The website boasts a range of innovative features that make navigating insurance options easier than ever before.

From simple and intuitive navigation menus to personalized insurance recommendations, the website is designed to guide customers through every step of the insurance process quickly and efficiently.

According to Ifesinachi Okpagu, the Chief Marketing Officer of Heirs Insurance Group, the new website embodies the company’s commitment to delivering exceptional customer service.

“Today’s customers want simplicity, and this new website delivers on that request,” Okpagu said. “We are empowering customers to take control of their lives, their businesses, assets, and their most cherished people.”

One of the key features of the website is its personalized insurance experience, which takes customers through a short journey to help them identify the best insurance plan for their needs.

Whether customers are looking for coverage for their home, car, business, or loved ones, the website provides tailored recommendations to ensure they find the right insurance solution quickly and easily.

With its user-friendly interface and innovative features, the new website from Heirs Insurance Group sets a new standard for the insurance industry, making it easier than ever for customers to protect what matters most to them.

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Banking Sector

Safaricom, Access Holdings Forge Partnership to Revolutionize Remittance Corridor in Africa

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Access bank

Safaricom, the leading telecommunications company in Kenya, has entered into a strategic partnership with Access Holdings, spearheaded by Aigboje Aig-Imoukhuede.

The collaboration aims to revolutionize the remittance corridor between East and West Africa, marking a significant step towards enhancing financial inclusion and empowering millions of individuals across the continent.

The partnership comes on the heels of Access Holdings’ recent acquisition of the National Bank of Kenya Limited, signaling the company’s ambitious expansion into the East African market.

Leveraging Safaricom’s extensive network and expertise in mobile money through M-Pesa, which currently dominates the mobile money market in Kenya, the alliance seeks to create seamless and efficient channels for remittance transactions.

Aigboje Aig-Imoukhuede, the driving force behind Access Holdings, expressed enthusiasm about the collaboration, highlighting its potential to transcend traditional boundaries and foster greater economic connectivity between East and West Africa.

He highlighted the fusion of collective expertise and resources between the two entities, underlining their shared commitment to driving financial inclusion and empowerment across the continent.

The partnership holds promise for addressing the challenges faced by millions of Africans in accessing affordable and reliable remittance services.

By connecting more than 60 million customers and 5 million businesses across eight countries, the collaboration aims to facilitate over $1 billion in daily transaction value, significantly boosting the flow of remittances within and outside Africa.

With the first phase of the collaboration focusing on key markets such as Nigeria, Kenya, Ghana, and Tanzania, stakeholders anticipate a transformative impact on the remittance landscape, paving the way for greater intracontinental trade and economic integration in line with the objectives of initiatives like the African Continental Free Trade Area (AfCFTA).

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Banking Sector

EFCC Urged to Repatriate Recoveries to NDIC for Depositors’ Relief

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The Nigeria Deposit Insurance Corporation (NDIC) has made a fervent plea to the Economic and Financial Crimes Commission (EFCC) to expedite the repatriation of recovered funds to its coffers to facilitate the timely reimbursement of depositors affected by bank failures.

During a recent meeting between the Managing Director of NDIC, Bello Hassan, and the Executive Chairman of the EFCC, Ola Olukoyede, at the NDIC headquarters in Abuja, Hassan stressed the importance of enhanced collaboration between the two agencies in recovering depositors’ funds lost due to bank failures.

Hassan emphasized that the return of recoveries made by the EFCC on behalf of the NDIC would significantly contribute to the prompt reimbursement of affected depositors.

He commended the EFCC for its unwavering efforts in combating corruption and financial crimes, highlighting its crucial role as a key member of the Taskforce on Implementation of the Failed Banks Act chaired by the NDIC.

The NDIC boss also highlighted the existing partnership between the two organizations, which led to the establishment of the NDIC Help Desk at the EFCC in 2022.

He disclosed that several high-profile cases referred to the EFCC were currently under investigation.

In response, Olukoyede reiterated the EFCC’s commitment to collaborating closely with the NDIC to combat financial crimes and safeguard the integrity of the Nigerian banking sector.

He pledged to intensify efforts to repatriate recovered funds promptly, acknowledging the interconnectedness between criminal activities and bank failures.

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