... Developing Rural Financing to achieve Food Security

Milestones

2014 MILESTONES (AS AT FEBRUARY, 2014)


 5,560 village savings and credit groups have been formed/strengthened by the programme from inception till date in 36 participating LGAs.


4,096 (74%) of groups formed and strengthened are operationally self-sufficient.


- 100 percent of the MFBs and financial NGOs mentored by the programme are operationally self-sufficient and therefore very credible organisation.


-2 National Apex Organizations for MFBs (NAMB) & Non-Bank MFIs (ANMFIN) formed and strengthened.


-167 Apex Organizations for member based RMFIs formed & strengthened.


- 2,245 RMFIs are receiving services from Apex Organization (Non-Bank).


- 4,800 Village Savings and Credit Groups receiving financial services (credit) from MFIs.


- N 4,827,062,652 ($29,796,683) amount of loan extended to member based RMFIs (target groups).This includes both internal loan of N2,572,800,000 ($15,881,481) and N2,254,262,652 ($13,915,202) loan extended to target groups by MFIs.


- Loan beneficiaries (both internal and external sources) total 303,180   31% Men; 69%Women; 30%Youth and 0.4%physically Challenged.


- N3,996,025,567 ($24,666,825) voluntary savings mobilized from 422,487 voluntary savers 38%Men;  62%Women; 25%Youth; and 2%Physically Challenged.


 PREVIOUS MILESTONES


2008  - FG contracted a loan of USD 27.2m with IFAD (USD No. 699 NG)  to provide access to micro credit to the rural poor with specific emphasis on women, youth and the physical challenged.  The loan spawned the Rural Finance Institution Building (RUFIN) programme. 


The seven year (2010-2017) programme is structured on:



  • - Capacity building and Technical Support to Bank and Non-bank Microfinance Institutions.

  • - Targeted Development and strengthening Institutional Environment for Micro-Finance Development.

  • - Programme Coordination and Management.


2009 -       Central Programme Management Unit, the main programme implementation and coordination arm, was constituted comprising the National Programme Coordinator, Chief Technical Advisor, M&E Specialist, Financial Controller, Training specialist and Community,Youth and Gender Specialist.


Conducted skills gap analysis of participating Microfinance banks and developed training manual/curriculum for their capacity building.


Jan. 2010 - Participating agencies- CBN, NAPEP, Federal Department of Cooperatives (FDC) and the Bank of Agriculture (BOA) appointed project/Desk Officers to assist in programme implementation.


20th Jan. 2010 -    The loan became effective, albeit disbursement only became effective in September 2010.


30th -31st Jan.2010 – Programme components and M&E performance indicators were reviewed


Jan-July 2010 – The Federal Government and all participating states pay their counterpart funds to the programme.


1-5th February, 2010 – Conducted national Start-up sensitisation workshop.


1st Feb.2010 – Preparatory meeting held on a Risk Assessment study of financial NGOs, finance Cooperatives that will lead to the final selection of these entities into the programme.


March 2010 – Begun preparation of programme implementation manual


March – June – CPMU, in collaboration with the CBN and the National Bureau of Statistics conducted first national Microfinance Baseline Study covering 20 states, including the 12 RUFIN participating states


May 2010 - Zonal offices of RUFIN established and Zonal Coordinators deployed to Owerri (SE &SS), Ibadan (SW &NC) and Bauchi (NE & NW)


May to date -RUFIN documentary and jingles aired simultaneously in all the 12 participating states


May 2010 to date– ZPMUs with states and Local governments embark upon massive sensitization and mobilization through media jingles, brochures and personal contacts


May 2010 – Project Steering Committee, which provides oversight function on the programme, held its augural meeting


June 2010 - State Micro finance officers with Data Management Clerks deployed to man the state offices and Asst. Micro finance officers and Data clerks to all the 36 selected LGAs


19th July – 6th August – Sent staff to Turin,Italy, to attend the 16th Annual Boulder Microfinance training


July – Sept. 2010 - 3,315 informal credit and Savings Organizations/Groups registration in all nooks and crannies of the 36 LGAs.


31st Aug.-3rd Sept, 2010 – Monitoring and Evaluation workshop held for participating institutions, CPMU and implementing agencies


11th – 30th Sept, 2010 – Began Curriculum Development for all MFBs


20th -22nd Sept. 2010 – Sent staff for gender and microfinance training in Lusaka, Zambia


21st Sept. 2010 - CMPU staff sent on training in Monitoring and Evaluation, Loans Administration Management, Gender Mainstreaming, Rural Microfinance training Workshop, for effective programme implementation.


Sept. 2010 – Staff sent on Capitalisation training: experience analysis and writing skills


Sept – October, 2010 – Monitoring and Evaluation training workshop for data management officers, Assistant microfinance officers and data clerks carried out in the three zones


Oct. 2010 - Opened discussion with EcoBank PLC to utilize part of the Agricultural de-risking funds under its custody as a source of refinancing fund for the MFBs.


Oct.2010 - Secured a No Objection approval from IFAD to develop a Terms of Reference (ToR) to facilitate the review and improvement of policy, legal and institutional frame work for Cooperative and other Rural Micro finance Institutions.


28th Oct, 2010 –Facilitated logistics (office, equipment ) and commissioned an organogram for Microfinance Banks Institutions (MFBs) Apex organization known as the National Association of Microfinance Banks


-   Formed the Apex organisation of Non Bank Microfinance institutions known as the National Association of Non Bank Microfinance Institutions at the state, zonal and national levels, in collaboration with the CBN.


1-5, Nov.2010 - RUFIN, in collaboration with the CBN, trained 665 MFBs and 1,310 MFBs staff on Online Report Rendition to enable more MFBs meet CBN reporting requirements and ensure data reliability on the Microfinance industry.


Nov.2010 – Feb. 2011 – Local government sensitization and awareness workshop for rural microfinance institutions and targeted beneficiaries held in all the RUFIN participating states


Nov.2010 - 2000 rural microfinance institutions linked to 33 participating MFBs under the programme in the 12 participating states.


Nov. 2010 - Begun a Participatory Rural Appraisal Study that seeks to identify the authenticity of informal Credit and Savings Organisations/Groups, their gap and service capability to rural dwellers.


Nov. 2010 - Created a funtional website: www.rufinnigeria.org for knowledge dissemination and sharing with all stakeholders and as a virtual Centre of Excellence/one-stop shop for micro-finance information in Nigeria


An External Auditor appointed in line with World Bank procurement procedure


Nov.2010 - Secured a No Objection approval from the Country office on the programme’s 2011 Annual Work plan and Budget and Procurement Plan


29 Nov – 14 Dec - RUFIN’s first IFAD/FGN Supervision Mission carried out


Dec. 2010 – Began preparations for the conduct of a  Participatory Rural Appraisal in all RUFIN participating states and local governments


Dec. 2010 - No objection approval secured from the IFAD country office to kick start the Assessment and Review of Policy and Regulatory Framework for Cooperatives.


Secured a No Objection for the procurement of project vehicles to ease mobility problems at the programme headquarters, states and local government areas.


20th Jan. 2011HURRAY! RUFIN IS ONE.