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Tab 1

RUFIN registers over 5,000 Rural Microfinance Institutions

Tue Mar 08 2011

The FGN/IFAD assisted Rural Finance Capacity Building Programme (RUFIN) has registered over 5,000 Rural Microfinance Institutions (RMFIs) in the 12 states within its coverage area in its one year of existence, out of which it linked a total of 2,000 RMFIs to sources of finance to facilitate the provision of credit to the rural poor, mainly women, youth and the physically challenged.


Microfinance officers in the 12 participating States gave these figures in their progress report to a key stakeholders’ forum organized by RUFIN’s Monitoring and Evaluation (M&E) Unit.


RUFIN, a seven year programme of the Federal government in conjunction with IFAD, became operational on 20th January, 2010, with funding being provided through a $27.2 million loan secured by the federal government from IFAD, with 12 states, CBN, Federal Department of Cooperatives, NAPEP and Bank of Agriculture (BOA) also contributing counterpart funds.


Of the figure, Adamawa State set the pace with the highest number of registered RMFIs at 800, Bauchi (697), Oyo (494), Anambra (480), Benue (451) Akwa Ibom (407), Imo (364), Zamfara (350) Lagos (345), Edo (326), Nasarawa (320), and Katsina (137).


Adamawa and Oyo with 400 RMFIs that had been linked to Microfinance Banks (MFBs) for credit, however, had the highest number of RMFIs linked for any of the 12 participating states.  


Adamawa, was also the first state to have an actual loan of N200,000 disbursed to one RMFI, comprising women entrepreneurs in Maiha Local government area of the State.


The breakdown further showed Zamfara in third place with 334 RMFIs linked to banks, followed by Bauchi (166), Anambra (150), Lagos (120), Akwa Ibom (106), Edo (80), Benue (80), Imo (70), Katsina (50) and Nasarawa (44).


The inability of some of the banks to site branches in locations where the RMFIs reside, Lack of Board approval to appraise the RMFIs for loan disbursements, High interest rates charged by the MFBs, insistence of some of the MFBs that the RMFIs must open current as against savings accounts to enjoy loans, have been identified as some of the teething problems that need to be addressed for all round linkage with more RMFIs.


RUFIN is being structured on a tripod set of components that include: capacity building and technical support to bank and non-bank microfinance institutions; Targeted development and strengthening institutional environment for microfinance development; and Programme coordination and management.


The stakeholder forum, which was called to appraise the progress made by RUFIN in the one year of its existence as well as for knowledge sharing, also tackled other issues including the presentation of RUFIN’s 2011 Annual Work Plan and Budget, implications of the findings of the first National Baseline Survey of Microfinance sector in Nigeria to RUFIN, Counterpart fund contribution and its applications and the inauguration of a Programme Monitoring and Evaluation Committee.


Reviewing the progress made in the implementation of RUFIN, the National Programme Coordinator, Mr. Musibau Azeez said the programme was eagerly awaiting the take-off of the proposed Microfinance Development Fund by the Central bank of Nigeria (CBN) as it was the facility that will enable the refinancing of MFBs so that they can provide credit to the rural poor as well as guarantee the loans to the RMFIs.


He said the programme is planning a meeting soon that will bring together Chairmen of the 36 participating local governments in the 12 RUFIN states with a view to brainstorming on how they can help in the refinancing of MFBs in their areas.


Refinancing of the MFBs is critical to both their sustainability and the realization of one of RUFIN’s key mandates – the promotion of access to refinancing and linkage facilities, under the programme’s component of providing capacity building and technical support to banks and non-bank microfinance institutions.


As for issues arising from the first National Baseline Survey and implications for RUFIN, Dr. Steve Olusegun Ogidan, one of the lead consultants to the Survey, outlined several implications arising from the findings of the survey and specifically cited the Bank of Agriculture (BOA) and NAPEP, both key partners in the implementation of RUFIN, as having critical roles to play in making the programme realize its objectives.


He said BOA should create a window to refinance MFBs lending to RMFIs since it cannot deepen its outreach for now. As for NAPEP, Ogidan said it must strive to close what he called ‘’gaps’’ that presently exist between its operations at the headquarters and the States, as several practices in the States were either not known or approved by the headquarters.


Ogidan was also emphatic that the survey had shown the need for financial literacy amongst RUFIN’s stakeholders to be up scaled so as to facilitate the growth of the microfinance sector in the country.


Chairman of the occasion, Dr. Samuel Negedu, commended RUFIN for organizing the stakeholder forum saying that it provided a platform for the sharing of ideas and experiences as well as for value addition to RUFIN’s work as remedial actions can be taken where experiences did not meet with expectations, thereby enabling the programme to grow positively.(END)

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Tab 2

RUFIN registers over 5,000 Rural Microfinance Institutions

Tue Mar 08 2011

The FGN/IFAD assisted Rural Finance Capacity Building Programme (RUFIN) has registered over 5,000 Rural Microfinance Institutions (RMFIs) in the 12 states within its coverage area in its one year of existence, out of which it linked a total of 2,000 RMFIs to sources of finance to facilitate the provision of credit to the rural poor, mainly women, youth and the physically challenged.


Microfinance officers in the 12 participating States gave these figures in their progress report to a key stakeholders’ forum organized by RUFIN’s Monitoring and Evaluation (M&E) Unit.


RUFIN, a seven year programme of the Federal government in conjunction with IFAD, became operational on 20th January, 2010, with funding being provided through a $27.2 million loan secured by the federal government from IFAD, with 12 states, CBN, Federal Department of Cooperatives, NAPEP and Bank of Agriculture (BOA) also contributing counterpart funds.


Of the figure, Adamawa State set the pace with the highest number of registered RMFIs at 800, Bauchi (697), Oyo (494), Anambra (480), Benue (451) Akwa Ibom (407), Imo (364), Zamfara (350) Lagos (345), Edo (326), Nasarawa (320), and Katsina (137).


Adamawa and Oyo with 400 RMFIs that had been linked to Microfinance Banks (MFBs) for credit, however, had the highest number of RMFIs linked for any of the 12 participating states.  


Adamawa, was also the first state to have an actual loan of N200,000 disbursed to one RMFI, comprising women entrepreneurs in Maiha Local government area of the State.


The breakdown further showed Zamfara in third place with 334 RMFIs linked to banks, followed by Bauchi (166), Anambra (150), Lagos (120), Akwa Ibom (106), Edo (80), Benue (80), Imo (70), Katsina (50) and Nasarawa (44).


The inability of some of the banks to site branches in locations where the RMFIs reside, Lack of Board approval to appraise the RMFIs for loan disbursements, High interest rates charged by the MFBs, insistence of some of the MFBs that the RMFIs must open current as against savings accounts to enjoy loans, have been identified as some of the teething problems that need to be addressed for all round linkage with more RMFIs.


RUFIN is being structured on a tripod set of components that include: capacity building and technical support to bank and non-bank microfinance institutions; Targeted development and strengthening institutional environment for microfinance development; and Programme coordination and management.


The stakeholder forum, which was called to appraise the progress made by RUFIN in the one year of its existence as well as for knowledge sharing, also tackled other issues including the presentation of RUFIN’s 2011 Annual Work Plan and Budget, implications of the findings of the first National Baseline Survey of Microfinance sector in Nigeria to RUFIN, Counterpart fund contribution and its applications and the inauguration of a Programme Monitoring and Evaluation Committee.


Reviewing the progress made in the implementation of RUFIN, the National Programme Coordinator, Mr. Musibau Azeez said the programme was eagerly awaiting the take-off of the proposed Microfinance Development Fund by the Central bank of Nigeria (CBN) as it was the facility that will enable the refinancing of MFBs so that they can provide credit to the rural poor as well as guarantee the loans to the RMFIs.


He said the programme is planning a meeting soon that will bring together Chairmen of the 36 participating local governments in the 12 RUFIN states with a view to brainstorming on how they can help in the refinancing of MFBs in their areas.


Refinancing of the MFBs is critical to both their sustainability and the realization of one of RUFIN’s key mandates – the promotion of access to refinancing and linkage facilities, under the programme’s component of providing capacity building and technical support to banks and non-bank microfinance institutions.


As for issues arising from the first National Baseline Survey and implications for RUFIN, Dr. Steve Olusegun Ogidan, one of the lead consultants to the Survey, outlined several implications arising from the findings of the survey and specifically cited the Bank of Agriculture (BOA) and NAPEP, both key partners in the implementation of RUFIN, as having critical roles to play in making the programme realize its objectives.


He said BOA should create a window to refinance MFBs lending to RMFIs since it cannot deepen its outreach for now. As for NAPEP, Ogidan said it must strive to close what he called ‘’gaps’’ that presently exist between its operations at the headquarters and the States, as several practices in the States were either not known or approved by the headquarters.


Ogidan was also emphatic that the survey had shown the need for financial literacy amongst RUFIN’s stakeholders to be up scaled so as to facilitate the growth of the microfinance sector in the country.


Chairman of the occasion, Dr. Samuel Negedu, commended RUFIN for organizing the stakeholder forum saying that it provided a platform for the sharing of ideas and experiences as well as for value addition to RUFIN’s work as remedial actions can be taken where experiences did not meet with expectations, thereby enabling the programme to grow positively.(END)

Tab 3

RUFIN registers over 5,000 Rural Microfinance Institutions

Tue Mar 08 2011

The FGN/IFAD assisted Rural Finance Capacity Building Programme (RUFIN) has registered over 5,000 Rural Microfinance Institutions (RMFIs) in the 12 states within its coverage area in its one year of existence, out of which it linked a total of 2,000 RMFIs to sources of finance to facilitate the provision of credit to the rural poor, mainly women, youth and the physically challenged.


Microfinance officers in the 12 participating States gave these figures in their progress report to a key stakeholders’ forum organized by RUFIN’s Monitoring and Evaluation (M&E) Unit.


RUFIN, a seven year programme of the Federal government in conjunction with IFAD, became operational on 20th January, 2010, with funding being provided through a $27.2 million loan secured by the federal government from IFAD, with 12 states, CBN, Federal Department of Cooperatives, NAPEP and Bank of Agriculture (BOA) also contributing counterpart funds.


Of the figure, Adamawa State set the pace with the highest number of registered RMFIs at 800, Bauchi (697), Oyo (494), Anambra (480), Benue (451) Akwa Ibom (407), Imo (364), Zamfara (350) Lagos (345), Edo (326), Nasarawa (320), and Katsina (137).


Adamawa and Oyo with 400 RMFIs that had been linked to Microfinance Banks (MFBs) for credit, however, had the highest number of RMFIs linked for any of the 12 participating states.  


Adamawa, was also the first state to have an actual loan of N200,000 disbursed to one RMFI, comprising women entrepreneurs in Maiha Local government area of the State.


The breakdown further showed Zamfara in third place with 334 RMFIs linked to banks, followed by Bauchi (166), Anambra (150), Lagos (120), Akwa Ibom (106), Edo (80), Benue (80), Imo (70), Katsina (50) and Nasarawa (44).


The inability of some of the banks to site branches in locations where the RMFIs reside, Lack of Board approval to appraise the RMFIs for loan disbursements, High interest rates charged by the MFBs, insistence of some of the MFBs that the RMFIs must open current as against savings accounts to enjoy loans, have been identified as some of the teething problems that need to be addressed for all round linkage with more RMFIs.


RUFIN is being structured on a tripod set of components that include: capacity building and technical support to bank and non-bank microfinance institutions; Targeted development and strengthening institutional environment for microfinance development; and Programme coordination and management.


The stakeholder forum, which was called to appraise the progress made by RUFIN in the one year of its existence as well as for knowledge sharing, also tackled other issues including the presentation of RUFIN’s 2011 Annual Work Plan and Budget, implications of the findings of the first National Baseline Survey of Microfinance sector in Nigeria to RUFIN, Counterpart fund contribution and its applications and the inauguration of a Programme Monitoring and Evaluation Committee.


Reviewing the progress made in the implementation of RUFIN, the National Programme Coordinator, Mr. Musibau Azeez said the programme was eagerly awaiting the take-off of the proposed Microfinance Development Fund by the Central bank of Nigeria (CBN) as it was the facility that will enable the refinancing of MFBs so that they can provide credit to the rural poor as well as guarantee the loans to the RMFIs.


He said the programme is planning a meeting soon that will bring together Chairmen of the 36 participating local governments in the 12 RUFIN states with a view to brainstorming on how they can help in the refinancing of MFBs in their areas.


Refinancing of the MFBs is critical to both their sustainability and the realization of one of RUFIN’s key mandates – the promotion of access to refinancing and linkage facilities, under the programme’s component of providing capacity building and technical support to banks and non-bank microfinance institutions.


As for issues arising from the first National Baseline Survey and implications for RUFIN, Dr. Steve Olusegun Ogidan, one of the lead consultants to the Survey, outlined several implications arising from the findings of the survey and specifically cited the Bank of Agriculture (BOA) and NAPEP, both key partners in the implementation of RUFIN, as having critical roles to play in making the programme realize its objectives.


He said BOA should create a window to refinance MFBs lending to RMFIs since it cannot deepen its outreach for now. As for NAPEP, Ogidan said it must strive to close what he called ‘’gaps’’ that presently exist between its operations at the headquarters and the States, as several practices in the States were either not known or approved by the headquarters.


Ogidan was also emphatic that the survey had shown the need for financial literacy amongst RUFIN’s stakeholders to be up scaled so as to facilitate the growth of the microfinance sector in the country.


Chairman of the occasion, Dr. Samuel Negedu, commended RUFIN for organizing the stakeholder forum saying that it provided a platform for the sharing of ideas and experiences as well as for value addition to RUFIN’s work as remedial actions can be taken where experiences did not meet with expectations, thereby enabling the programme to grow positively.(END)

Tab 4

RUFIN registers over 5,000 Rural Microfinance Institutions

Tue Mar 08 2011

The FGN/IFAD assisted Rural Finance Capacity Building Programme (RUFIN) has registered over 5,000 Rural Microfinance Institutions (RMFIs) in the 12 states within its coverage area in its one year of existence, out of which it linked a total of 2,000 RMFIs to sources of finance to facilitate the provision of credit to the rural poor, mainly women, youth and the physically challenged.


Microfinance officers in the 12 participating States gave these figures in their progress report to a key stakeholders’ forum organized by RUFIN’s Monitoring and Evaluation (M&E) Unit.


RUFIN, a seven year programme of the Federal government in conjunction with IFAD, became operational on 20th January, 2010, with funding being provided through a $27.2 million loan secured by the federal government from IFAD, with 12 states, CBN, Federal Department of Cooperatives, NAPEP and Bank of Agriculture (BOA) also contributing counterpart funds.


Of the figure, Adamawa State set the pace with the highest number of registered RMFIs at 800, Bauchi (697), Oyo (494), Anambra (480), Benue (451) Akwa Ibom (407), Imo (364), Zamfara (350) Lagos (345), Edo (326), Nasarawa (320), and Katsina (137).


Adamawa and Oyo with 400 RMFIs that had been linked to Microfinance Banks (MFBs) for credit, however, had the highest number of RMFIs linked for any of the 12 participating states.  


Adamawa, was also the first state to have an actual loan of N200,000 disbursed to one RMFI, comprising women entrepreneurs in Maiha Local government area of the State.


The breakdown further showed Zamfara in third place with 334 RMFIs linked to banks, followed by Bauchi (166), Anambra (150), Lagos (120), Akwa Ibom (106), Edo (80), Benue (80), Imo (70), Katsina (50) and Nasarawa (44).


The inability of some of the banks to site branches in locations where the RMFIs reside, Lack of Board approval to appraise the RMFIs for loan disbursements, High interest rates charged by the MFBs, insistence of some of the MFBs that the RMFIs must open current as against savings accounts to enjoy loans, have been identified as some of the teething problems that need to be addressed for all round linkage with more RMFIs.


RUFIN is being structured on a tripod set of components that include: capacity building and technical support to bank and non-bank microfinance institutions; Targeted development and strengthening institutional environment for microfinance development; and Programme coordination and management.


The stakeholder forum, which was called to appraise the progress made by RUFIN in the one year of its existence as well as for knowledge sharing, also tackled other issues including the presentation of RUFIN’s 2011 Annual Work Plan and Budget, implications of the findings of the first National Baseline Survey of Microfinance sector in Nigeria to RUFIN, Counterpart fund contribution and its applications and the inauguration of a Programme Monitoring and Evaluation Committee.


Reviewing the progress made in the implementation of RUFIN, the National Programme Coordinator, Mr. Musibau Azeez said the programme was eagerly awaiting the take-off of the proposed Microfinance Development Fund by the Central bank of Nigeria (CBN) as it was the facility that will enable the refinancing of MFBs so that they can provide credit to the rural poor as well as guarantee the loans to the RMFIs.


He said the programme is planning a meeting soon that will bring together Chairmen of the 36 participating local governments in the 12 RUFIN states with a view to brainstorming on how they can help in the refinancing of MFBs in their areas.


Refinancing of the MFBs is critical to both their sustainability and the realization of one of RUFIN’s key mandates – the promotion of access to refinancing and linkage facilities, under the programme’s component of providing capacity building and technical support to banks and non-bank microfinance institutions.


As for issues arising from the first National Baseline Survey and implications for RUFIN, Dr. Steve Olusegun Ogidan, one of the lead consultants to the Survey, outlined several implications arising from the findings of the survey and specifically cited the Bank of Agriculture (BOA) and NAPEP, both key partners in the implementation of RUFIN, as having critical roles to play in making the programme realize its objectives.


He said BOA should create a window to refinance MFBs lending to RMFIs since it cannot deepen its outreach for now. As for NAPEP, Ogidan said it must strive to close what he called ‘’gaps’’ that presently exist between its operations at the headquarters and the States, as several practices in the States were either not known or approved by the headquarters.


Ogidan was also emphatic that the survey had shown the need for financial literacy amongst RUFIN’s stakeholders to be up scaled so as to facilitate the growth of the microfinance sector in the country.


Chairman of the occasion, Dr. Samuel Negedu, commended RUFIN for organizing the stakeholder forum saying that it provided a platform for the sharing of ideas and experiences as well as for value addition to RUFIN’s work as remedial actions can be taken where experiences did not meet with expectations, thereby enabling the programme to grow positively.(END)