Location: Lagos, Nigeria
Region: West Africa
Neighboring Countries: Benin, Cameroon, Chad, Niger
Population: 148,000,000 (2007 est.)
GDP Per Capita (PPP): $2,027 (2007 est)
Politics: Federal constitutional republic
Economy:
- GDP Growth: 6.4% (2007 est.)
- Composition of GDP: Agriculture (18%), Services (30%) and Industrial Sectors (52%)
- Main Agricultural Products: cocoa, peanuts, palm oil, yams, rubber, timber, livestock
- Main Industries: crude oil, coal, tin, columbite, palm oil, peanuts, cotton, rubber, wood, hides and skins, textiles
- Significant Trading Partners: United States, Brazil, Spain, China, United Kingdom, Netherlands, France, Germany, Italy
Source: Wikipedia
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Client Banks / MIC Microfinance Bank, Nigeria
MIC Microfinance Bank, Nigeria
Bank Description:
MIC Microfinance Bank was incorporated in June 2006 and awarded an operating license from the Central Bank of Nigeria (CBN) in February 2007. The first commercial microfinance bank under Nigeria’s 2006 microfinance regulation to become fully operational, MIC started with pilot projects in 2006 and has since commenced operations as a licensed incorporated bank.
The bank has recently embarked on a planned expansion and currently employs 76 people and now has 4 branches in Lagos (One full branch in Ikeja, which also serves as its headquarters, and three mini branches). The mini branches are strategically located either in or adjacent to large markets (Tejuoso, Alaba and Lagos Island), which consist of a very large numbers of micro enterprises, all in a very concentrated area.
MIC has a variety of deposit and credit products, including individual micro and small business loans, as well as current and term deposit accounts.
- Strengthening credit function
- Operations risk management
- Internal Audit
- Strategic planning & ongoing training
