How small businesses can maximise social media, Smoothie Case Study

Some social media web and apps include Facebook, Instagram, Twitter, LinkedIn, Pinterest, WhatsApp etc are unique and applicable in their own ways to small businesses. There are billions of people on social media web and apps every day and small businesses can take advantage of this.

Facebook and Instagram are photo and video-sharing social media applications used for networking and a platform for small to large businesses to engage customers and potential customers with photos and videos of their products and services.

CBN tasks MFBs on 64 new customers monthly

The Central Bank of Nigeria (CBN) has directed all Microfinance Banks (MFBs) operating in the country to acquire 64 new customers per month.

The directive follows the revised national financial inclusion target that aims at accelerating progress towards the achievement of 80 percent financial inclusion target by the year 2020.

In a letter to all microfinance banks on the revised national financial inclusion target, Tokunbo Martins, director, other financial intuitions supervision department, noted that the CBN held a stakeholders’ forum for all financial service providers in the six geo-political zones in the first and second quarters of 2019 which was attended by representatives of the MFBs. The objective of the forum was to expose stakeholders in the financial inclusion agenda.

Nigeria’s OneFi secures $5m debt facility for its Paylater mobile platformBy Daniel Mpala on 8 March, 2019

Lagos based finance company OneFi today announced that is has secured a $5-million debt facility from New York and Nairobi-based debt platform Lendable.

In a statement today (8 March), OneFi said the investment will be used to deploy more loans on its consumer facing mobile platform Paylater. The platform also helps users transfer money, recharge airtime and pay bills.

CBN sets N50m capital for Tier 2 microfinance banks

The Central Bank of Nigeria has introduced a Tier-based system for unit microfinance banks in the country.

The apex bank also adjusted the time frame given to the different categories of microfinance banks to recapitalise.

The different categories are the unit, state and national operators.

In a circular to all microfinance banks released on Monday on the ‘Review of minimum capital requirement for microfinance banks in Nigeria,’ the CBN reviewed a circular it had earlier issued to the microfinance banks on October 22, 2018.

The CBN stated that the Tier 2 unit microfinance banks must have a minimum capital of N50m, while Tier 1 would maintain the N200m minimum capital introduced for unit microfinance banks in October 2018.