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.