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Agusto & Co.’s Nigerian Microfinance Industry Report is the most comprehensive and up to date report on the microfinance industry in Nigeria, providing an in-depth review of the Industry’s operations and how the macroeconomic climate impacts the growth and development of microfinance activities. Our report analyzes the Industry’s competitive landscape, regulatory environment, key trends and financial performance.
Although not as prominent as commercial banking in Nigeria, microfinance is still viewed as a primary vehicle for providing financial assistance to the disadvantaged segments of the country’s populace including micro, small and medium sized enterprises (MSMEs). Between 2015 and 2016, the CBN licensed 31 new microfinance banks, bring the total number of MFBs in operation to 978 as at FYE 2016. Despite the high number of operators, microfinance activities remain concentrated in Southern Nigeria, with an estimated 70% of all licensed microfinance banks. Furthermore, growth and development of the Industry remains constrained by the dominance of unit MFBs which comprise 89% of all operators. In comparison, there are only eight national MFBs in operation.
Our report examines the Industry’s performance with particular focus on the asset quality, capitalization, liquidity and profitability of key operators. Our assessment of the Industry’s financial condition is based on figures and information published in the approved financial statements of selected microfinance banks. These banks collectively accounted for about 44% of the Industry’s total loans & advances portfolio as at 31 December 2016.
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