FirstBank Impact Series International Conference 2011 Brochure

VOLUME 2, SEPTEMBER 2011

AS A TOOL FOR POVERTY ERADICATION & ECONOMIC GROWTH IN NIGERIA

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am pleased to welcome you to the maiden edition of FirstBank Impact Series, a policy and thought leadership Iinitiative of First Bank of Nigeria Plc. The series will be made

up of annual international conferences meant to facilitate business and economic growth, drive social change, and entrench outstanding values in leadership and governance in the polity. The series is envisaged to create true impact for socio-economic growth and development through insightful, actionable and change-centered conferences, workshops, seminars, strategy sessions, and policy implementation road-shows to drive far-reaching changes in the society.

As West Africa's pioneer financial services group, the FirstBank group is proud of its legendary contributions to national growth and development over the past 117 years. Our role in ensuring methodical and rapid economic transformation cannot be overemphasized. The truism that the citizenry requires commensurate technical progress to achieve the former is a matter of course for us. We will persist in initiating and implementing impactful programmes like this.

With FirstBank Impact Series, we intend to collaborate with you on a continuous basis in addressing every day challenges impeding systematic growth and development. The initiative will provide engaging platforms for evolving strategic outlook to problem-solving, especially from the capacity building and leadership perspectives.

This edition of the conference, with its thematic focus on “Micro-financing as a tool for poverty eradication and economic growth,” appropriately addresses our bottom-up approach of engendering change from the grassroots. We are particularly excited to have Professor Muhammad Yunus, Nobel laureate, micro-finance icon and banker to the poor, as the distinguished

Group Managing Director/CEOFirst Bank of Nigeria Plc.

Bisi Onasanya

Chief HostHis ExcellencyMr. Babatunde Raji Fashola (SAN)The Executive Governor of Lagos State

Guest of HonourMr. Sanusi Lamido Sanusi, CONGovernor, Central Bank of Nigeria

Other Speakers and PanelistsDr. Dalvinder Singh

Mrs. Pauline Nsa, MD/CEO

Bunmi Lawson, MD/CEO, AMFB

Tokunboh Ishmael, MD/CEO, Alitheia

FBN Microfinance Bank Ltd

Professor of Law, University of Warwick, UK

Prof. Oyewusi Ibidapo-Obe FAS, FA Eng, OFRPresident, Nigerian Academy of Science

Conference Coordinators Folake Ani-MumuneyOze K. OzeChidinma IgbokweChiedozie Mbaogu

FirstBank Impact Series 03

Conference ConsultantsAvaizon Consulting Ltd.

This is a Publication of First Bank of Nigeria Plc.

Welcome to

Stephen Olabisi Onasanya, FCAGMD/CEO, First Bank of Nigeria Plc.

“We must drive far-reaching changes in the society”

VOLUME 2, SEPTEMBER 2011

AS A TOOL FOR POVERTY ERADICATION & ECONOMIC GROWTH IN NIGERIA

PROGRAMME


Conference Director: Folake Ani-Mumuney, Marketing & Corporate Communications, First Bank of Nigeria Plc. th Date: 5 September, 2011

Venue: Shell Hall of the MUSON Center, Lagos, Nigeria

Morning Session 8.00am Registration and Coffee

8.30am Moderator's Introductions

Fela Durotoye, MD/CEO, Visible Impact Consulting

8.35am Welcome Address

Mr. Bisi Onasanya, GMD/CEO, First Bank of Nigeria Plc.

8.45am Opening Speech by the Chief Host

His Excellency, The Executive Governor of Lagos State: Mr. Babatunde Raji Fashola (SAN)

9.00am Micro-financing in Nigeria: Perspectives of the Central Bank of Nigeria (CBN)Mr. Sanusi Lamido Sanusi, CON, Governor of the CBN

Panelists:

Professor Oyewusi Ibidapo-Obe, The Academia

Dalvinder Singh, University of Warwick

Akin Akintola, Community Development

Edna Ishaya, Credit Registry

Pauline Nsa, FBN Microfinance

Bunmi Lawson, ACCION

Moderator starts conversation: Are MFBs truly lending to micro-entrepreneurs? Are we confusing

SME lending with micro lending? What are the roles of micro-entrepreneurs in Nigeria's

industrial growth? Is CBN creating a regulatory environment that allows MFBs empower micro-

entrepreneurs? Why don't young businesses with innovative ideas spring up and survive in Nigeria?

What should the government's role be in supporting micro-businesses- strategy, structure, funding,

capacity development?

The panel will discuss:

* Are the current CBN stipulated frameworks impeding MFBs from lending to the poor?

* What should be the government's role in enabling suitable frameworks for micro-financing?

* Is the Nigerian model encouraging innovation and creating a supportive environment for venture

start-ups?

* Micro-entrepreneurs: the nail that sticks up should not be hammered down

* MFBs, venture capitalists and NGOs

* Q&A

10.01am The Global Need for Micro-financing and Social Business: The Dangers of Doing NothingProfessor Muhammad Yunus, Keynote Speaker

Panelists:


Modupe Ladipo, EFinA

Fela Durotoye, Visible Impact Consulting

Pauline Nsa, FBN Microfinance


Ndidi Nwuneli, LEAP Africa

Moderator starts conversation: What roles do large corporates have to play in micro-financing

and social investments? Are Nigeria's corporate giants aware of and fulfilling their roles in this

regard? What incentives are being provided by the Nigerian government to encourage social

investments?


* What should the motive for setting-up a microfinance bank be?

* Is it wrong to make profits from micro-financing?

* What should be the priority: profit or social empowerment?

* Are Nigerian MFBs structured with the capacity (human, funding) to engage the poor?

* How can donor funding help?

* How can donor funding be attracted by Nigerian MFBs?

* Q&A

11.31am Micro-financing in Nigeria: Challenges and OpportunitiesMrs. Pauline Nsa, MD/CEO, MFB Microfinance Bank Limited

Panelists:


Modupe Ladipo, EFinA

Tokunboh Ishmael, Alitheia Capital



Moderator starts conversation: How can MFBs' operations costs be reduced? Is the tax regime

encouraging? How much help can MFBs get from the regulators, donors, capacity development NGOs?


* How can MFBs lend to the non-skilled poor?

* Is collateral over-rated?

* Do Nigerian MFBs hire the right people for the job?

* Where is the collaboration point for NGOs and MFBs?

* Should MFBs just tend to SMEs?

* Is social empowerment beyond the remits of Nigerian MFBs?

* Do we need a different institution for reaching the poor?

* Q&A

12.31pm Lunch Break

Afternoon Session1.16pm Moderator's Introductions

1.20pm Banking the Unbanked: What Regulatory Frameworks Exist Dr. Dalvinder Singh, Warwick University

Panelists:

Programme


Mr. Tokunbo Abiru, Honourable Commissioner for Finance, Lagos State


Lanre Olushola, FATE Foundation

Adesina Ayodele Fagbenro, DFID




Moderator starts conversation: How much can we learn from the international communities

where micro-financing has worked? What can we learn from those that failed? Do we require an overall

policy review? Is government (at all levels- LGA, State and Federal) doing enough? What legal structure

is required to enable government-provided funds disbursed through partner MFBs rather than

political channels?


* Lessons from abroad; what can we take onboard?

* What should the motive for setting-up a microfinance bank be?

* Should MFB lending rate be regulated?

* What regulatory reporting/supervisory system is required for the MFBs

* What is micro insurance and how does it help MFBs in Nigeria?

* How do we make banking attractive to the unbanked?

* Q&A

2.21pm Making a Success of Micro-financing and Social Business: Case Studies from Around the World, and the Roadmap for Nigeria

Professor Muhammad Yunus, Keynote Speaker

Panelists:

Mr. Tokunbo Abiru, Honourable Commissioner for Finance, Lagos State


Lanre Olushola, FATE Foundation

Adesina Ayodele Fagbenro, DFID

Dalvinder Singh, University of Warwick

Akin Akintola, Community Development



Moderator starts conversation: Who is responsible for social business incubation? How should

social businesses be funded? Microfinance fund; what, why and how? Where exactly do the problems

lie; regulations, MF Bankers, micro-entrepreneurs, donors?


* What must happen for there to be lasting change?

* What has culture got to do with it?

* Would micro-financing work better under an Islamic banking system?

* Could women (gender) empowerment be the answer?

* What are the effective ways for organizations such as NAPEP work with MFBs?

* CSR and Micro-financing: could there be a strategic partnership?

* Q&A

Programme


CONTENTS

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41

With your active participation in this conference, we look forward to generating a visible roadmap for tackling the challenges of micro-financing and development, as we make commensurate input to: Informed Policy making Structured financial inclusion; and Impactful socio-economic transformationBisi Onasanya, FCAGroup Managing Director/CEO, First Bank of Nigeria Plc.

Economic Growth

Fela Durotoye53| Computer Scientist & Economist

Moderators

Ademola Ogunbanjo54| Strategy & Execution Management Expert

1529

CONTENTSProf. Muhammad

YunusWinner, Nobel Peace Prize (2006)

15|Speakers

Dr. Dalvinder SinghAssociate Professor of Law,

University of Warwick, UK22|


Ndidi Okonkwo Nwuneli51| Founder, LEAP

FBN Microfinance

Bank Profile 32|Microfinance

Banks Directory 68|Participating

Organisations99|

24 42

Papers18| Microcredit and Social Business

for a Poverty Free WorldProf. Muhammad Yunus

23| The Role of the IMF and World Bank in Financial Sector Reform and ComplianceDr. Dalvinder Singh

Panelists

Hon. Tokunboh Abiru43| Comm. for Finance, Lagos State

Mrs. Edna Ishaya44| COO, Credit Registry

Tokunboh Ishmael46| Managing Director, Alitheia

Bunmi Lawson48| Senior Operational Director, ACCION

Mr. Lanre Olusola49| Life & Executive Coach

Mr. Akinyemi Akintola50| CEO, Community Development Foundation

Prof. Oyewusi Ibidapo-Obe FAS, FA Eng, OFR.

42|President, Nigerian Academy of Science

Modupe Ladipo47| Chief Executive Officer, EFInA

Stephen Bisi Onasanya41| Group Managing Director/CEO,

First Bank of Nigeria Plc.

Adesina Ayodel Fagbenro45| DFID

Babatunde Raji Fashola (SAN)Chief Host


overnor of Lagos State, Mr. Babatunde Raji Fashola (SAN) is Gthe recipient of the 2009 Yikzak

Rabin Centre for African Development Governor of the Decade for Peace Award and the recipient of the 2010 Award of Excellence in Leadership of t h e M a r t i n L u t h e r K i n g J n r . Foundation.

He is the recipient of the 2009 Good Governance Award from the United Kingdom-based African Business Magazine. Here in Nigeria, he is The Guardian, The Vanguard and The Sun newspapers' Man of The Year for 2009.

Both nationally and internationally, he is acclaimed as one of the bright hopes for the future of Nigeria; one of the very progressive Governors determined to reclaim Nigeria's past glories through competent and transparent leadership. In the past three and a half years, Mr. Fashola (SAN), has demonstrated e x c e l l e n c e a n d u n c o m m o n commitment to his avowed pledge to lead the change that would transform Lagos into Africa's model mega-city.

Some of the key projects which his dynamic and proactive business-minded skills have inspired and advanced include the Eko Atlantic City project, the 10-lane Lagos-Badagry Expressway, the expansion of the Lekki-Epe Expressway, the Lekki Free Zone, the Bus Rapid Transit System, massive Infrastructure Renewal in all parts of the State, that has won the State honours from as far as Australia for undertaking the fastest infrastructure renewal ever in Africa, and the establishment of the Security Trust Fund.

His other achievements include Environmental Regeneration that helped reduce violent crimes by over 70% in (one) year; the massive cleanup of Oshodi and other metropolitan open sores once regarded as irredeemable. Concrete steps have also been taken towards

improving Agriculture and Food Security among many others.

A passionate lover of children and the youth who represent the future of our continent, Governor Fashola has, in the three and a half years of his tenure, embarked on projects aimed at improving their lives and the opportunities open to children and youths in the State. They include, the construction of Maternal and Childcare Centres across the State to improve maternal and child health, immunization against polio and other child-killer diseases, the revitalization of voluntary uniformed organizations in the State's public schools to build character and leadership qualities in children and provide a choice away from street gangs, renovation and rehabilitation of classrooms as well as the building of new structures and the provision of educational facilities including desks and chairs.Others are the provision of free uniforms and textbooks to pupils and students in public schools, provision of summer vacation jobs for students, the formation of youth clubs and societies in schools, including Climate Change Clubs and the Be Road Friendly Club designed to inculcate environmental and road traffic awareness respectively in children at an early age. These have been projected at making school more attractive to children; the school should also become that real centre of a well rounded learning.

Born on June 28, 1963 in Lagos, Mr. Babatunde Raji Fashola (SAN) is a truly made in Nigeria product. He obtained his First School Leaving Certificate [FSLC] from the Sunny Fields Primary School, Adelabu Surulere, Lagos, after which he proceeded to Birch Freeman High School, Surulere, Lagos and later Igbobi College, Yaba from where he acquired the West African School Certificate [WASC]. He, thereafter, went to the University of Benin, Benin City and graduated with a Bachelor of Laws [LLB Hons] degree in 1987. He was called to the Nigeria Bar in November 1988 a f ter

undertaking the statutory training for Barristers and Solicitors.

For the mandatory National Youth Service Corps [NYSC] programme [1988-1989], he served in Benin, the former Bendel State now Edo State. His flourishing private legal practice, running into nearly fifteen years, saw him acquiring appreciable expertise and vast experience in such areas as Litigation, Intellectual Property [ r e g i s t r a t i o n o f t r a d e m a r k s ] , C o m m e r c i a l L a w , M e r g e r s , Acquis it ions, Right of Issues, Ownership of Shares and Equity of Corporations, as well as Land Disputes and Chieftaincy Matters.

In the course of his distinguished legal career at Sofunde, Osakwe, Ogundipe and Belgore; the law firm of K.O.Tinubu & Company and as Managing Partner, Lead Counsel, Babatunde Raji Fashola successfully pleaded many cases at High Courts, various divisions of the Court of Appeal and the Supreme Court, and to cap a successful legal career, he was elevated to the class of Nigerian Elite Lawyers in August 2004 when he was conferred with the rank of Senior Advocate of Nigeria [SAN], a leadership position of the Nigerian Bar and the nation's highest legal distinction and honour for lawyers.

He was appointed Chief of Staff by the former Governor of Lagos State [Governor Emeritus], Asiwaju Bola Ahmed Tinubu who he later succeeded in office and served from August 16, 2002 to November 6, 2006, during which time he served as Member, State Tenders Board; Member, State Executive Council, Member, State Treasury Board, and Member, State Security Council amongst several other Ad-Hoc Committees/Panels . With the experiences he garnered he resigned voluntarily to contest for the Office of Governor of Lagos State under the platform of Action Congress [AC] Party now Action Congress of Nigeria.

With his victory at the April 14, 2007


Sanusi Lamido Lamido SanusiGuest of Honour

CON


Mallam Sanusi Lamido Sanusi was appointed Governor of the Central Bank of Nigeria on 3 June 2009. He is a career banker and ranking Fulani nobleman, and also serves as a respected Islamic scholar

Birth and Education

Sanusi was born on July 31, 1961. His father was a Permanent Secretary in the Ministry of Foreign Affairs in the 1960s and his grandfather was Emir of Kano and Islamic Scholar, Alhaji Muhammadu Sanusi. Sanusi graduated from King's College, Lagos in 1977 and studied at Ahmadu Bello University (ABU), Zaria earning a BSc in Economics in 1981. He obtained an MSc in Economics in 1983, and then taught economics at ABU from 1983 to 1985.

Banking Career

In 1985, Sanusi joined Icon Limited (Merchant Bankers), a subsidiary of Morgan Guaranty Trust Bank of New York, and Baring Brothers of London. He moved to the United Bank for Africa in 1997 in the Credit and Risk Management Division, rising to the position of a General Manager. In September 2005, he joined the Board of First Bank of Nigeria as an Executive Director in charge of Risk Management and Control, and was appointed Group Managing Director (CEO) in January 2009. He was also the Chairman, Kakawa Discount House and sat on the Board of FBN Bank (UK) Limited. Sanusi is recognized in the banking industry for his contribution towards developing a Risk Management culture in the Nigerian banking sector. First Bank is Nigeria's oldest bank and one of the biggest financial institutions in Africa. Sanusi was the first Northerner to be appointed CEO in First Bank's history of more than a century.

Governor of the Central Bank

President Umaru Musa Yar'Adua nominated Sanusi as Governor of the Central Bank of Nigeria on 1 June 2009 and his appointment was confirmed by the Senate on 3 June 2009, in the middle of a global financial crisis. Based on his past record it seemed probable that as governor of the central bank he would impose strict controls.

In August 2009, Sanusi bailed out Afribank, Intercontinental Bank, Union Bank, Oceanic Bank and Finbank with 400 billion Naira of public money, and dismissed their chief executives. He said "We had to move in to send a strong signal that such recklessness on the part of bank executives will no longer be tolerated." 16 senior bank officials face charges that included fraud, lending to fake companies, giving loans to companies they had a personal interest in and conspiring with stockbrokers to boost share prices. In September 2009 he said that 15 of the current 24 Nigerian banks might survive reform in the banking sector.

In a wide-ranging interview with the Financial Times in December 2009, Sanusi defended the extensive reforms that he had initiated since taking office, dubbed by some as the "Sanusi tsunami". He noted that there was no choice but to attack the many powerful and interrelated vested interests who were exploiting the financial system, and expressed his appreciation of support from the Presidency, the Economic and Financial Crimes Commission, the Finance minister and others.

In January 2010, Sanusi said that banks will only want to give credit to the Nigeria's Small and Medium Enterprises (SMEs) if the government gives adequate attention to the provision of infrastructure. In January 2010 Sanusi admitted that since


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Professor

Yunus

Professor

YunusMuhammadMuhammad

Professor

Yunus

Professor

YunusRecipient of the 2006 Nobel Peace Prize, Professor Muhammad Yunus is internationally recognized for his work in poverty alleviation and the empowerment

MuhammadMuhammad

Imagine a bank that loans money based on a borrower's desperate c i r c u m s t a n c e s - w h e r e , a s Muhammad Yunus says, “the less

you have, the higher priority you have.” Turning banking convention on its head has accomplished a world of good for millions of impoverished Bangladeshis, as the pioneering economist Yunus has demonstrated in the last three decades.

What began as a modest academic experiment has become a personal crusade to end poverty. Yunus reminds us that for two-thirds of the world's population, “financial institutions do not exist.” Yet, “we've created a world which goes around with money. If you don't have the first dollar, you can't catch the next dollar.” It was Yunus' notion, in the face of harsh skepticism, to give the poorest of the poor their first dollar so they could become self-supporting. “We're not talking about people who don't know what to do with their lives….They're as good, enterprising, as smart as anybody else.”

His Grameen Bank spread from village to village as a lender of tiny amounts of money (microcredit), primarily to women. Yunus heard that “all women can do is raise chickens, or cows or make baskets. I said, 'Don't underestimate the talent of human beings.' ” No collateral is required, nor paperwork—just an effort to make good and pay back the loan. Now the bank boasts 5 mill ion borrowers, receiving half a billion dollars a year. It has branched out into student loans, health care coverage, and into other countries. Grameen has even created a mobile phone company to bring cell phones to Bangladeshi villages. Yunus envisions microcredit building a society where even poor people can open “the gift they have inside of them.”

Professor Yunus has successfully melded capitalism with social responsibility to create the Grameen Bank, a microcredit institution committed to providing small amounts of working capital to the poor for self-employment.

From its origins as an action-research

Biography

project in 1976, Grameen Bank has grown to provide collateral-free loans to 5 million clients in Bangladesh, 96% of who are women. Over the last two decades, Grameen Bank has loaned out over 5 billion dollars to the poorest of the poor, while maintaining a repayment rate consistently above 98%. The innovative approach to poverty alleviation pioneered by Professor Yunus in a small village in Bangladesh has inspired a global microcredit movement reaching out to millions of poor women from rural South Africa to inner city Chicago.

His autobiography, “Banker to the Poor: Micro-lending and the Battle Against World Poverty,” has been translated in French, Italian, Spanish, English, Japanese, Portuguese, Dutch, Gujarati, Chinese, German, Turkish and Arabic. It was published in 1998 and it became a New York Times Best-Seller.In 1957, he enrolled in the department of economics at Dhaka University and completed his BA in 1960 and MA in 1961. Following his graduation, Yunus joined the Bureau of Economics as research assistant. Later he was appointed as a lecturer in economics in Chittagong College in 1961. He was

Profile


offered a Fulbright scholarship in 1965 to study in the USA. He obtained his Ph.D. in economics from Vanderbilt University in 1969.

Besides Grameen Bank he has created a number of companies in Bangladesh to address diverse issues of poverty and development. Among the companies are:

Grameen Phone (A Mobile Telephone Company) Grameen Cybernet (Internet Service Provider)Grameen Communications (Rural Internet Service Provider)Grameen Software CompanyGrameen Information Technology ParkGrameen Fund (Social Venture Capital Company)Grameen Capital Management CompanyGrameen Textile CompanyGrameen Knitwear CompanyGrameen Renewable Energy Company Grameen Health Company Grameen Education CompanyGrameen Agriculture CompanyGrameen Fisheries and Livestock Company Grameen Business Promotion Company

Professor Muhammad Yunus serves on the boards of many national and international organizations.

x Economy

x Finance

Topics

x Human Rights

x International Affairs

x Entrepreneurship

x Visionaries

x Women's Issues

x Feed the World

x Making Poverty History

x Social Entrepreneurship - A Different Business Modelx The Total Eradication of Poverty from the Worldx Global Advances in Health Carex Halving Poverty by 2015 - We Can Actually Make It Happen

x International Crisis Group, Washington D.C., USAx Patron, United Kingdom Social Investment Forum, London, UKx Board of Directors, United Nations Foundation, Washington, USAx Founding Patron, C21: Tomorrow's Leaders for a Safer Planet, Oxford Research Group, Oxford,United Kingdomx Board of Directors, Schwab Foundation for Social

Entrepreneurship, Cologny, Geneva, Switzerlandx Board of Directors, ManyOne Foundation, Canadax Board of Trustees, Coexist Foundation, University of Cambridge, UKx Board of Directors, Prince Albert II of Monaco Foundation, Monaco

Some Speech Titles

Advisor and Board Memberships


Microcredit and Social Businessfor a Poverty Free World

Grameen Bank I became involved in the poverty issue not as a policymaker or as a researcher. I became involved because poverty was all around me, and I could not turn away from it.

In 1974, I found it difficult to teach elegant theories of economics in the university classroom, in the backdrop of a terrible famine in Bangladesh. Suddenly, I felt the emptiness of those theories in the face of crushing hunger and poverty. I wanted to do something immediate to help people around me, even if it was just one human being, to get through another day with a little more ease. That brought me face to face with poor people's struggle to find the tiniest amounts of money to support their efforts to eke out a living. I was shocked to discover a woman in the village, borrowing less than a dollar from the money-lender, on the condition that he would have the exclusive right to buy all she produces at the price that he decides. This, to me, was a way of recruiting slave labor.

I decided to make a list of the victims of this money-lending n the village next door to our campus.

When my list was complete, it had the names of 42 victims who borrowed a total amount of US $27. I was shocked. I offered US $27 from my own pocket to get these victims out of the clutches of those money-lenders. The excitement that was created among the people by this small action got me further involved in it. If I could make so many people so happy with such a tiny amount of money, why shouldn't I do more of it?

That is what I have been trying to do ever since. The first thing I did was to try to persuade the bank located in the campus to lend money to the poor. But that did not work. They didn't agree. The bank said that the poor were not creditworthy.

After all my efforts, over several months, failed I offered to become a guarantor for the loans to the poor. When I gave the loans, I was stunned by the result. The poor paid back their loans, on time, every time! But still I kept confronting difficulties in expanding the program through the existing banks. That was when I decided to create a separate bank for the poor, I finally succeeded in doing that in 1983. I named it Grameen Bank or Village bank.

Today, Grameen Bank gives loans to nearly 7.00 million poor people, 97 per cent of whom are women, in 76,848 villages in Bangladesh. Grameen Bank gives collateral-free income generating loans, housing loans, student loans and micro-enterprise loans to the poor families and offers a host of attractive savings, pension funds and insurance products for its members. Since it introduced them in 1984, housing loans have been used to construct 644,965 houses. The legal ownership of these houses belongs to the women themselves. We focused on women because we found giving loans to women always brought more benefits to the family.

In a cumulative way the bank has given out loans totaling about US $6.1 billion. The repayment rate is 98.28%. Grameen Bank routinely makes profit. Financially, it is self-reliant and has not taken donor money since 1995. Deposits and own resources of Grameen Bank today amount to 155 per cent of al l outstanding loans. According to Grameen Bank's internal survey, 64 per cent of our borrowers have crossed the poverty line.

This idea, which began in Jobra, a small village in Bangladesh, has spread around the world and there are now Grameen type programs in almost every country.

Second Generation

It is 30 years now since we began. We keep looking at the children of our borrowers to see what has been the impact of our work on their lives. The women who are our borrowers always gave topmost priority to the children. One of the Sixteen Decisions developed and followed by them was to send children to school. Grameen Bank encouraged them, and before long all the children were going to school. Many of these children made it to the top of their class. We wanted to celebrate that, so we introduced scholarships for talented students. Grameen Bank now gives 30,000 scholarships every year.

Many of the children went on to higher education to become doctors, engineers, college teachers and other professionals. We introduced student loans to make it easy for Grameen students to complete higher education. Now some of them have PhD's. There are 15,754 students on student loans. Over 7,000 students are now added to this number annually.

We are creating a completely new generation that will be well equipped to take their families way out of the reach of poverty. We want to make a break in the historical continuation of poverty.

Many of the problems in the world today, including poverty, persist because of a too narrow interpretation of capitalism.

Capitalism centers around the free market. It is claimed that the freer the market, the better is the result of capitalism in solving the questions of what, how, and for whom. It is also claimed that the individual search for personal gains brings collective optimal result.

The theory of capitalism assumes that entrepreneurs are one-dimensional human beings, who are dedicated to one

Free Market Economy

Muhammad Yunus

Lagos, Nigeria

September 2011


mission in their business lives − to maximize profit. This interpretation of capitalism insulates the entrepreneurs from all political, emotional, social, spiritual, environmental dimensions of their lives. Many of the world's problems exist because of this restriction on the players of free-market.

We have remained so impressed by the success of the free-market that we never dared to express any doubt about our basic assumption. We worked extra hard to transform ourselves, as closely as possible, into the one-dimensional human beings as conceptualized in the theory, to allow smooth functioning of free market mechanism.

I have said that capitalism is a half told story. By defining "entrepreneur" in a broader way we can change the character of capitalism radically, and solve many of the unresolved social and economic problems within the scope of the free market. Let us suppose an entrepreneur, instead of having a single source of motivat ion (such as , maximizing profit), now has two sources of motivation, which are mutually exclusive, but equally compelling − a) maximization of profit and b) doing good to people and the world.

Each type of motivation will lead to a separate kind of business. Let us call the first type of business a profit-maximizing business, and the second type of business as social business.

Social business will be a new kind of business introduced in the market place with the objective of making a difference to the world. Investors in the social b u s i n e s s c o u l d g e t b a c k t h e i r investment money, but will not take any dividend from the company. Profit would be ploughed back into the company to expand its outreach and improve the quality of its product or service. A social business will be a non-loss, non-dividend company.

Once social business is recognized in law, many existing companies will come forward to create social businesses in addition to their foundation activities. Many activists from the non-profit sector will also find this an attractive option. Unlike the non-profit sector where one needs to collect donations to keep activities going, a social business will be self-sustaining and create surplus for expansion since it is a non-loss enterprise. Social business will go into a

new type of capital market of its own, to raise capital. Young people all around the world, particularly in rich countries, will find the concept of social business very appealing since it will give them a challenge to make a difference by using their creative talent.

Almost all social and economic problems of the world will be addressed through social businesses. The challenge is to innovate business models and apply them to produce desired social results cost-effectively and efficiently such as healthcare for the poor could be a social business, financial services for the poor, information technology for the poor, education and training for the poor, marketing for the poor, renewable energy − these are all exciting ideas for social businesses.

Social business is important because it addresses very vital concerns of mankind. It can change the lives of the bottom 60 per cent of world population and help them to get out of poverty.

We cannot cope with the problem of poverty within the orthodoxy of capitalism preached and practiced today. With the failure of many Third World governments in running businesses, health , educat ion, and welfare programs efficiently everyone is quick to recommend: "hand it over to the private sector". I endorse this recommendation whole-heartedly. But I raise a question with it. Which private sector are we talking about? Personal profit based private sector has its own clear agenda. It comes in serious conflict with the pro-poor, pro-women, pro-environment agenda. Economic theory has not provided us with any alternative to this familiar private sector. I argue that we can create a powerful alternative - a social-consciousness-driven private sector, created by social entrepreneurs.

Even profit maximizing companies can be designed as social businesses by giving full or majority ownership to the poor. This constitutes a second type of social business. Grameen Bank falls under this category of social business. It is owned by the poor.

The poor could get the shares of these companies as gifts by donors, or they could buy the shares with their own money. The borrowers buy Grameen

Grameen's Social Business

Bank shares with their own money, and these shares cannot be transferred to n o n - b o r r o w e r s . A c o m m i t t e d professional team does the day-to-day running of the bank.

Bilateral and multi-lateral donors could easily create this type of social business. When a donor gives a loan or a grant to build a bridge in the recipient country, it could create instead a "bridge company" owned by the local poor. A committed management company could be given the responsibility of running the company. Profit of the company will go to the local poor as dividend, and towards building more bridges. Many infrastructure projects, like roads, highways, airports, seaports, utility companies could all be built in this manner.

Grameen has created two social businesses of the first type. One is a yogurt factory, to produce fortified y o g u r t t o b r i n g n u t r i t i o n t o malnourished children. It is a joint venture with Danone. It will continue to expand until all malnourished children of Bangladesh are reached with fortified yogurt. Another is a chain of eye-care hospitals. Each hospital will undertake, on an average, 10,000 cataract surgeries per year at differentiated prices to the rich and the poor.

To connect investors with social businesses, we need to create social stock market where only the shares of social businesses will be traded. An investor will come to this stock-exchange with a clear intention of finding a social business, which has a mission of his or her liking. Anyone who wants to make money will go to the existing stock-market.

To enable a social stock-exchange to perform properly, we will need to create rating agencies, standardization of terminology, definitions, impact measurement tools, reporting formats, and new financial publications, such as, The Social Wall Street Journal. Business schools will offer courses and business management degrees on social businesses to train young managers how to manage social business enterprises in the most efficient manner, and, most of all, to inspire them to become social business entrepreneurs themselves.

Social Stock Market

Role of Social Businesses in Globalization


At the annual meeting of the Clinton Global Initiative, a forum on international development founded in 2005 by former US President Bill Clinton, Nobel laureate Muhammad Yunus and Vikram Akula, founder of Indian SKS Microfinance, which recently went public, discussed different models for microfinance institutions (MFIs).

Dr Yunus claims that he does not oppose MFIs making a profit, but stresses that there should be a cap on profits. In addition, Dr Yunus also urges SKS Microfinance to convert from being a non-bank finance corporation (NBFC) into a bank, a process that would enable SKS Microfinance to accept deposits and place them under the deposit guarantee scheme of the Reserve Bank of India (RBI). On the other hand, Mr Akula emphasizes that having access to commercial capital markets is the only way to raise sufficient funds to meet the needs of the poor. In addition, he argues that it is extremely difficult to secure a banking license in India. In response, Dr Yunus warns of the volatility of the commercial capital markets and argues that the “microcredit is not about exciting people to make money off the poor.”

SKS Microfinance is an Indian microlender that delivers microfinance products through a group-lending model to impoverished women in India. It is a for-profit, non-banking finance company which converted to a public limited company in May 2009 and launched an initial public offering on July 28, 2010, after which trading commenced on the Bombay Stock Exchange and the National Stock Exchange of India on

About SKS Microfinance:

August 16, 2010. Equity investors include Quantum Hedge Fund, Sequoia Capital, Vinod Khosla, Small Industries Development Bank of India, Bajaj Allianz, Yatish Trading, Kismet Capital, Sandstone Capital, Silicon Valley Bank and Unitus. SKS Microfinance reported total assets as of March 31, 2010, of USD 791 million. As of March 2010, according to the Microfinance Information Exchange (MIX), the microfinance information clearinghouse, SKS Microfinance reported a return on assets of 4.96 percent, return on equity of 21.56 percent, gross loan portfolio of USD 961 million and 5.8 million

Muhammad Yunus Debates Microfinance Models at Annual Meeting of Clinton Global Initiative (CGI)


r. Dalvinder Singh is the Associate Professor of Law at the University of Warwick's School of Law, 2007. He has given technical assistance to the IMF on micro-finance legislation for the D

Republic of Guinea and has also participated in a bank insolvency workshop organized by CARTAC. He is also Senior Associate Research Fellow, Institute of Advanced Legal Studies, University of London; Managing Editor of the Journal of Banking Regulation, since 2003 and Financial Regulation International, since 2006; Editorial Advisory Board Member, Journal of Financial Regulation and Compliance (Emerald). He has acted as a technical advisor to the International Monetary Fund. He was invited in 2008 to be a member of the International Association of Deposit Insurers, Research and Guidance, Expert Advisory Panel. He is also External Examiner at the Centre for Commercial Law Studies, Queen Mary, University of London, for several of their postgraduate programmes, and the University of Strathclyde, Scotland.

He is author and editor of several monographs: D Singh, Banking Regulation of UK and US Financial Markets, Aldershot: Ashgate Publishing 2007; D Singh with R

Bank Resolution, London: Informa Law, Lloyds Commercial Law Library; D Singh with W Shan & P Simons (eds) Redefining Sovereignty in International Economic Law, Oxford: Hart Publishing 2008; D Singh with A Campbell, JR LaBrosse & DG Mayes (eds) Deposit Insurance, Basingstoke: Palgrave Macmillan (2007).

Articles and Chapters: D Singh, 'The US Architecture of Bank Regulation and Supervision: Recent Reforms in their Historical Context', in D Singh with JR LaBrosse and R Olivares-Caminal (eds) Managing Risk in the Financial System, Cheltenham, Edward Elgar, (2011); D Singh, 'The UK Banking Act 2009, pre-insolvency and early intervention: policy and practice' Jan, Journal of Business Law, (2011) 20 – 42; D Singh, 'UK approach to financial crisis management,' Transnational Law and Contemporary Problems, Iowa Law School, Vol. 19 (Winter), (2011) 872 – 926; D Singh & JR LaBrosse, 'Northern Rock, Depositors & Deposit Insurance Coverage: Some Critical Reflections' Jan, Journal of Business Law, 2010 55-84; D Singh & D Walker 'The European Deposit Guarantee Directive: An Appraisal of the Reforms', in Financial Crisis Management and Bank Resolution, D Singh, with RJ LaBrosse, & R Olivares-Caminal, London, Informa Law (2009); D Singh 'The Role of the IMF and World Bank in Financial Sector Reform and Compliance? ', in Redefining

Dr. Dalvinder Singh


Profile

The IMF and the World Bank have responsibility respectively for exchange rate and currency stability, and reconstruction and development. The post-war agenda of exchange rate stability and reconstruction has been broadened to assist members with their efforts to achieve monetary and financial stability, create sustainable economic growth to reduce poverty, and enhance development; focusing on their capacity to improve the domestic infrastructure that is necessary in most cases to deal with the prescribed assistance the institutions provide.

The responsibilities of the two are distinguishable by the period over which they assist their members. The IMF's assistance has tended to be on a short-term basis, focusing on macro-economic matters; whereas the World Bank has concentrated on long-term development projects that focus on the micro-economic side. In the pursuit of these interdependent goals a considerable level of cooperation between the two institutions has evolved, notwithstanding an inevitable degree of tension on occasion when their policies seem to conflict with one another; this occurred especially during the 1990s and the financial crises experienced by a number of countries.

This has resulted in more formal coordination over the years to deal with such matters, although both still concentrate on their 'core asks'. Gilbert et al propose the core foci as 'the Fund on macro-economic and

crisis resolution and macro-policy advice; and the Bank on longer-term development—including micro-economics and trade and industry issues—and poverty reduction'. This move from the traditional remits of responsibility is evidence of a growing influence of the two in the arena of a country's domestic policy; this is achieved through the conditions attached to their financial and technical assistance when domestic policies and legal and regulatory infrastructure are not sufficient to prevent or manage a crisis.The evolving role of the IMF and World BankThe responsibilities and functions of the IMF centre on its key purpose: to deal with 'international monetary problems' by acting as the forum for its members to 'consult' and 'collaborate' with it so as to 'facilitate' and 'promote' 'international monetary co-operation', 'growth of international trade' and 'exchange rate stability' to achieve financial and economic stability. The IMF seeks to achieve these broad purposes through its core functions: surveillance, financial assistance and technical assistance to ensure its members continuously adhere to its underlying purposes.

The traditional objective of surveillance is ensuring orderly exchange arrangements' among members. The IMF, in 'consultation' with its members by both bilateral and multilateral means, assesses individualmembers' economic and monetary policies against its

purposes to ascertain whether they pose a risk to the stability of the international monetary system. It seeks to provide financial assistance to members experiencing balance of payment problems, on the basis that the individual member complies with the conditions set for such assistance so the IMF can be assured the money will be repaid.

This invariably requires the member country to adjust its economic and monetary policies, giving rise to a considerable level of coercive and unfettered leverage by the IMF to ensure changes are indeed made. The final function of the IMF is to provide technical assistance to its members, but without the same degree of compulsion as is attached to the other activities. Conditionality which generally refers to the designated policy and procedures attached to the assistance the IMF provides ensures to a certain extent the objectives of the assistance is achieved. It has, in many respects, generated a considerable level of controversy in light of the expansion of its policy remit to include matters at a micro level such as infrastructural reform. As Lastra notes the rationale for this expansion was the fact that the crisis stricken countries discussed above exposed considerable problems in this area thus exacerbating the financial problems they experienced.

The traditional functions as noted above have expanded considerably over the years, both formally through amendments of the Articles

The Role of the IMF and World Bankin Financial Sector Reformand ComplianceDALVINDER SINGH


of Agreement and informally through policy pronouncements, to encompass a broader set of issues that underpin the stability of the international monetary system. This has widened the IMF's role from macro-economic policy matters to include microeconomic policy, to achieve inter alia 'financial and economic stability in its broadest sense' by acting as a forum for 'international cooperation to monitor economic developments on a global scale' and specifically addressing weaknesses in the overseeing of domestic financial markets.

The key issue highlighted is the risks now posed by such weaknesses in the financial system, both internally and externally to others. The traditional role of surveillance has been broadened from what Lastra coins ' “macro-surveillance” to microsurveillance” specifically focusing on financial system soundness by placing particular attention on 'weak financial institutions, inadequate bank regulation and supervision, and lack of transparency' as a result of its broad discretionary mandate articulated in the Articles of Agreement, These issues form part of the broader agenda of bilateral and multilateral surveillance the IMF undertakes periodically with members to 'lessen the frequency and diminish the intensity of potential financial system problems'; members are required to cooperate with the IMF, outlining how they will attempt to deal with any issues by drawing up a programme of reform. For example, the Article IV staff report for Tunisia in 2002 illustrated the work the authorities were undertaking in the financial sector area and progress towards implementing the findings from a Financial Sector Assessment Program (FSAP) assessment.

Despite the perception that financial sector reform is a 'wholesale' part of Article IV consultation, in fact only two reports explicitly refer to financial sector matters, namely Tunisia and Iceland.

However, when a country is seeking financial support from the IMF the picture is very different: here the issue of financial sector reform features frequently, in addition to the traditional areas of IMF responsibility, in the Letters of Intent prepared by the member seeking support. For example, the Letter of Intent of the government of Thailand dated 1997 contained numerous references to its intention of making changes in the financial sector, such as legal and regulatory reforms.

To obtain financial support from the IMF these changes were of a short- and long-term nature, and designed ultimately to restore confidence in the financial system by closing insolvent banks, putting in place a deposit protection system and improving the approach to enforcement sanctions. These issues form part of the adjustment policy the member seeking assistance must put in place and adhere to in order to give the IMF the assurance to provide such assistance.

The IMF's technical assistance function has also evolved in light of its broader agenda to include financial sector reform, which incorporates the FSAP, by providing technical assistance on a voluntary basis. In more recent Letters of Intent, such as Turkey in 2006, the letter not only referred to the measures put in place to effect financial sector reform, but also expressed the intention to 'use the findings of the FSAP for Turkey to guide our future reform efforts in the financial sector'. This indicates the link between the compulsory and the voluntary parts of the IMF's role and the importance attached to financial sector reform, if necessary, in seeking financial support from the IMF. The voluntary aspect is important because not all members will require formal assistance but may nevertheless pose a threat to domestic or international stability, so some form of voluntary assessment programme was needed that specifically focused on bank

regulation reform—especially given that weaknesses in this area were part of the reason for the Asian financial crisis. The World Bank is primarily made up of two main agencies: the International Bank for Reconstruction and Development (IBRD), and the International Development Association (IDA) and affiliate agencies. The role of the IBRD is aimed at reduction of poverty and sustainable development, although its initial responsibility was for assistance with the reconstruction of countries affected by war. The World Bank acts for its members as a facilitator for investment and technical assistance, broadly speaking to assist with the 'development of productive facilities and resources in less developed countries'. The investment (or loans as the case may be) it provides comes from both private means and its own resources, but the principal objective is to give financial assistance to members on the most reasonable terms and conditions. The IBRD raises most of its funds by selling its AAA-rated bonds to financial intermediaries in the international markets. The traditional objectives it tries to 'promote' are of a long-term nature: the 'growth of international trade', 'equilibrium of balance of payments' and 'investment for the development of the productive resources of members, focusing on raising productivity, the standard of living and conditions of labor in their territories', but avoiding interfering in the political affairs of the country. The purpose of the IBRD is relatively narrow in terms of its Articles of Agreement, but has obviously been interpreted broadly to cover the whole spectrum of development, from economics to health, education, environment, infrastructure and poverty alleviation: 'The Articles must receive a great measure of purposive interpretation to reflect the Bank's changing role as a development institution'. The objectives are continuously evolving rather than static and rigid, and need to be interpreted in the


broad spirit rather than to the letter.

The primary functions of the World Bank as a whole are said to be to act as a financial intermediary, a development research institution and a development agency.66 The IBRD and the IDA provide long-term finance for specific programmes over 15–20 years and 35–40 years respectively, depending on whether the individual country is classified as middle-income or low-income—the former do not have the financial need to seek assistance from the IBRD. The World Bank also assists members by providing what are termed 'knowledge services' through assessments and technical assistance on development matters; this is one of its most important roles. The loans provided by the World Bank fall into two broad categories: goods and services, and adjustment loans or 'structural adjustment loans'. The latter are for policy and institutional reforms: the 'programme of reforms . . . proposed by the country and negotiated with the World Bank to ensure the objective of the projects and the outcomes are achieved under the aegis of conditionality'.67 Non-compliance can ultimately lead to the withdrawal of a loan, or in most cases the threat of it being withdrawn, notwithstanding the fact that a country is not obliged to fulfill the measures set out in the programme; this is seen as its sovereign prerogative given the political, social and economic implications of the programme for the country. Financial sector reform has been on the World Bank's agenda for a considerable length of time (a lot longer than it has featured at the IMF), either through financial support for structural reform projects or technical assistance to a country's authorities to develop this area of the economy and improve the capacity to oversee the financial system through legislative changes and training. Structural adjustment loans have focused on a broad range of areas, including reducing government ownership and strengthening bank supervision.

For example, in the period 1993–2003 the World Bank provided $56 billion of assistance for financial sector reform projects, which equates to about 24 per cent of its budget, to improve economic growth and reduce poverty by enhancing the mobility of savings and investment across as broad a sector of the economy as possible to make it more inclusive. The size and complexity of the projects mean that the World Bank acts as the overall 'lead manager', with other donors, especially regional development banks, providing assistance such as technical and financial support. In these projects the state is at the centre and advocates the reforms, while the central bank and government departments are responsible for implementing the changes; this is in contrast to the general perception that changes in banking regulation and supervision are implemented by the central bank rather than being state led.

Support has focused on numerous projects relating to the infrastructure of the financial system; for instance, in the case of Egypt in 2006, which is no exception, the goal was to modernise bank regulation and its enforcement so as to comply with international standards. The changes were aimed at improving the efficiency of the banking system by enhancing market confidence and accountability of individual banks. In Paraguay in 2002 the focus was on mechanisms to deal with efficient bank resolution and provide an effective safety net to avoid small depositors losing their money when a bank fails or is closed. In Mexico in 199575 and the Philippines in 1998, technical assistance to strengthen financial sector oversight by improving their capabilities to deal with financial crisis was one of the main features of the loan. In the case of Pakistan where the reform efforts have been in place for a significant length of time compliance with the Basel Core Principles now stands at 22 out of the 25 Core Principles.

The IMF and World Bank Financial Sector Assessment Program:A Diagnostic ToolThe FSAP diagnostic tool was introduced by the IMF and World Bank after the Asian financial crisis on a voluntary basis. This prompted the international community to respond with a whole host of initiatives to mitigate the risk of such episodes occurring again. The IMF and the World Bank set up the FSAP so their respective strengths and specialisms could be harnessed together to identify financial sector 'vulnerabilities' and deal with the 'development needs' of their members to reduce the likelihood of further financial crises and the disruption they cause to financial stability. Another objective of the FSAP is to determine the extent to which members comply with international standards of financial regulation and supervision in banking, securities and insurance business; this is either incorporated under the Assessment of Financial Sector Standards or in an individual Report on Observance of Standards and Codes (ROSC). The joint programme aims, 'to help countries to enhance their resilience to crises and cross-border contagion, to foster growth, by promoting financial system soundness and financial sector diversity'; its synergy connects the macro/micro prudential aspects of financial stability by linking it with the regulatory infrastructural needs of a country. The diagnostic focus of the FSAP then forms a platform for remedial work under the direction of the assessed country.

a) FSAP process and toolsThe FSAP process has focused on the needs of developing, emerging and industrialized countries. It concentrates on what it terms 'systemically important countries', as well as countries at various stages of development that pose a systemic threat to international financial stability. For example, in the case of developed countries a 'vulnerability assessment' is undertaken to gauge the extent to


which the banking system can withstand macro-economic shocks; In the case of emerging economies the FSAP process has to pay particular attention to the quality of regulation after financial crises and the diversity of the financial system, to assess whether the non-bank sector, for instance, can pose systemic risks to the overall well-being of the financial system. The priority set for developing countries is different, focusing on building the infrastructure of the financial system.

The response by those deemed systemically important differs from that of countries at other stages of development. For example, the former consider the FSAP as an external review from an international perspective to gauge whether they could weather episodes of international financial instability; the latter consider it as an opportunity for identifying gaps in existing regulation and supervision and initiating reforms with development objectives in mind.

According to observations made after the pilot programme, most countries that participated wanted more attention to be paid to the 'implications of missing, incomplete, or informal markets for the stability and the development of adiversified financial sector'. The most recent review highlights similar sentiments wanting improvements in the assessment to reflect the development issues that are integral to the reform process.

The process of assessing observance of codes and standards consists of a premission, the mission and a post-mission assessment involving an international team of consultants and IMF and World Bank officials. The country first completes a questionnaire on its system of bank regulation in conformity with the Basel Core Principle methodology; this is then submitted to the

'mission chief'.

The mission involves an in-country Financial System Stability Assessment (FSSA) of the banking system and its regulation and supervision. The team hold discussions with institutions such as the central bank and the bank regulator and supervisor, and have meetings with figureheads in the banking industry.

The stress test forms a significant part of the FSAP process. It consists of assessing the extent to which a country's financial system can withstand instability arising from 'plausible shocks to key macroeconomic variables'. The assessment focuses on macro-economic shocks to the financial system to judge its robustness to withstand them. Stress tests could examine the implications of changes to interest and exchange rates for financial services firms.

The stress test is not a single, uniform model that is simply applied to all countries, ignoring the level of development; each assessment is designed around the country relative to the 'complexity of the financial system, and data availability, while also being mindful of the resource burden imposed on the central bank and supervisory authorities'.

For example, in the case of Gabon the stress tests focused on issues such as a government default on domestic debt repayments as a result of changes to oil production in the country and their effect on commercial banks servicing their debts. In Mexico the focus was on the resilience of the banking sector to withstand a slowdown to the US economy, which would have a significant effect on banking profitability. The position in Sweden was assessed by testing the resilience of the banking sector to real estate, exchange and interest rate shocks; it was found that banks were resilient to such changes.

The assessment of financial sector standards is the other significant part of the overall assessment of the financial system. The focus of the FSAP is on three areas: '(i) financial sector regulation and supervision; (ii) institutional and market infrastructure; (iii) policy transparency'. It consists of assessing countries' financial systems in light of a variety of international standards in banking, securities and insurance business.

The international banking standards devised by the Basel Committee are a significant part of the FSAP process, which adopts the Basel Committee methodology to evaluate compliance with the Core Principles. Through the assessments a number of issues have over time been identified which would call into question the effectiveness of the regulatory regime in a country: examples are political interference in the authorization process or lack of legal immunity from law suits; a lack of powers to deal with unauthorised activities; a lack of criteria to ascertain whether a bank, shareholders or individual director are fit and proper; capital adequacy rules which are not adhered to or monitored effectively on either an individual bank basis or a consolidated basis; large exposures which are not monitored or reported; insufficient on-site assessment of banks; limited consolidated supervision of cross-sector or cross-border activities; ineffective enforcement by the regulators of standards and rules that actually exist; and limited cooperation between respective regulators to oversee banks that operate across borders.

The degree of compliance with the Basel Core Principles makes interesting, yet unsurprising, reading. The level of compliance is in many respects commensurate with the stage of development the country is at. Indeed, the forms of 'noncompliance' are also associated with the stage of development. Developing countries evidence a


BRIEF Microinsurance:

What Can Donors Do?

Poor people in developing countries enjoy few safeguards against the numerous perils of life-illness or injury, natural disasters, and loss of property. Microinsurance is growing in popularity among donors as one means of

Governments in developing countries are often unable provide adequate social protection for their poorer citizens. At the same time, formal insurers in many markets do not see low-income people as viable clients. (However, there has been recent progress with some simple products, such as life insurance.)

In most countries, reaching scale and providing real value to clients will likely require donor involvement in the medium term. donors will need appropriate expertise and resources to engage effectively in microinsurance because it is relatively new, complex, and risky.

Donors have diverse reasons for wanting to support micrinsurance. Even within the same agency, different units may have varying views on how subsidies can be used best, how much clients should pay for insurance services, and what roles the government and the private sector should play. Strategic clarity o n t h e r e a s o n s f o r e n g a g i n g i n microinsurance affects how a donor’s objectives are set, how expertise is recruited, and what type of monitoring is implemented.

HOW CAN DONORS EFFECTIVELY SUPPORT MICROINSURANCE?

Few donors agencies have insurance expertise. Agencies that make significant investments in micrinsurance should have access to staff with appropriate technical skills. Donors can either invest in in-house expertise or ensure program staff have enough “insurance literacy” to outsource intelligently and select the best implementing partners. Some funders, like the Aga Khan Agency for Microfinance, have recruited full-time experts from leading insurance companies.

Determining when and how to deploy the appropriate instrument-from technical assistance to grants, loans, equity, guarantees, and policy support-requires good knowledge of market conditions. In many instances, relatively small amounts of funding provided over longer periods are needed. In markets where commercial insurers show interest, d o n o r s s h o u l d f o c u s o n b r o k e r i n g relationships with organizations close to target clients. Donors can also support public goods like research and consumer education. However, in the numerous markets where formal insurers are not yet willing to step in, donor funding can help build the institutional capacity to provide insurance services. the Bill


PAULINE WANDOO A. NSA


Pauline Nsa is the pioneer MD/CEO of FBN

Microfinance Bank Limited, a fully owned subsidiary of First Bank Nigeria Plc, the

leading financial services institution in Nigeria. She holds a BSc degree in Business Administration from the Ahmadu Bello University, Zaria, Nigeria (1983) and a Masters in Business Administration (MBA) in Finance from the University of Ibadan (1992).

She has over 25 years work experience spanning Bank Examination, Credit Risk Management, Consumer Banking, Training and Microfinance Operations. Her experience in financial analysis follows her 12 years in the Risk Management function, first at International Merchant Bank (IMB) Plc, and then United Bank for Africa (UBA) Plc. These followed four years experience in Nigeria Deposit Insurance Corporation (NDIC) as an examiner.

Prior to joining the First Bank Plc, Pauline was responsible for the set up of the defunct UBA

Microfinance Bank Ltd. She was actively involved in the market research that led to UBA/AfriCap decision to invest in a microfinance initiative.

Pauline Nsa has attended numerous training programmes within and outside the country including the Risk Management course organized by Euromoney, London (1986); Best and Brightest Bankers Programme of IFESH/USAID in New York (2002); WAIFEM Microfinance programme for Technical Service Providers in Accra, Ghana (2004); Boulder microfinance course by ILO in Turin, Italy (2005); Cracking the Capital Markets, sponsored by the Grameen Foundation, New York (2007); Building new ventures in established companies at the Harvard Business School (2008); Strategic Leadership in Microfinance by Accion/ Harvard Business School (2009) to name a few.

Her key strengths are strong leadership abilities, presentation and analytical skills. Pauline is passionate about microfinance and works

Profile

PAULINE WANDOONSA


Corporate Profile


v i s i o nTo be Nigeria's micro finance services provider of 'first' choice


Mission


FBN Microfinance Bank Ltd incorporated (FBNMFB) March 2008 and duly licensed by the Central Bank of Nigeria under the BOFIA (Banks and Other Financial Institutions Act No 25 of 1999) commenced operations January 2009 with a fully paid up capital of one billion naira.

FBNMFB is a state microfinance bank, licensed to operate in the 36 states of the federation including FCT. A fully owned subsidiary of FirstBank, FBNMFB is committed to providing financial access to small scale industries, petty traders, artisans and individuals to meet their day-to-day business aspirations and create wealth. FBNMFB is also dedicated to providing financial and business advisory services to serve this target segment with a range of financial products designed for the growth of their businesses. The bank as at December 31, 2009 had a customer base of 36,654 and disbursed micro loans amounting to N2,308,568.81 to 7,539 clients.

As a commercially sustainable microfinance institution FBNMFB is committed to delivering key infrastructure to help build up financial inclusion

for the country's economically active poor. Thus, we serve the family income earners and the self employed micro entrepreneurs with our stock of financial products aimed at growing their businesses and consequently producing significant economic multipliers with positive

Key Strengths


BRANCH NETWORK

AND CONTACT

PERSONS

The Bank currently operates in seventeen (17) locations within Lagos state, due to regulatory requirement to cover two-third of its chosen state before launching out to other states of the federation. Our approach to branch expansion is systematic, growing organically until we provide microfinance services to every

Branch/Customer Meeting Points

Agege

contact persons Adetokunbo Ope

Address 77, Old Abeokuta Road, Agege, Lagos

Telephone numbers +234-1-8103327, +234-7029082131


Ikotun

contact persons Oderinde Remi

Address Block YK 10, Irepodun Market, Ikotun Lagos



Ketu

contact persons Olawale Oluyemi

Address Ketu Market, Yam Section

Telephone numbers +234-7029743501


Iyana Ipaja

contact persons Ihuoma C. Chuks-Ugwuegbu

Address Old Iyana Ipaja Road, Iyana Ipaja, Lagos.




Bariga

contact persons Akinwa Francis

Address 11, Jagunmolu Street, Bariga Lagos



Ikorodu

contact persons Francis Uwaifo

Address 88, Lagos Road, Ikorodu Lagos



Matori

contact persons Enoh Asuquo

Address 84/88 Ladipo Str., Papa Ajao, Mushin, Lagos



Broad Street

contact persons Chinweoke Onwusowulu

Address 93, Broad Street, Lagos

Telephone numbers +234-1-7360687, +234-1-8103340


Okoko/Alaba

contact persons Kingsley Nwosu

Address D24 -27 Electrical Section, Off St Patrick Catholic Church Road, Alaba International Market, Lagos



Ogba

contact persons Adams Adeleke

Address Suite 74,LSDPC Shopping Arcade,Ijaye Rd Ogba



Ajegunle

contact persons Paul Kujah

Address 48 Baale Adeyemo Str., Ajegunle, Lagos

Telephone numbers +234-8033231737, +234-7029082316


Ikorodu 2

contact persons John Agbabiaka

Address Ayangburen Road, Ikorodu, Lagos



Ajah

contact persons Innocent Odoh

Address 1B Ado/Badore Rd., Opp., Olumegbon Palace Ajah, Lagos



Ebute-metta

contact persons Adewunmi Oni

Address 84 Muritala Mohammed way Yaba, Lagos



Oshodi

contact persons Hellen Mustapha

Address 22,Oshodi road Oshodi



Ketu

contact persons Martha Okilua

Address 6,Demureen Street,Ketu



Head Office

contact persons MD's Office

Address 305,Herbert Macaulay way Yaba,Lagos

Telephone numbers +234-1-8103708, +234-1-8742230,+234-1-8501505, +234-7029743508,+234-8191353465


PRODUCTSSERVICESAND

DEPOSIT PRODUCTSLittle-by-LittleMicro FixEasy Life“The Young Shall Grow” Beta Life Account“Our Account” (Association Account)Current AccountMycash (ATM Cards)

CREDIT PRODUCTSEasy LoanLevel- Don- Change' (Asset Loans)Kia-Kia LoanStep-Up Loan

OTHERSERVICESBusiness AdvisoryTechnical Assistance

….come change levels.FirstBank Impact Series 38

MeetThe Panelists


Stephen Olabisi OnasanyaGroup Managing Director/Chief Executive Officer (GMD/CEO),First Bank of Nigeria Plc.

Mr. Stephen Olabisi Onasanya until his appointment as Group Managing Director/Chief Executive Officer was Executive Director, Banking Operations & Services. Prior to this, he was Managing Director/Chief Executive Officer of First Pension Custodian Nigeria Limited, a wholly-owned subsidiary of FirstBank, where he developed initiatives that drove best practices in the nation's pension custody industry.

A seasoned banker and chartered accountant with over 25 years diverse management and operational experience, Bisi is a highly respected and personable executive who has established a reputation at FirstBank for solid performance and sound judgment. As GMD/CEO, he has pledged his commitment to continue the momentum of the Bank's ongoing growth and modernisation plans.

Bisi commenced his banking career as a Senior Accountant with Wema Bank in 1985. He joined FirstBank in 1994 and held several positions, including Group Head, Finance and Performance Management. As Coordinator of the Bank's Century 2 Enterprise Transformation Project in 2004, Bisi managed what is perhaps acknowledged today as the most critical phase of the Bank's early transformation, to ensure continuous competitiveness. He maintained this coordinating role as Executive Director, Banking Operations & Services until this appointment as GMD/CEO.

He is a Fellow of the Institute of Chartered Accountants of Nigeria, a Member of the Chartered Institute of Bankers of Nigeria, and an Associate Member of the Nigerian Institute of Taxation.


Prof. Oyewusi Ibidapo-Obe

FAS, FA Eng, OFR

Professor Oyewusi Ibidapo-Obe, the new President of the Nigerian Academy of Science attended Igbobi College from 1967-1968 for the Higher School as a member of Aggrey House.

He was awarded a Bachelor of Science [B.Sc. (Hons)] degree in Mathematics in the 1st Class Division by the University of Lagos, Nigeria in 1971; a Master of Mathematics [M. Maths] degree in Applied Mathematics with a minor in Computer Science in 1973 and a Doctor of Philosophy [PhD] in Civil Engineering with specialisation in Applied Mechanics/Systems in 1976 both from the University of Waterloo, Ontario, Canada.

He is a distinguished alumnus of both the University of Lagos and the University of Waterloo. He was born on July 5 1949, married to Olusola and has 4 children.

Professor Ibidapo-Obe was a Western Nigeria Government Scholar at the University of Lagos from 1968-1971 and was the overall best graduating student of the University in 1971.

Professor Ibidapo-Obe was a Commonwealth Scholar (Canada) (1972-1976); an NSERC/CIDA (Natural Sciences and Engineering Research Council/Canadian

International Development Agency and a Senior Fulbright Research Scholar (1980-1981).

He served the University of Lagos from October 1, 1972 as a Graduate Assistant through 1976 as Lecturer Grade II till 1983 as Professor.Professor Ibidapo-Obe has served as Head of the Engineering Analysis Unit (1991-1995) and the Dean of the Faculty of Engineering at the University of Lagos, (1995- 1999).

He was subsequently the Deputy Vice-Chancellor in April 2000 and acted as Vice-Chancellor between September 2000 and April 2002. He was appointed substantive Vice-Chancellor on 1st May, 2002 and successfully served until 30th April 2007.He was the Chairman of the Committee of Vice Chancellors of Nigerian Universities. He was 2-times awarded the Best Vice Chancellor's Prize (2004, 2005) for the Nigerian University System (NUS).The tenure witnessed a phenomenal development of the University through massive re-assessment and focused endowment/funds mobilisation.

He has published extensively in reputable international journals with some 60 papers after the appointment as Professor. The focus of his research is on Control and Information Systems in a Stochastic Environment. He serves as an International Scholar-in-Residence at The Pennsylvania State University and a Visiting Research Professor at Texas Southern University.

Professor Ibidapo-Obe was conferred with the prestigious Fellowship of the Academy of Science and Academy of Engineering, Nigerian Computer Society and Mathematical Association of Nigeria and a recipient of the ICOBA Merit Award .He was conferred with the national honour as Officer of the Federal Republic (OFR) by the Federal Republic of Nigeria. He is also the Vice President of the Network of African Science Academies (NASAC).

Professor Ibidapo-Obe serves as the Chairman of the Science Technology and Innovation Group of the Nigeria Vision 20-2020, member of the Council of Osun State University, Crawford University as well as the University of Science and Technology Ifaki-Ekiti, Chairman of the Monitoring Committee of National Open University of Nigeria. He is also on the Board of a few public and private companies including Computerize Nigeria, Zinox Technologies, Supercard, UBA Micro Finance Bank, VC-

President, Nigerian Academy of Science


Mr. Tokunbo Abiru

Honourable Commissioner for Finance, Lagos State.

Tokunbo Abiru was appointed Honourable

Commissioner for Finance, Lagos State, and Member

of the Lagos State Executive Council on the 4th of

July, 2011.

Prior to this, he was Group Head of the Corporate

Banking division of First Bank Nigeria Plc, operating at

the highest level of senior management responsibility

and specifically in charge of overall corporate

banking business in Ikoyi and Victoria Island; the

commercial hubs of corporate banking in Lagos.

Tokunbo Abiru started his career in 1990 with

Akintola Williams & Co. as an Audit Trainee, providing

tax and business advisory services to corporate and

individual clients.

In 1991, he moved on to Guaranty Trust Bank Plc as an

Executive Trainee/Assistant Banking Officer in the

Operations Unit. He rose to the position of Banking

Officer in one year, and by 1995, he was Deputy

Manager, Financial Control and Manager in 1998.

In 2000, he joined National Bank of Nigeria Limited as

a Senior Manager of the Public Sector Group,

responsible for public sector business in the South-

West of Nigeria i.e. Lagos, Ogun, Oyo, Osun, Ekiti &

Ondo States.

Tokunbo joined First Bank Nigeria Plc in January 2002

as a Principal Manager/Relationship Team Leader. His

responsibilities included improving customer service

delivery channels with a view to deepening business

relationships and ensuring growth in deposit

volumes for about 22 branches of First Bank.

He became an Assistant General Manager in 2006,

Deputy General Manager in 2009 and Group Head,

Corporate Banking in October 2010.

Tokunbo holds a Bachelor of Science degree in

Economics from the Lagos State University. He is a

qualified Chartered Accountant with the Institute of

Chartered Accountants of Nigeria and was appointed

Fellow of the Institute in April 2010. He is also an

Honorary Senior Member of The Chartered Institute

of Bankers of Nigeria.

In his banking career, Tokunbo received numerous

awards and commendations; some of which are Best


Mrs. Ishaya has worked in various capacities as Program Officer in Development Exchange Center (a non-governmental Microfinance institution) in Bauchi, Nigeria; Managing Director of Ishaya Consultancy Services, Gombe; and Founder and Pioneer Managing Director of Centre for Microenterprise Development.

She has carried out consultancy services to institutions like United Nations Fund for Women (UNIFEM), United Nations Children's Fund (UNICEF), Department for International Development (DFID), United nations Development Program (UNDP), the British Council, The Ford Foundation, Central Bank of Nigeria.

A Researcher, Trainer and Microfinance Practitioner, Mrs Ishaya also serves on the board of Enhancing Financial Innovations and Access (EFInA). She is a trained Board Source Trainer and has undergone the Wharton Executive

Development Program.

She is currently involved in the development of microfinance banks in Nigeria, in training and capacity building and in board retreats. She has conducted the training of operators and directors at the training organized by Central Bank of Nigeria in December 2008. She has been involved in the development of several business plans and is currently re-organizing Crystal-Gold Microfinance Bank Limited to meet with all the requirements of Central Bank of Nigeria.She holds a BSc and an MSc in Biology both from the Ahmadu Bello University, Zaria. She also has certificates in Women and Agricultural Development from the Reading University, Reading, United Kingdom; Microfinance Institutions Training from the Economic Institute, Boulder-Colorado, USA; and Microenterprise Development (MDI) program from SNHU, New Hampshire, USA.

COO, Credit RegistryMrs. Edna Ishaya


Adesina Ayodele Fagbenro-Byron started his career after a degree in Economics as a O'levels Economics teacher and then as an Audit Clerk, in the firm of C.S.Ola and Co Chartered Accountants between 1983 and 1985. During this period a firm foundation in knowledge sharing and critical analysis was established.

Following the footsteps of his father, he subsequently pursued a degree in Law and was called to the Nigerian Bar in 1989 and started work in the chambers of Chief Bayo Kuku & Co as a Solicitor-in-Chambers and later as Personal Assistant to his Principal in his capacity as President of the Nigeria Stock Exchange. He rose to be Head of the Commercial Law Chambers in 1994 with responsibilities in the perfection of documentation in Oil and Gas, Commercial and Banking Transactions as well as Nigerian Public Policy analysis for potential foreign investors in Nigeria Capital market.

He later moved to Ibadan to join family and worked briefly in the chambers of S.P.A Ajibade and Co where he was a Senior Counsel and honed his skills in litigation and advocacy over a wide range of commercial, civil and criminal matters. During this period, Sina gathered extensive court room experience spanning several states of the federation and before a wide range of courts up till the Court of Appeal.

In 1996, he set up his own Legal and Consultancy chambers Sina Fagbenro Associated while also venturing into social development and issues around access to justice and commercial opportunities for the poor and the bottom of the pyramid. His work included legal and business advice for small and medium scale enterprises mostly in Oyo, Kwara, and Lagos. In 1994 he organised and funded, annaual Public Seminar on Commercial Opportunities in Oyo State 1990's and beyond He however continued to service high profile corporate entities such African Petroleum, First Bank Securities and Exchange Commission.

Between 1995 and 1997 Sina attended courses in Public Policy, Economic Managemet and was appointed a Consultant to the Ibadan based Development Policy Center (DPC) to conduct research and make recommendations to Federal Government on Nigeria's Non-Oil Export Policy in which he submitted a Strategic Appraisal under the guidance of Prof Dotun Phillips and Prof Akin Mabogunje. Fully appreciating that the world was turning a corner and entering an Information age, Sina opted for and completed a Master Degree in Information Science from the African Regional Centre of

Information Science, at the University of Ibadan specialising in Development Information.

An optimistic but pragmatic Sina delved deep into social development work and consultancy and was engaged by the World Bank as a good governance consultant to undertake assessments on Public Procurement at the Country Level as well as in Lagos State, his work along with other colleagues set the tone and contributed to enabling the establishment of the Due Process Office in Abuja and the beginning of the reforms of the Lagos State Financial Management systems which commenced in 2000 respectively.

Sina went back to the private sector when he joined the Niger Delta Petroleum Resources Ltd, Nigeria's first marginal (small) oil field Production Company in Lagos as Company Secretary and Legal adviser in which he contributed to finance documentation and stakeholder community relations. However the pull into social development remained compelling and when he was offered a Consulting assignment by the European Commission as Consultant on Anti-Corruption, he seized it. In this capacity Sina was responsible for developing a 5 year programme for the EFCC costing 22 million Euro. This assignment was successfully completed in 2003 and he was again offered an assignment on the team that developed the eGovernance Enterprise of the FCT Government specifically responsible fro developing the governance strategy.

Sina joined Department For International Development (DFID) as Governance Adviser. DFID is responsible for managing the British Government's Contribution to

Adesina Ayodele FAGBENRO


Tokunboh Ishmael is the co-founder and Managing Director of Alitheia Capital. She has worked in the USA, UK and Africa. In her most recent role as Managing Director of Avante Capital Ltd, she advised on a number of acquisitions in the oil and gas sector including the acquisition and financing of a government owned refinery and led the first secondary listing of a Nigerian company on the Johannesburg Stock Exchange. Prior to Avante, she was the Nigeria Country Partner, for Aureos Capital where she successfully raised funding to complete a $50m fundraising exercise for the Aureos West Africa Fund; and sourced private equity investments. Other previous roles include M&A banker at Salomon Smith Barney.

Ms. Ishmael is a Chartered Financial Analyst and a member of the CFA Institute; a member of the board of the African Venture Capital Association and a panelist on the TV show, Dragons' Den Nigeria.

Alitheia Capital:

Alitheia Capital (www.thealitheia.com) is an investment manager and advisor based in Lagos, Nigeria.

Our mission is to broaden the access to finance, energy and housing. To do so, Alitheia operates across three business streams:

Alitheia Capital’s fund management business focuses on two areas – (i) the management of specialised funds that enable sustainable investments, which meet the twin objectives of positive economic and social impact; and (ii) the leveraging of existing and newly developed real estate portfolios for private equity investments.

The Company lends its strong technical competencies and deep knowledge of its key markets to the development and management of commercial and residential properties; and advises on strategies for unlocking capital tied up in real estate. Our real estate offerings broaden participation in the sector and address the scarcity of project management expertise.

Fund Management

Real Estate Advisory

Tokunboh Ishmael CEO, Alitheia Capital


Modupe Ladipo is the Executive Director/Chief

Executive Officer for Enhancing Financial

Innovation & Access (EFInA). EFInA is a financial

sector development organization that promotes

financial inclusion in Nigeria. EFInA’s vision is to

be the leader in facilitating the emergence of an

all-inclusive and growth-promoting financial

system.

EFInA is funded by the UK Department for

International Development (DFID) and the Bill &

Melinda Gates

Foundation.

EFInA’s holistic approach to expanding access to

financial services for all, especially for low income

households is based on three pillars:

Research: The provision of credible market

information on the Nigerian financial sector.

Innovation: Through our Innovation Fund, we

catalyze the development of innovative inclusive

financial services for the unbanked and under-

banked population in Nigeria.

Advocacy: We advocate for the development and

implementation of policies that create an

enabling environment for financial inclusion.

Modupe has over 20 years financial services

experience, predominantly in investment banking,

covering corporate strategy & development,

product development & implementation, mergers

& acquisitions, retail and institutional brokerage.

She has worked for Tata Consultancy Services,

Merrill Lynch, ABN AMRO, the London Stock

Exchange and Credit Suisse Financial Products.

She holds a Masters in Business Administration

from

Modupe LadipoCEO, EFInA


Mrs. Bunmi Lawson is the pioneer Managing Director/Chief Executive Officer of ACCION Microfinance Bank Limited. ACCION prides itself as a model microfinance bank with unique and well researched products and services to delight its customers. ACCION Microfinance Bank's led by Bunmi Lawson commenced operations in May 2007 with one branch and 18 staff and has today grown to over 50,000 customers serviced in 11 branches and over 200 staff members. Accion MFB has disbursed over N5bn to date in loans and has total assets of over N1.8bn. Its shareholders are ACCION Investments, Citibank, Ecobank, International Finance Corporation, SME Managers and Zenith Bank

Mrs. Lawson holds a Masters Degree in Business Administration from the IESE Business School, University of Navarra and is an alumnus of the Lagos Business School. She is a Fellow of the Institute of Chartered Accountants of Nigeria and has attended several courses both locally and internationally at renowned institutions including Harvard Business School and INSEAD. She has presented several lectures locally and internationally in Microfinance and other areas of capacity building for small scale industries and young entrepreneurs, SME Financing as well as been part of special workgroups on various topics bothering on several aspects of the Nigerian economy.

Prior to joining ACCION, Bunmi was the Executive Director of FATE Foundation Ltd/Gte, a leading business development service provider, a co-owner and Executive Director of VLA Lawrence & Associates, a leading Human Resources services organization and has

Bunmi LawsonManaging Director/CEOACCION Microfinance Bank Limited


Mr. Lanre OlusolaMr. Lanre

OlusolaThe Study House. U.KAdvanced Diploma

Psychology 2009

EFT Training U.KEFT/ Matrix Reimprinting.Levels 1 & 2 Practitioner

Emotional Freedom Techniques (EFT) Matrix Reimprinting · Mind-Emotion-Body –

Belief MATRIX

· Emotional, Mental and

Physical Well Being

2009

Quadrant 1. U.KCertification in NLP

REAL NLP FOR Performance Neuro Liguistic Programming

for Organizational

Performance

2009

The NLP Academy U.KNew Code NLP Practitioner

John Grinder· The Mind/Body Dynamics

· The Healer Within

2009

The Coaching Academy. Advanced Diploma. U.K

· Personal and Business

Performance Coaching

2009

Harvard Business School. U.S.ACertification. U.S.A

· Governance for

Organizational Excellence

· Strategy

2007

Study House. U.K.ASET(EDI) Diploma

· Life/Executive Coaching 2007

The Coaching Academy. Certification. UK

· Life Coaching

· Performance Coaching

2006/2007

University of Lagos.B.Sc Hons

Structural Engineering and

Project Management

1990

Lanre is a Programs Expert, a People Manager, Life / Executive Coach, and Peak Performance Catalyst. He is also a National Development Strategist / Advisor, facilitator and pubic speaker extraordinaire.

He has an uncanny knack for improving performance in individuals and organizations, such as Federal and State Governments in Nigeria, Federal & State Minist r ies , Severa l Niger ian banks (post consolidation), International Donor Organizations, multinationals with whom he has worked extensively in various capacities over the years.

He is a Consultant, Development Strategist and Advisor for the World Bank and a Senior National Policy and Planning Advisor – Quality Assurance for the Department For International Development (DFID) / British Council/ Cambridge Education Consultants U.K.

Driving such National Developmental Projects as CUBE (Capacity for Universal Basic Education) and ESSPIN (Education Sector Support Programme In Nigeria) Projects, for which he has oversight in the following States and Federal Government agencies – Lagos, Jigawa, Kano, Kaduna, and Kwara State Ministries of Education (SmoE's); Federal Capital Territory – Federal Ministry of Education (FME), Universal Basic Education Commission (UBEC), and State Universal Education Boards (SUBEB).

Lanre, has considerable experience in Governance, Strategy, Change Management, for Government, Non-Governmental and private sector driven social responsibility based projects, where he has used his consummate skills to identify location specific socio-economic opportunity gaps and provide strategic direction in creating and deploying custom fit CSR solutions. In addition, he uses well-tested performance management matrices and tools based in human behavioural physchology, his expertise and experience in private sector strategy, CSR performance and project management to ensure optimum performance and guide implementation, monitoring and feedback, within diverse industries. Lanre was Head of the Transformation Task Team for Quality Standards, Accountability and Academic Achievement at the Federal Ministry of Education with a purview for the entire Nation's Education sector reforms. He initiated and managed several Projects including Adopt-a-Public-School, Operation Reach All Secondary Schools (ORASS), Community, Accountability & Transparency Initiative (CATI), Vocational Enterprise Institutions (VEIs), Innovation Enterprise Institutions (IEIs) etc.

He has facilitated various conferences for the Federal Ministries of Education (The Presidential Education Summit 2007), Federal Ministry


r Akintola Holds a Higher National Diploma (Accountancy) from the

Polytechnic Ibadan and Master of Science Degree in Banking and MFinance from the University Ibadan. He is a Fellow of the Institute of

Chartered Accountants of Nigeria and an Associate of the Nigerian Institute of

Management.

He has attended several trainings in Financial Management and Social

Development work including Corporate Strategic planning, Profit improvement

planning, Post-graduate certificate training in Microfinance Management,

University of Reading, England, Post-Graduate Certificate training in Essentials

skills in program development, Bradford University England and training in

International Development Evaluation, Carlton University, Ottawa, Canada. He has

facilitated and participated in several workshops in Microfinance, Management

Planning, Governance, Enterprise Development, Youth Empowerment,

Networking, HIV- AIDS, Advocacy, etc.

Mr. Akintola has served on several Boards and Committees including UNDP

Microstart I, Central Bank of Nigeria (CBN) Committee on International Year of

Microfinance, International Network of Alternative Financial Institutions (Africa

Region and Global) Member, Commonwealth Study Conference 2003 among

others.

Mr. Emmanuel Akinyemi AkintolaCEO, Community Development Foundation


Ndidi Nwuneli is the founder and managing partner of LEAP Africa, a leadership training and coaching organization which is committed to empowering, inspiring and equipping a new cadre of leaders in Africa. She is also the founder of NIA, a nonprofit organization committed to helping more young women in Southeastern Nigeria to achieve their highest potential. Prior to establishing these organizations, Ndidi served as the pioneer executive director of FATE Foundation Nigeria, a nonprofit organization which promotes entrepreneurial development among Nigerian youth. Ndidi also worked as a management consultant with the Bridgespan Group and with McKinsey & Company. During her time with McKinsey, she served companies and nonprofit organizations in Chicago, New York and South Africa.

Ndidi has also worked as a consultant with Ford Foundation’s West Africa Office and the Center for Middle East Competitive Strategy in Palestine and Israel.

Ndidi holds a master of business administration from the Harvard Business School. She received her undergraduate degree with honors in multinational management and strategic management from the Wharton School of the University of Pennsylvania. Ndidi serves as a director of FATE Foundation, the Aart of Life Foundation and as an advisor for a range of nonprofit organizations in the United States and in Africa.

Ndidi Okonkwo NwuneliFounder/Managing Partner, LEAP Africa


Moderators

FirstBank Impact Series FirstBank Impact Series 5252

Fela Durotoye

e is a Computer Scientist and an Economist who has acquired financial and management Hconsulting experience with VENTURES & TRUSTS

LIMITED, the sole investment consultants in Nigeria to the European Investment Bank, between 1992 and 1995. As a venture capital and project finance analyst, he was involved in the set up and management of several venture capital projects including Academy Press Business Forms Limited and Stark Nigeria Limited.

Fela has a Masters degree in Business Administration from “Great Ife”, the prestigious Obafemi Awolowo University, during which he understudied the Management of Change in Complex Organisations. In 1998, he brought his experience to bear in the area of Business Process Re-engineering for some major Total Quality Management (TQM) implementation projects in PHILLIPS CONSULTING where he excelled to head the Customer Service Group.

As Head of the Customer Service Group, Fela designed and facilitated several customer service and personal mastery training programmes and retreats. Based on his unconventional approach to facilitating, Fela Durotoye has become a “household” name in the many organisations, including Guaranty Trust Bank, Diamondbank, IBTC Chartered Bank, Societe Generale Bank of Nigeria, where he has managed streams of

Customer Service Management training programmes and retreat on behalf of Phillips Consulting.

Fela co-led the Diagnostic Review Team on the Culture Change programme in First Bank Nigeria plc. He later led the Diagnostic Review Team on the Bank Transformation project in Inland Bank plc during which he was also given the responsibility of preparing the Organisation Diagnostic Report on Inland Bank.

Fela Durotoye was also responsible for the programme design and logistic management for the first-ever series of Management Retreats facilitated by Phillips Consulting for the Central Bank of Nigeria. In 2001, Mr. Durotoye established V.I.P CONSULTING Limited, (now VISIBLE IMPACT), and soon gained the reputation as the one of the leading experts in the fields of Customer Management and Workforce Activation p a r t i c u l a r l y i n t h e b a n k i n g s e c t o r .

Having honoured over 120 invitations to speak at various meetings and public gatherings, in just 2004 alone and over 350 in 2007, the name Fela Durotoye now rings across Nigeria, the United States of America and the United Kingdom as one of our nation’s most sought after business strategists and motivational speakers.

Ask Fela what he lives for and he will answer “My mission is to build God’s kingdom as well as build institutions, the future generations and our nation”.

Fela Durotoye builds institutions through the platform of V.I.P CONSULTING (now VISIBLE IMPACT), one of the nation’s leading business consulting and human resource management firms focused on assisting its clients achieve competitive leverage. “Our business is clearly to help our clients become NUMBER ONE in their markets or a particular area of their business operations by assisting them become IRRESISTIBLE to their target markets and INDISPENSABLE to their customers. The natural result is that our clients become highly sought after by their target markets.”

Putting the natural gifts of Fela Durotoye to inspire the workforce of several organisations to commit themselves to be their professional best and achieve outstanding career goals, V.I.P CONSULTING (now VISIBLE IMPACT) has been able to successfully activate in


Manager, Energy Investments, and he later co-pioneered the start-up of Avaizon Consulting, a Strategy and Execution Management practice he currently runs as Chief Executive Officer.

He led the creation, and continues to serve as a director on the board of a new Avaizon subsidiary, OPSL Human Capital, an upstream human capital management firm specially set-up for Oando Energy Services Limited for the supply and management of oil rig workers.

As a consultant, Demola has led and participated in a number of core consulting engagements with clients such as the World Bank, The Oando Group, Imo, Kaduna, Lagos, Cross River and Kano States, Chimons Group, Zain Nigeria, HP, Temple Productions, Bank PHB, Virgin Nigeria, Triton Aviation, First Bank Plc., and a host of others.

Demola led the development, and serves as the editor-in-chief of the Avaizon Business Digest, a quarterly online business newsletter published by the company.

As a business incubator of renown, Demola has just created two new Avaizon divisions; Business Unscripted, a free resource platform designed to provide knowledge-based solutions to common growth and development challenges facing our world, and Avaizon Technologies, a vehicle designed to lead the company into new frontiers of offering simple and bespoke technology solutions to organizations to help enhance their brand promise as well as refine their internal processes to deliver on promises made.

In addition, he has developed and managed a number of business collaborations with other global professional services companies such as Boston Consulting Group and McKinney Rogers.

Demola is a fast growing strategy and EM coach, and has trained a number of senior managers at BankPHB, Imo State Investment Promotions Agency, Oando Plc., Chimons Group and Zain Nigeria in various courses such as Managing for Results, Turning Strategy into Business Results, Essentials of Trade Marketing, Presenting and Communicating with Impact, The Culture of Execution, etc.

He actively helps clients in developing business strategies, as well as offering execution management expertise for achieving business goals.

Demola offers free knowledge resource to Fate Foundation

Demola Ogunbanjo started his career with the Nigeria Institute of Social and Economic Research (NISER), where he participated in several research projects and data gathering and analysis under the Department of Physical Planning and Development, focusing on infrastructure research and development for the third world with particular emphasis on transportation & power projects and their impact on the environment.

He later moved to National Bank of Nigeria where he led the development and implementation of strategies for growing retail products and services in the south-west region of Nigeria. He left the organization in 2005 as Regional Retail Manager, South-West.

After a brief stint with MTN's sales and distribution division, Demola later worked as a strategist for both Corporate & SME segments of Vmobile Nigeria (now known as Airtel Nigeria Limited). At Vmobile, he formulated and supervised the implementation of strategies for improved subscriber acquisition and retention, new product development, and sales channels expansion, especially for corporate Nigeria and small to medium scale businesses. He was directly responsible for getting Nigerian banks to sign-on as dealers and sales agents (Service Provider Banks- SP Banks) in a collaborative structure that saw Vmobile's corporate subscribers double in less than 14 months.

Demola joined Ocean and Oil Holdings in March 2007 as

Ademola Ogunbanjo


Thank you!

Head, Marketing & Corporate Communications

First Bank of Nigeria Plc.

Folake Ani-Mumuney

We feel greatly honoured by the groundswell of support we have received since

this maiden international conference of the FirstBank Impact Series was

announced. The overwhelming interest of industry practitioners, public agencies,

the academia and the general public is indicative of a public-private partnership

that will fan the embers of strategic and concerted development in the society. We

are pleased to be at the vanguard of this fresh vista for the cross-fertilisation of

ideas to propagate veritable development with a multi-continental flair.

We are indeed grateful to Professor Mohammad Yunus, the erudite keynote

speaker, distinguished guest speakers, eminent panelists and remarkable

audience for making this event a delight. Your presence has been impactful at this

memorable outing and we trust that you will perpetuate the invaluable lessons.

We are immensely encouraged by the commitment of our Board and

Management, special guests, resource persons, participants, consultants and our

staff. We are therefore dedicated to fostering this roadmap to the growth and

development of humanity in various ramifications.

On behalf of the FirstBank Group, I thank you and pray that this policy and


In Attendance:

1. Tokunboh Ishmael, Alitheia Capital 2. Dalvinder Singh, University of Warwick3. Edna Ishaya, Credit Registry 4. Bunmi Lawson, Accion5. Modupe Ladipo, EFInA 6. Fela Durotoye, Visible Impact Consulting 7. Pauline Nsa, F BN Microfinance Bank 8. Ademola Ogunbanjo, Avaizon Consulting 9. Folashade Ibidapo-Obe, Avaizon Consulting

Demola made the introductions and gave an overview of the purpose of the meeting and provided some insight into what the FirstBank Impact Series has been set-up to do and what it seeks to achieve.

Modupe explained that EFInA engages in a lot of research work within the Nigerian financial sector with particular focus on financial inclusion as an objective; and that the CBN sometimes rate the strength of the Nigerian financial systems based on generated reports from such research. It was clear, however, that the CBN does not do enough with regards to driving policy formulation through research. She highlighted the regulatory issues in the Nigerian financial system, especially the uncertainty in regulatory policies and lack of inertia in the microfinance sector. She believes the CBN can do more to help boost the sector if given priority status.

Pauline mentioned that the CBN has solely focused on commercial banks at the expense of the poor populace who are in dire need of micro-financing. She further said that there is a need for mid-layer banks to handle SMEs as neither the MFBs nor commercial banks are adequately set-up to serve them, yet MFBs engage more in SME banking than servicing the micro sector for which

FROM THE PANELISTS’ SESSION WITH DR. SINGHHELD ON SATURDAY, 5TH OF MARCH 2011

AT THE LAGOS ORIENTAL HOTEL, LEKKI


they were licensed. As generally agreed, she mentioned that one of the main issues plaguing micro-financing in Nigeria is the CBN’s conversion of community banks in MFBs.

Fela highlighted the need for the poor to be empowered with capacity and financing rather than being given aids or charity. He further explained that venture capitalists are unwilling to invest in micro-financing for the moral burden of profiting from the poor, and re-iterated that the


Imagesfrom Nigeria


Active Directory

Micro Finance Banks


Micro Finance Banks Active Directory

Name State (A)

Abia State University Microfinance Bank Limited ABIAbriba Microfinance Bank Limited

ABIArochukwu Microfinance Bank Limited ABIChibueze Microfinance Bank Limited

ABIConvenant Microfinance Bank Limited ABIDecency Microfinance Bank Limited

ABIEast Gate Microfinance Bank Limited

ABIEgosal Microfinance Bank Limited

ABIExpress Microfinance Bank Limited

ABIIhechiowa Microfinance Bank Limited

ABIIsuofia Microfinance Bank Limited

ABINkpa Microfinance Bank Limited

ABINwanne-Ukwu Microfinance Bank Limited

ABIOhafia Microfinance Bank Limited

ABIOhambele Microfinance Bank Limited ABIOkaiuga Microfinance Bank Limited

ABIOkpuala-Ngwa Microfinance Bank Limited

ABIStandard Abia Microfinance Bank Limited

ABISwift Microfinance Bank Limited ABIUmuchukwu Microfinance Bank Limited ABIUvuoma Microfinance Bank Limited

ABIUzuakoli Microfinance Bank Limited

ABIACE Microfinance Bank Limited ABUAja-Yejebwo Microfinance Bank Limited ABUAnchorage Microfinance Bank Limited ABUAtlas Microfinance Bank Limited ABUBam Microfinance Bank Limited ABUBFL Microfinance Bank Limited ABUBmazahin Microfinance Bank Limited

ABUBusiness Support Microfinance Bank Limited

ABUChigbe-Yaji Microfinance Bank Limited ABUCommon Trust Microfinance Bank Limited

ABUConsumer Microfinance Bank Limited ABU

Name State (A)

CreditLink Microfinance Bank LimitedABU

Dollars Microfinance Bank LimitedABU

e-Barclays Microfinance Bank LimitedABU

EWT Microfinance Bank Limited ABUFEDETH Co-op Microfinance Bank Limited

ABUFidfund Microfinance Bank Limited

ABUFinmal Microfinance Bank Limited

ABUFirst Mutual Microfinance Bank Limited ABUFortis Microfinance Bank Limited

ABUFuture Growth Microfinance Bank Limited

ABUGarki Microfinance Bank Limited

ABUGlobal Trust Microfinance Bank Limited ABUGrants Microfinance Bank Limited

ABUGreenfield Microfinance Bank Limited

ABUGufax Microfinance Bank Limited

ABUHasal Microfinance Bank Limited

ABUHedgeworth Microfinance Bank Limited ABUIMAD Microfinance Bank Limited

ABUInri Microfinance Bank Limited ABUJHN Microfinance Bank Limited ABUKada Microfinance Bank Limited ABUM & M Microfinance Bank Limited

ABUMega Microfinance Bank Limited

ABUNeu-Kom Microfinance Bank Ltd

ABUNopov Microfinance Bank Limited

ABUPeace Microfinance Bank Limited

ABUSafeline Microfinance Bank Limited

ABUTarget Microfinance Bank Limited

ABUTouchgold Microfinance Bank Limited

ABUUtako Microfinance Bank Limited



Name State (B)

ABUVisa Microfinance Bank Limited ABUWell Woman Microfinance Bank Limited ABUBiyama Microfinance Bank Limited

ADABonghe Microfinance Bank Limited

ADAFufore Microfinance Bank Limited

ADAGirei Microfinance Bank Limited ADAMichika Microfinance Bank Limited

ADAStandard Microfinance Bank Limited

ADAUmmah Microfinance Bank Limited

ADAActive Point Microfinance Bank Limited AKWBrooks Microfinance Bank Limited

AKWEdet Microfinance Bank Limited AKWEduek Microfinance Bank Limited

AKWIkpe-Annang Microfinance Bank Limited

AKWIni Microfinance Bank Limited AKWNsehe Microfinance Bank Limited

AKWProspects Microfinance Bank LImited

AKWSapphire Microfinance Bank Limited

AKWUNIUYO Microfinance Bank Limited

AKWAACB Microfinance Bank Limited

ANAAbatete Microfinance Bank Limited

BAUMisau Microfinance Bank Limited

BAUNingi Microfinance Bank Limited

BAUSadau Microfinance Bank Limited

BAUNun Microfinance Bank Limited BAYApa Microfinance Bank Limited BENBama Microfinance Bank Limited

BEN

Alkaleri Microfinance Bank LimitedBAU

Bauchi Investment Corporation MFB LimitedBAU

CEDEP Microfinance Bank LimitedBAU

Darazo Microfinance Bank LimitedBAU

DEC Microfinance Bank Limited BAUGamawa Microfinance Bank Limited

BAUGaru Microfinance bank Limited BAUGuddiri Microfinance Bank Limited

BAUKatagum Microfinance Bank Limited

Name State (C)

Agbarho Microfinance Bank LimitedCRO

Akin Microfinance Bank Limited CROAlache Microfinance Bank Limited

CROBakassi Microfinance Bank Limited

CROBekwarra Microfinance Bank Limited

CROCalabar Microfinance Bank Limited

CROCRUTECH Microfinance Bank Limited CROCSD Microfinance Bank Limited CRO

Name State (D)

Adaigbo Microfinance Bank LimitedDEL

Aniocha Microfinance Bank LimitedDEL

Aspire Microfinance Bank LImitedDEL

Boji Boji Microfinance Bank LimitedDEL

Coastline Microfinance Bank LimitedDEL

Co-operative Union Microfinance Bank Limited DELCreekline Microfinance Bank Limited

DELCUB Microfinance Bank Limited DELDCFA-Universal Microfinance Bank Limited

DELDolphin Microfinance Bank Limited

DELEagle Flight Microfinance Bank Limited DELEbu Microfinance Bank Limited DELGoldman Microfinance Bank Limited

DELIbokwe Microfinance Bank Limited

DEL



Name State (E)

ICB Microfinance Bank Limited DELIC-Global Microfinance Bank Limited

EDOAmoye Microfinance Bank Limited

EKIAramoko Microfinance Bank Limited

EKIConfidence Microfinance Bank Limited EKIEssence Microfinance Bank Limited

City Microfinance Bank Limited EBOIshiagu Microfinance Bank Limited

EBOIzzi Microfinance Bank Limited EBONdiagu Microfinance Bank Limited

EBOOzizza Microfinance Bank Limited

EBORe-Union Microfinance Bank Limited

EBOTransizzi Microfinance Bank Limited

EBOABC Microfinance Bank Limited EDOAfemai Microfinance Bank Limited

EDOAloaye Microfinance Bank Limited

EDOAuchi Microfinance Bank Limited

EDOEdo Microfinance Bank Limited EDOEhor Microfinance Bank Limited EDOEnugwu Ukwu Microfinance Bank Limited

EDOEsan Microfinance Bank Limited EDOIghomo Microfinance Bank Limited

EDOLift Above Poverty Organisation Microfinance Bank

EDOLift Microfinance Bank Limited EDOLofty Heights Microfinance Bank Limited

EDOOkuta Microfinance Bank Limited

EDOOkwuta Benin Microfinance Bank Limited

EDOOsomhe Microfinance Bank Limited

EDOOtuo Microfinance Bank Limited EDOProsperity Microfinance Bank Limited

EDOSBDC Microfinance Bank LImited

EDOTrustfund Microfinance Bank Limited

EDOUda Microfinance Bank Limited EDOUjoelen Microfinance Bank Limited

EDOUromi Microfinance Bank Limited

Name State (G)

Gombe Microfinance Bank LimitedGOM

Jewel Microfinance Bank Limited

Name State (I)

Akokwa Microfinance Bank LimitedIMO

All Workers Microfinance Bank Limited IMOAlvana Microfinance Bank Limited

IMOAmaifeke Microfinance Bank Limited

IMOAmram Microfinance Bank Limited

IMOAmucha Microfinance Bank Limited

IMOArondizuogu Microfinance Bank Limited IMOChikum Microfinance Bank Limited

IMODikenafai Microfinance Bank Limited

IMOFUTO Microfinance Bank Limited

IMOGreenland Microfinance Bank Limited

IMOIhioma Microfinance Bank Limited

IMOIMSU Microfinance Bank Limited

IMOIsu Microfinance Bank Limited IMOMbaitoli Microfinance Bank Limited

IMOMerit Microfinance Bank Limited

IMOMgbidi Microfinance Bank Limited

IMONations Microfinance Bank Limited

Name State (J)

Babura Microfinance Bank LimitedJIG

Dutse Microfinance Bank LimitedJIG



Name State (K)

Abokie Microfinance Bank LimitedKAD

Ahmadu Bello University Microfinance Bank Limited KADAjiya Microfinance Bank Limited

KADAtyap Microfinance Bank Limited

KADBalera Microfinance Bank Limited

KADBarnawa Microfinance Bank Limited

KADBirni Microfinance Bank Limited KADBunkasa Microfinance Bank Limited

KADFadan Chawai Microfinance Bank Limited

KADFahimta Microfinance Bank Limited

KADGiwa Microfinance Bank Limited KADGwong Microfinance Bank Limited

KADGworok Microfinance Bank Limited

KADHamda Microfinance Bank Limited

KADHamdala Microfinance Bank Limited

KADKadpoly Microfinance Bank Limited

KADKurama Microfinance Bank Limited

KADLegacy Microfinance Bank Limited

KADMicrocred Microfinance Bank Nigeria Limited

KADMutunchi Microfinance Bank Limited

KADNakowa Microfinance Bank Limited

KADSabon Yelwa Microfinance Bank Limited KADDambatta Microfinance Bank Limited

KANGidauniya Alheri MFB Limited KANKano-West Microfinance Bank Limited KANRakib Microfinance Bank Limited

KANWomen Development Initiative MFB Limited

KANWudil Microfinance Bank Limited

KANGarewa Microfinance Bank Limited

KATGobarau Microfinance Bank Limited

Name State (L)

KATHinache Microfinance bank Limited

KATNorth Capital Microfinance Bank Limited

KATAliero Microfinance Bank Limited

KEBArgungu Microfinance Bank Limited

KEBImani Microfinance Bank Limited

KEBKamba Microfinance Bank Limited

KEBAiyetoro Gbede Microfinance Bank Limited

KOG

AB Microfinance Bank Limited LAGAccion Microfinance Bank Limited

LAGACFL Microfinance Bank Limited

LAGAcuity Microfinance Bank Limited

LAGAddossar Microfinance Bank Limited

LAGAdkolm-Emerald Microfinance Bank Limited

LAGAfribank Microfinance Bank Limited

LAGAguda Titun Microfinance Bank Limited LAGAl-Barakah Microfinance Bank Limited LAGAltitude Microfinance Bank Limited

LAGAsha Microfinance Bank Limited LAGAsset Matrix Microfinance Bank Limited LAGAssets Microfinance Bank Limited

LAGAssociated Investment Trust Microfinance Bank Limi LAGAvalon Microfinance Bank Limited

LAGAZSA Microfinance Bank Limited

LAGBancorp Microfinance Bank Limited

LAGBerachah Microfinance Bank Limited

LAGBethseda Microfinance Bank Limited

LAGBishopGate Microfinance Bank Limited LAGBiztrust Microfinance Bank Limited

LAGBlue Intercontinental Microfinance Bank LimitedLAGBlue Ridge Microfinance Bank Limited

LAG



BOI Microfinance Bank Limited LAGBonded Microfinance Bank Limited

LAGBosak Microfinance Bank Limited

LAGBowman Microfinance Bank Limited

LAGBriyth Covenant Microfinance Bank Limited

LAGBroadview Microfinance Bank Limited LAGCalm Microfinance Bank Limited

LAGCapstone Microfinance Bank Limited

LAGCardinal Rock Microfinance Bank Limited

LAGCash Cow Microfinance Bank Limited LAGCedar Microfinance Bank Limited

LAGChanelle Microfinance Bank Limited

LAGChevron Employee Co-operative MFB LAGCitadel Microfinance Bank Limited

LAGCitigate Microfinance Bank Limited

LAGCitiserve Microfinance Bank Limited

LAGCity Mission Methodist Microfinance Bank Limited LAGCoconut Avenue Microfinance Bank Limited

LAGCompass Microfinance Bank Limited

LAGComplete Trust Microfinance Bank Limited

LAGCongress Microfinance Bank Limited

LAGConpro Microfinance Bank Limited

LAGCoral Microfinance Bank Limited

LAGCorestep Microfinance Bank Limited

LAGCounty Microfinance Bank LImited

LAGCredit Express Microfinance Bank Limited

LAGCredit Plus Microfinance Bank Limited LAGCrowned Eagle Microfinance Bank Limited

LAGCrystal Gold Microfinance Bank Limited LAGDaily Capital Microfinance Bank Limited LAGDesmonarchy Microfinance Bank Limited

LAGDunamis Microfinance Bank Limited

LAGEcho Microfinance Bank Limited LAGEden Microfinance Bank Limited LAGEDS Microfinance Bank Limited LAGElim Microfinance Bank Limited LAGEnterprise Microfinance Bank Limited

LAGEquator Microfinance Bank Limited

LAGEstate Microfinance Bank Limited

LAGEthics Microfinance Bank Limited

LAGFBN Microfinance Bank Limited LAGFieldreams Microfinance Bank Limited

LAGFinatrust Microfinance Bank Limited

LAGFinex Microfinance Bank Limited

LAGFirst Choice Microfinance Bank Limited LAGFirst Ideal Microfinance Bank Limited

LAGFiyinfolu Microfinance Bank Limited

LAGFlourish Microfinance Bank LImited

LAGFortress Microfinance Bank Limited

LAGFreedom (Lagos) Microfinance Bank Limited

LAGGapbridge Microfinance Bank Limited

LAGGideon Trust Microfinance Bank Limited LAGGlobal Initiative Microfinance Bank Limited

LAGGlory Microfinance Bank Limited

LAGGold Microfinance Bank Limited LAGGood Neighbors Microfinance Bank Limited

LAGGreen Acres Microfinance Bank Limited LAGGreenfield Lagos Microfinance Bank Limited

LAGGS Microfinance Bank LImited LAGGTI Microfinance Bank Limited LAGHalmond Microfinance Bank Limited

LAGHarmony Microfinance Bank LImited

LAGHaven Microfinance Bank LImited

LAGHavilah Microfinance Bank Limited

LAGHebron Microfinance Bank Limited

LAG



Name State (N)

Heritage (Alapere) Microfinance Bank LimitedLAG

High Street Microfinance Bank Limited LAGHitech Microfinance Bank Limited

LAGHybrid Microfinance Bank LImited

LAGI.C. Microfinance Bank Limited LAGIbogun Microfinance Bank Limited

LAGIfeanyichukwu Microfinance Bank Limited

OGUHoney Microfinance Bank Limited

OGUIjebu Ife Microfinance Bank Limited

OGUIjebu-Imusin Microfinance Bank Limited OGUIkenne Microfinance Bank Limited

OGUIlaro Polytechnic Microfinance Bank Limited

OGUIlisan Microfinance Bank Limited

OGUImodi-Imosan Microfinance Bank Limited

OGUImowo Microfinance Bank Limited

OGUInterland Microfinance Bank Limited

OGUIperu Microfinance Bank Limited

OGUIrolu-Remo Microfinance Bank Limited OGUIwade Microfinance Bank Limited

OGUKaris Microfinance Bank Limited OGULandgold Microfinance Bank Limited

OGULavender Microfinance Bank Limited

OGUMAPOLY Microfinance Bank Limited

OGUMolusi Microfinance Bank Limited

OGUNew Image Microfinance Bank Limited OGUOCON Success Microfinance Bank Limited

OGUOlabisi Onabanjo University Microfinance Bank Limited OGUOmu Microfinance Bank Limited OGUOrisun Microfinance Bank Limited

OGURiverside Microfinance Bank Limited

OGUSagamu Microfinance Bank Limited

OGUSolid Rock Microfinance Bank Limited

OGUStar Microfinance Bank Limited OGUSupport Microfinance Bank Limited

OGUTasued Microfinance Bank Limited

OGUTreasure Microfinance Bank Limited

OGUTrust Microfinance Bank Limited OGUUNAAB Microfinance Bank Limited

OGU

Amba Microfinance Bank LimitedNAS

FEDPOLY Microfinance Bank LimitedNAS

Keffi Microfinance Bank Limited NASNassarawa Microfinance Bank Limited NASBaba Microfinance Bank Limited NIGBejin-Doko Microfinance Bank Limited NIGBorgu Microfinance Bank Limited

NIGBrass Microfinance Bank Limited

NIG

Name State (O)Abigi Microfinance Bank Limited

OGUAfotamodi-Ogunola Microfinance Bank Limited

OGUAgosasa Microfinance Bank Limited

OGUAiyepe Microfinance Bank Limited

OGUAjose Microfinance Bank Limited

OGUAlekun Microfinance Bank Limited

OGUApple Microfinance Bank Limited

OGUAstra Polaris Microfinance Bank Limited OGUCatland Microfinance Bank Limited

OGUCombined Benefits Microfinance Bank Limited

OGUCovenant University Microfinance Bank Limited OGUEkuombe Microfinance Bank Limited

OGUEruwon Microfinance Bank Limited

OGUEso-E Microfinance Bank Limited

OGUForesight Microfinance Bank Limited



West-End Microfinance Bank LimitedOGU

Zigate Microfinance Bank LimitedOGU

Ajuta Microfinance Bank LimitedOND

Aogo Microfinance Bank LimitedOND

Aracom Microfinance Bank LimitedOND

COWAN Microfinance Bank LimitedOND

Ekimogun Microfinance Bank LimitedOND

Igbo-Ora Microfinance Bank LimitedOND

Ijare Microfinance Bank Limited ONDIle-Oluji Microfinance Bank Limited

ONDIlu Tuntun-Osoro Microfinance Bank Limited

ONDIrele Microfinance Bank Limited ONDKorede Microfinance Bank Limited

ONDLayelu Microfinance Bank Limited

ONDMokin Microfinance Bank Limited

ONDNew Age Microfinance Bank Limited

ONDOakland Microfinance Bank Limited

ONDOka Microfinance Bank Limited ONDOkeagbe Microfinance Bank Limited

ONDOredegbe Microfinance Bank Limited

ONDOroke Microfinance Bank Limited

ONDAgbowu Microfinance Bank Limited

OSUBoluwaduro Microfinance Bank Limited OSU

Name State (P)

Bukuru Microfinance Bank LimitedPLA

Daffo Mangai Microfinance Bank LimitedPLA

Daniels Global Microfinance Bank LimitedPLA

First Lowland Microfinance Bank LimitedPLA

Gracefield Microfinance Bank LimitedPLA

Name State (R)Acorn Microfinance Bank Limited

RIVAhetou Microfinance Bank Limited

RIVCKC Microfinance Bank Limited RIVCosmopolitan Treasure Base Microfinance Bank Ltd RIVDiobu Microfinance Bank Limited

RIVFirst Global Microfinance Bank Limited RIVGarden City Microfinance Bank Limited RIVGolden Choice Microfinance Bank Limited

RIVIwoama Microfinance Bank Limited

RIVLevite Microfinance Bank Limited

RIVMaxitrust Microfinance Bank LImited

RIVMinji-Se Churchill Microfinance Bank Limited

Name State (S)Gwadabawa Microfinance bank Limited SOKNagarta Microfinance Bank Limited

SOK

Name State (T)Avyi Microfinance Bank Limited TARJen Microfinance Bank Limited TAR

Name State (Y)Gashua Microfinance Bank Limited

Name State (Z)Bungudu Microfinance Bank Limited

ZAMGusau Microfinance Bank Limited

ZAMKwatashi Microfinance Bank Limited

ZAM


Strategy | Execution | Performance

10th Floor, The Octagon13A, A.J. Marinho Drive, Victoria Island, LagosTel: 01-4616223-5, 4603366. Fax 01-4616221

www.avaizonconsulting.com

Notes

FirstBank Impact Series

Participating Organizations

FirstBank Impact Series International Conference 2011 Brochure

Business

Transcript of FirstBank Impact Series International Conference 2011 Brochure