Microfinance banking system

[Gilead]

In Nigeria where am from, the microfinance banking system is quite poor. The system ought to offer hope to the small and medium scale enterprises, but it is the other way round. Its difficult to access loan,its difficult to register your business and so on. As a young entrepreneur, what advice can you render to assist?

 

[Sariana23]

If in your country it is so difficult to access a bank loan, you should look for other options. You can talk to family and friends about these loans, you can also make small investments in products that have an outlet in your sector and resell, in this way to accumulate capital. Then start a business, being young you have a life ahead of you to achieve what you propose

 

[Alexandoy]

We had that micro finance sometime in the early 1980s or late 1970s during the regime of President Marcos. The small business can be started by borrowing money from the government's micro finance bank. It was called Sariling Sikap or something. I thought it was a good project of the government but unfortunately it turned out to be a milking cow by the people. There is no collateral and anyone can borrow without the need for verifying the identity. Our president did not admit that 90% of the borrowers did not pay. Now the micro finance here are those foreigners that lend money with no collateral but with usurious interest rate.

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[Emma Aneni]

In microfinance there's no collactaral and anyone can borrow without the need of the bank verifying the identity of the individual. It's a banking system that offers loan and other transportation sector to citizens.

 

[WhiteHouse]

You should look for other alternatives to source for money for your business, you can outrightly just go and take a loan from the bank or meet with investors that can invest in your business. Or meet with family members and friends that can help invest in your business.

 

[Trojan8]

I won't blame microfinance banks much because the market itself is not favorable for them. Big commercial banks are having issues giving out loan what more small banks. You also have to look at the volatility of the market and how there are a lot of bad debts.

 

[Afrinish]

Microfinances bank is the powerful bank there are big commerical bank of the the world give the issue of the short term and small term bank loan the volitional of the provide of the things of the good provide things in our country

 

[Bart Simpson]

It is a bank that will make your money secure as well as giving you the convenience when you are trying to pay bills in the grocery stores. It is a big help for us when we don't have the real money in our pocket but because of the widely availability of microfinance banks our transactions now is more convenient and secured.

 

[Nicklas22]

Microfinance also called microcredit, is a type of banking service provided to unemployed or low-income individuals or groups who otherwise would have no other access to financial services. The goal of microfinance is to ultimately give impoverished people an opportunity to become self-sufficient

 

[Rimsha kanwal]

In Nigeria where am from, the microfinance banking system is quite poor. The system ought to offer hope to the small and medium scale enterprises, but it is the other way round. Its difficult to access loan,its difficult to register your business and so on. As a young entrepreneur, what advice can you render to assist?

To get a license to operate a microfinance bank, you will need a written application to the Governor of the Central Bank of Nigeria, where you state the category you have chosen. You need to accompany it with: An application fee in an e-payment or draft payment.

 

[Highflyer]

Microfinance Bank (MFB) is any company licensed by the Central Bank of Nigeria CBN to carry on the business of providing financial services such as savings and deposits, loans, domestic funds transfer and non-financial services to microfinance clients.Although at the individual transaction level the environmental and social risks associated with microfinance are low, given the smaller size and shorter tenure of transactions, there are credit or liability risks for the microfinance institution in cases where environmental and social issues, such as an accident

 

[Nurudeen]

As a young entrepreneur in Nigeria of the government can't offer you grant to start or expand your business don't even think about getting loan from commercial or microfinance bank. Most commercial and microfinance bank loan are death trap for Business because their interest rate and repayment plan will definitely collapse the business you are planning to build with their loan

 

[Veetos12]

In Nigeria where am from, the microfinance banking system is quite poor. The system ought to offer hope to the small and medium scale enterprises, but it is the other way round. Its difficult to access loan,its difficult to register your business and so on. As a young entrepreneur, what advice can you render to assist?

You at right about microfinance banks but let me say you haven't been to the right ones becasue the main objective of microfinance banks is to give loans to people who do not have much money in form of capital to start their businesses. In case you cannot access a loan, you can source for moneys from friends and family with the view of returning later or ask people of like minds to invest in your business idea, and give them a certain percentage of the profit made.

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[Alogakho Esson]

Nigeria microfinance banks mostly center on giving out loans Capital to business owners thought you can safe small Capital to start business it Cather for small medium scale business

 

[Divulgence]

What Is Microfinance?
Microfinance, also called microcredit, is a type of banking service provided to unemployed or low-income individuals or groups who otherwise would have no other access to financial services.
While institutions participating in the area of microfinance most often provide lending—microloans can range from as small as $100 to as large as $25,000—many banks offer additional services such as checking and savings accounts as well as micro-insurance products, and some even provide financial and business education. The goal of microfinance is to ultimately give impoverished people an opportunity to become self-sufficient.

 

[Tinaconcept]

Microfinance bank is a financial institution which duty is to provide services such as loan for small scale businesses in order to improve their businesses. Microfinance bank are also created for people who wants to start business but do not have capital to do so.

 

[Abbas ali]

Microfinance, also called microcredit, is a type of banking service provided to unemployed or low-income individuals or groups.
Microfinance is the provision of financial services including Credit, Savings, Insurance etc, to those sectors of economy, which are not serviced by traditional formal financial institutions viz. commercial banks and non-banking financial institutions.

 

[Diamond07]

Management, processing, commitment, transfer fees are familiar to customers when loans are disbursed to them or when they request for local transfer services. ii). Interest income: This is the reward the MfB receives when loans are granted to customers. It usually constitutes over 70% of the total MfB revenue.

 

[Psalmsavatar]

The Nigerian government cued into this popular thinking in 2005 when it inaugurated the microfinance banking scheme. This was founded to provide finance to economically active poor excluded from financing by conventional banks, provide employment, engender rural development and reduce poverty

 

[Sariana23]

The including categories with investment returns that move up and down under different market conditions within a portfolio, an investor can help protect against significant losses. Historically, the returns of the three major asset categories – stocks, bonds, and cash – have not moved up and down at the same time. Market conditions that cause one asset category to do well often cause another asset category to have average or poor returns. By investing in more than one asset category, you'll reduce the risk that you'll lose money and your portfolio's overall investment returns will have a smoother ride. If one asset category's investment return falls, you'll be in a position to counteract your losses in that asset category with better investment returns in another asset category.

@Arbaz Haider , among everything you write in your post that is very interesting, I liked this "By investing in more than one asset category, you will reduce the risk of losing money and the overall investment performance of your portfolio will have a trip softer ", since it is reasonable, but in my particular case I do not like to make bank investments, I prefer to invest in real estate, since there is no risk or it is low and the money can be returned with benefits. to small, medium or long term, according to my wish.