Oikocredit Int’l to boost Nigerian MFIs’ activities

The Managing Director of Oiko Credit International, Mr. Tor G. Gull, has said the establishment of Oiko Credit Nigeria office would enable it extend financial assistance to microfinance institution, MFIs.

Speaking at the launch Oiko Credit Nigeria office, Gull said its mission is to finance MFIs with social mission.
“The expansion to Nigeria reinforces Oiko Credit’s long-term development strategy to increase support and investment in microfinance institutions, agricultural cooperatives and small and medium enterprises across Africa.

“The level of outreach to microenterprises by MFIs in Nigeria is low, yet with a population of 155 million, the industry holds enormous potential.

“80 per cent of our $750m active loan portfolio is in microfinance and with 14.3 per cent of portfolio in Africa, it has become imperative for us to increase this by establishing more country offices in Africa.

“For the past 36 years, we have worked with more than 592 MFIs in 80 countries to reach over 20 million people worldwide, of which 86 per cent are female and 44 per cent are rural clients.”

Speaking on Oiko Credit’s outlook for 2011, Gull said it intends to invest more in agriculture, expand in Africa by setting up offices in Mozambique, Zambia and Madagascar.

He added that Oiko Credit would equally have good inflow of share capital and growth in its portfolio.
Promising to ensure that the Nigerian office lives up to expectation, the country Manager of Oiko Credit Nigeria, Mrs. Ufuoma Eghwerehe, said the Nigerian office is poised to grow its portfolio to over 30 million Euros in the shortest possible time by supporting MFI, agriculture, agricultural businesses and its value chains.

“Oiko Credit aims to bolster existing MFIs, cooperatives and SMEs with loans, and actively support start-up organizations that will reach more entrepreneurial poor.

“Aside providing financial services, Oiko Credit will promote best practice in social performance management among new partners in Nigeria.”

Source : Vanquard