Nigeria Movable Asset Based Lending Project 1 (IFC-605192)

Countries
  • Nigeria
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
U
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Nov 6, 2022
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Central Bank of Nigeria
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
  • Technical Cooperation
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Advisory Services
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 0.40 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 0.40 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Sep 14, 2024

Disclosed by Bank Jun 20, 2024

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank’s website, through this project, IFC will provide Advisory Services and Technical Assistance (in the capacity of an honest broker) to the Central Bank of Nigeria (the main client), as well as the National Collateral Registry (NCR) and designated industry associations such as the Nigeria Bankers Association and Association of Microfinance Banks. It will support regulatory reforms supportive of lending against movable assets and implement activities for enhancing the effectiveness of the collateral registry system and promoting asset-based lending especially for MSMEs and women owned businesses. These would improve the effectiveness of the collateral registry for financial inter-mediation, boost lending to micro and small businesses and foster an enabling environment supportive of sustainable investment and market creation opportunities.

The goal of this project is to support the Central Bank of Nigeria, the National Collateral Registry and key industry stakeholders to implement regulatory and institutional reforms that are supportive of lending against movable assets. These would enhance the effectiveness of the National Collateral Registry for financial intermediation and foster an enabling environment that is supportive of sustainable investment opportunities in Financial Institutions, thereby increasing access to credit for individuals and Micro, Small & Medium Enterprises (MSMEs) in Nigeria over the long term.

 

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Estimated Total Budget: $400,000.00 (Project budget includes all project-funded activities)

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Central Bank of Nigeria, the main client, is the central bank and apex monetary authority of Nigeria established by the CBN Act of 1958 and commenced operations on 1 July 1959.

The National Collateral Registry (NCR) is an initiative of the Central Bank of Nigeria (with support from IFC) to improve access to finance particularly for Micro, Small and Medium Enterprises (MSMEs).

The Chartered Institute of Bankers of Nigeria (CIBN) is the umbrella professional body for bankers in Nigeria. It was established in 1963.

The National Association of Microfinance Banks (NAMB) is the apex body of all licensed Microfinance banks in Nigeria after the CBN harmonized intervention to strengthen the two existing associations in the sector: National Association of Microfinance Banks of Nigeria (NAMFBIN) and Association of Microfinance Banks in Nigeria (AMBIN) came into existence on 12th November, 2009. 

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Central Bank of Nigeria Client -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

No contacts available at the time of disclosure.

ACCESS TO INFORMATION

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If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

How it works

How it works