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MFB. FORTIS. FORTIS MICROFINANCE BANK LIMITED. Wealth / Opportunities / Solutions. ROLE OF FORTIS MICROFINANCE BANK IN SMALL AND MEDIUM SCALE ENTERPRISE DEVELOPMENT. PREAMBLE.

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Fortis

MFB

FORTIS

FORTIS MICROFINANCE BANK LIMITED

Wealth / Opportunities / Solutions

ROLE OF FORTIS MICROFINANCE BANK IN SMALL AND MEDIUM SCALE ENTERPRISE DEVELOPMENT


Preamble
PREAMBLE

  • Millennium Development Goal 8 and Target 12 focuses on “developing further an open, rule-based, predictable, non discriminatory trading and financial system (includes a commitment to good governance, development, and poverty reduction)Microfinance addresses this Goal by opening up access to finance for SMEs

  • Small and Medium Enterprises are the backbone of any developing economy and drives growth and development


Microfinance is
MICROFINANCE IS

  • The provision of financial services to people who are not traditionally served by conventional financial institutions

  • Also called inclusive finance and includes a range of services (credit, savings, insurance) etc. focused on the poor and low-income clients who do not have access to formal financial institutions


Fortis

  • HOW IS MICROFINANCE DIFFERENT FROM CONVENTIONAL BANKING

  • Microfinance provides standardized simple and flexible credit products

  • The smallness of loans advances or savings collected

  • Encourages economic activities , self reliance and wealth creation

  • Provides easy access to leasing, insurance and housing products to civil servants, pensioners, small, medium scale entrepreneurs , civil servants and every body who needs financial services

FORTIS MF BFORTIS MFB


Fortis

WHAT ARE THE OBJECTIVES OF THE MICROFINANCE POLICY RELEASED BY CBN IN 2005

WHAT ARE THE OBJECTIVES OF THE MICROFINANCE POLICY RELEASED BY CBN IN 2005

WHAT ARE THE OBJECTIVES OF THE MICROFINANCE POLICY RELEASED BY CBN IN 2005

  • Make financial services accessible to large segment of the potentially productive Nigerian populace that have little or no access to financial services

  • Promotes synergy and mainstreaming of the informal sub sector into national financial system

  • Enhance service delivery by Microfinance Institutions to Small and Medium Entrepreneurs (SME) s

  • Contribute to rural transformation

  • Promote linkages between universal /development banks, specialized institutions and Microfinance Banks (MFB’s)

  • Make financial services accessible to large segment of the potentially productive Nigerian populace that have little or no access to financial services

  • Promotes synergy and mainstreaming of the informal sub sector into national financial system

  • Enhance service delivery by Microfinance Institutions to Small and Medium Entrepreneurs (SME) s

  • Contribute to rural transformation

  • Promote linkages between universal /development banks, specialized institutions and Microfinance Banks (MFB’s)

  • Make financial services accessible to large segment of the potentially productive Nigerian populace that have little or no access to financial services

  • Promotes synergy and mainstreaming of the informal sub sector into national financial system

  • Enhance service delivery by Microfinance Institutions to Small and Medium Entrepreneurs (SME) s

  • Contribute to rural transformation

  • Promote linkages between universal /development banks, specialized institutions and Microfinance Banks (MFB’s)

FORTIS MF B


Definition of msmes
Definition of MSMEs BY CBN IN 2005

MSME policy


Fortis

  • HOW DOES MICROFINANCE HELP SMEs BY CBN IN 2005

  • Microfinance provides standardized simple and flexible credit products to grow business through increased access to finance

  • Small loans are advanced or savings collected

  • Encourages economic activities , self reliance and wealth creation

  • Provides easy access to leasing, insurance and housing products

  • Helps people develop the spirit of entrepreneurship


Why is access to microfinance important for sme s
WHY IS ACCESS TO MICROFINANCE IMPORTANT FOR SME’s BY CBN IN 2005

  • Microfinance is key to achieving the country's long-term goals of poverty reduction, wealth creation, employment generation and value re-orientation.

  • Microfinance is in line with the banking reforms of the Central Bank of Nigeria(CBN)

  • Microfinance is also a strategy for the attainment of Nigeria's long-term vision of becoming the largest and strongest African economy and a key player in the world economy through the development of the SME sector

  • Microfinance emphasis on empowerment, wealth creation and poverty reduction, empowers the populace to reach the highest points of their productive capacities


How does this work
HOW DOES THIS WORK? BY CBN IN 2005

  • Small loans called microcredit is advanced to customers and clients to help people undertake long term sustainable entrepreneurial activities

  • Microcredit relies on the customer’s character and cash flow, not collateral

  • Flexible banking products and services are provided at affordable rates without discrimination

  • Microfinance helps mobilize SME’s savings and enhances the systematic participation of this segment in the development of the country.


What is fortis mfb limited s objective to improve sme s in nigeria
WHAT IS FORTIS MFB LIMITED’S OBJECTIVE TO IMPROVE SME’S IN NIGERIA

  • Provision of flexible banking services to all customers irrespective of health or status in line with the Microfinance Policy

  • Fortis has a variety of services like micro credit, micro insurance, leasing, housing etc all targeting the poor, pensioners, civil servants, entrepreneurs and low income earners that are served by sme’s

  • Fortis works with people under banked or underserved and opens up a variety of financial services to them to promote the growth of the informal sector of the economy.

  • Provision of free business clinics , giving sme’s financial advisory services on how to enhance their businesses.

FORTIS MF B


How has access to microfinance helped sme development in other countries
HOW HAS ACCESS TO MICROFINANCE HELPED SME DEVELOPMENT IN OTHER COUNTRIES

  • 45%of the poorest households in Bangladesh with access to microcredit for their micro enterprises rose above the poverty line

  • In Uganda, 95% of microfinance clients engaged in improved health and nutrition practices for their children, after uptaking microfinance

  • In Bolivia, microcreditloan clients doubled their income in two years, through improved profit margins


Fortis

  • UNIQUE PRODUCTS FROM FORTIS MICROFINANCE BANK LIMITED OTHER COUNTRIES

  • Fortis Savings e.g Mama Save, Siddon Look accounts, Time na Money(Target savings)

  • Fortis Current Account e.g Beta Market, Easy Movement accounts

  • Fortis Lease e.g Household, equipment leasing

  • Fortis Insurance e.g health, life micro insurance

  • Fortis Housing e.g low income housing scheme

  • Fortis Loans e.g group solidarity loans

  • Fortis Fixed Deposits


Other unique products from fortis microfinance bank
OTHER UNIQUE PRODUCTS FROM FORTIS MICROFINANCE BANK OTHER COUNTRIES

  • Fortis High Yield Account: This offers high and attractive interest and is a good investment for the future

  • Salary Advance(FLAS): This is an advance for salary earners

  • Student savers: This encourages customers to save for children’s school fees


Other financial services from fortis microfinance bank
OTHER FINANCIAL SERVICES FROM FORTIS MICROFINANCE BANK OTHER COUNTRIES

  • Business Development Clinic to encourage entrepreneurship among staff

  • Pre-retirement advisory services

  • Investment portfolio advisory services for those in service and those intending to leave service on viable business deals and portfolios to guarantee wealth and comfort


What makes fortis mfb limited distinct from others
WHAT MAKES FORTIS MFB LIMITED DISTINCT FROM OTHERS OTHER COUNTRIES

  • We are a microfinance bank with models tailored with Professor Mohammed Yunus of Graemeen Bank’s strategy of providing collateral free loans to poor people and also incorporating Nigerian innovations.

  • We have the capacity to disburse loans and manage credit.

  • We have a robust MIS compatible and CBN specified system in place.

  • Fortis MFB Limited has developed a 1-1-1 model. This focuses on ensuring Corporate Social Responsibility (CSR) as 1% of the value of our shares goes to the foundation, 1% of our profit will be used in community development and 1% of employee working hours will be dedicated to community service.


Fortis

Contact Us OTHER COUNTRIES

Fortis Microfinance Bank Limited

Medife House, Plot 2135 Herbert Macaulay Way

Wuse Zone 5, Abuja

Telephone:

09-7802875-8

E-mail:

www.info@fortismfb.com


And best regards
AND BEST REGARDS OTHER COUNTRIES

  • THANK YOU