Category: News

Grooming Centre joined a coalition of 16 partners including multilateral agencies, credit unions, banks, credit card companies, telecommunications companies and microfinance institutions by making commitments to reach 1 billion adults and achieve the World Bank Group’s Universal Financial Access objectives by 2020. This commitment was endorsed on behalf of the Centre by the Chief Executive Officer, Dr. Godwin Nwabunka.

In the Centre’s commitment statement, the CEO stated:

“Grooming Centre is strongly committed to promoting financial inclusion in Ngeria, expanding its outreach, and positively impacting the lives of its clients, the economically active poor, who remain the focus of its operations. Grooming Centre believes that its collaboration with the World Bank Group under the Universal Financial Access initiative provides a unique opportunity to achieve this mission. The Centre has provided over 4 million loans to the excluded since its inception in 2006, and has set a target of reaching an additional 4 million credit clients by 2020.”

Worldwide, an estimated 2 billion working-age adults have no access to formal financial services delivered by regulated financial systems [Global Findex 2014].

In West Africa, only 35% of adults have a bank savings account that is not fully utilized due to the inefficiency of public banking and payment services (AfDB 2013).

Grooming Centre, in partnership with the World Bank Group (WBG), plans to bring safe access to transaction accounts and electronic instruments that store, send and receive payments for over 2 million unbanked individuals in Nigeria. The Centre’s commitment to the World Bank Universal Financial Access by 2020 initiative aims to the promote the positive experience of refined financial inclusion in Nigeria.

The UFA2020 envisions that adults worldwide — women and men alike — will be able to have access to a transaction account or an electronic instrument to store money, send payments and receive deposits as the basic building block to manage their financial lives.

The UFA2020 initiative is focusing on 25 countries where 73% of all financially excluded people live. These countries include Bangladesh, Brazil, China, Colombia, Cote d’Ivoire, DRC, Egypt, Ethiopia, India, Indonesia, Kenya, Mexico, Morocco, Mozambique, Myanmar, Nigeria, Pakistan, Peru, Philippines, Rwanda, South Africa, Vietnam, Tanzania, Turkey, and Zambia.

Visit the World Bank Group’s financial inclusion page here

UFA 2020 Progress tracker

Mr. Enyinnah (Right) was elected during the General Assembly of the Association held at the King Fahd Presidential Hotel, Senegal from the 29th of June to 3rd July 2015. The General Assembly along with the African Microfinance Week (AMW) was sponsored by the Government of Senegal, the Government of the Grand Duchy of Luxembourg, African Development Bank and a handful of notable stakeholders including Citi Foundation, United Nations Capital Development Fund, European Investment Bank, Proparco and Ecobank.

According to Mr. Enyinnah, his appointment is significant because this is the first time a Nigerian is elected to such an exalted position which has largely been dominated by Franco-phone countries based on their earlier involvement in the microfinance renascence movement.

Mr. Enyinnah stressed that his appointment will further encourage the large pool of Microfinance Banks and Institutions in Nigeria to join the  AMTwhich has become the flag ship institution for the promotion of best practice and knowledge in Africa on microfinance. It will further link them to international networks, funding vehicles, rating standards and technical resources.

Created in 2003, the African Microfinance Transparency Forum (AMT) with over 60 foremost Microfinance Banks and Institutions in Africa as members is a nonprofit organization. Its objective is to promote transparency and efficiency among African MFIs by encouraging and preparing them for external performance evaluations(ratings).

The organization is  dedicated to bringing together key players in the industry to discuss the future of microfinance, the financing of microfinance institutions and partnerships between regional and continental networks.  The AMT’s main ambition is to become the major African organization for microfinance professionals where members can exchange ideas, reflect on the challenges facing the industry, promote and accelerate financial inclusion and economic growth on the continent.

The African Microfinance Week (an annual event of the AMT, AFMIN, AFRACA and MAIN) brings together stakeholders in Africa and the world over to share their experience on the core emerging issues in the industry.

The theme for 2015 AMW is “Accelerating Innovative Rural Finance in Africa” and the event brought together a  total of 363 delegates representing practitioners, funding vehicles, major networks, rating agencies, technology and innovation providers and multilateral agencies. Only 4 Microfinance Institutions, the Central Bank of Nigeria and Ecobank attended from Nigeria.

The 2017 Edition of the Grooming Splash held on Saturday March 17th 2018 at the Grooming Centre Multipurpose Event Hall. The Splash event also featured the second edition of the Lady Kate Okafor Scholarship Scheme awards, tagged LKOSS II.

Highlights of the event include the presentation of scholarship awards to winners of the LKOSS II, the raffle draw selection and the presentation of prizes to winning clients.  Popular screen comedian, Papa Ajasco, constantly entertained invited guests, clients and staff throughout the event. The star prize of brand new motor tricycles and other prizes like deep freezers, big and small refrigerators, and 2.5kVa & 5kVa power-generating sets were won by clients whose tickets were drawn from the live raffle draws.

Clients who won were contacted immediately via telephone and informed about the prizes they would receive. Some clients could not contain their excitement and came to claim their prizes in person. They thanked the Centre for its support and generosity and encouraged other clients to patronize Grooming Centre’s products and services.

Mrs. Isoken Nwabunka, while handing over the keys of the star prize to a winner Mrs. Bola Agoro, assured clients of the Centre’s unflinching mandate to positively impact their lives, households and businesses with assets that boost their productivity and give life more meaning.

grooming splash

OTHR_PRZ_gen_frdg

STR_PRZ_keke

winner_frdg

winner_keys_to_the_keke

Winners_Thankful

Winning_Ticket

The 2016 Grooming Splash held at the Grooming Centre Multipurpose Event Hall on Saturday March 11th 2017. The Splash featured the introduction of the Lady Kate Okafor Scholarship Scheme awards.

Highlights of the event include the inauguration of the Lady Kate Okafor Scholarship Scheme, the raffle draw selection and the presentation of prizes to winning clients. The star prize of brand new motor tricycles, as well as large deep freezers and 2.5kVa – 5kVa power-generating sets were unveiled.

Clients who won were contacted live via telephone and informed about the prizes they would receive. Some of the clients came to claim their prizes in person. They expressed gratitude to the Centre and dedicated unflinching loyalty to patronize its services toward the growth of their businesses and households.

Speaking during the prize presentation, Dr. Godwin Nwabunka reiterated the resolve of the Centre to positively impact the lives of its clients by empowering them with assets that improve quality of life and provide additional income for their businesses.

Thursday, September 28th, 2017 witnessed the celebration of Grooming Centre and Fortis Microfinance Bank as the pioneer CPP-certified microfinance service providers in Nigeria. In February 2016, Grooming Centre was confirmed the first microfinance institution in Nigeria and Africa to be certified as fully Client Protection Principles [CPP] compliant. Fortis Microfinance Bank was confirmed CPP compliant in March 2016. The ceremony, themed Keeping Clients First in Financial Inclusion, was held at The George Hotel in Ikoyi, Lagos, Nigeria.

The ceremony was hosted by the Smart Campaign represented by Isabelle Barrès, Vice President Centre for Financial Inclusion [CFI] and Director of the Smart Campaign, and Boubacar Diallo, Senior Africa Advisor. Highlights of the event included panel discussions on the State of Consumer Protection in Financial Inclusion, presentations on the State of Financial Consumer Protection Regulation and Practice, discussions on experiences about the Smart Campaign Client Protection Certification led by Dr. Godwin Nwabunka CEO, Grooming Centre and Tiko Okoye CEO, Fortis MFB and the grand finale – the Certification Award Ceremony.

Notable speakers during the discussions included Augustine Nwoke, CEO HASAL MFB and President, National Association of Microfinance Banks (NAMB), Godbless Safugha, Executive Secretary, Association of Non-Bank Microfinance Institutions of Nigeria (ANMFIN), Dr. Olayinka David-West, Governing Council Member of the FinTech Association of Nigeria (FTAN) and Dr. Professor Felicia Monye, President, Consumer Awareness Organization (CAO). The Central Bank of Nigeria (CBN) was represented by the Head of Consumer Protection Department, Umma Dutse.

In her closing remarks, Camille Haubert of MicroRate, a foremost international rating agency, congratulated Grooming Centre and Fortis MFB for achieving the coveted recognition and praised both institutions for their dedication and drive for distinction in client protection. She placed particular emphasis on “the remarkable commitment and transparency displayed by Grooming Centre throughout the pre-certification exercise”, citing the Centre as a client protection model for other institutions to emulate.

Watch our journey to certification here courtesy of Smart Campaign