Microfinance institutions now proliferate several towns in Nigeria since the CBN Governor Charles Soludo raised the benchmark for community banks in the country. Most community Banks who can not meet the new capital base recommended have been advice to convert to micro Finance Bank status.
However we are yet to feel the impact of these banks. I am yet to come across or hear of anyone who has received loans from them.
The same services which have continued to elude Nigerians is being offered in other countries even on the internet and the procedure of getting these loans is so simple you wonder whether it is really true they are actually giving the loans. If Nigeria is to be free from the strangle hold of poverty, our Micro Finance banks should wake up to their responsibilities.
A typical example is Cash Advance 1500 that makes cash available to people within the shortest possible time. Loans for simple expenditures, for unforeseen circumstances like delayed salary, starting up a petty trade with a financial outlay of $2000, or just cash for some extra expenses. What’s more these loans are unsecured.
There are several others like Women’s Pay Day Advance, Additional Earnings etc. You can get a comprehensive list of similar firms for by a quick search payday loans on Google or by visiting the cash advance website,
The point I wish to make here is that if it is possible for these firms to offer online loans so fast, there is definitely something our finance houses in Nigeria don’t know that these firms know and so buttresses the need to borrow a leaf from them.