Expression of Interest for Participation of PFIs in Central Bank-Sponsored Micro, Small and Medium Enterprises Development Fund (MSMEDF) in Delta State
Delta State Government
Participation of PFIs in Central Bank-Sponsored Micro, Small and Medium Enterprises Development Fund
(MSMEDF) in Delta State
Expression of Interest
Applications are hereby invited from suitably qualified Participating Financial Institutions (PFIs) to partner with the State government for the purpose of disbursing the Two Billion Naira (N2bn) Central Bank of Nigeria (CBN) loan to micro, small and medium scale enterprises in the State.
1.0 Eligibility and Terms for Participation
The PFIs shall include Microfinance Banks, Non-Governmental Organizations-Microfinance Institutions (NGO-MFIs), Financial Cooperatives and Finance Companies.
2.0 Microfinance Banks & Finance Companies
For a microfinance bank/finance company to be eligible, it shall satisfy the following conditions:
i) Submission of latest CBN/ NDIC examination report
ii) Submission of 2 years Audited/Management Accounts
iii) Acceptable Risk Management Framework
iv) Sound Corporate Governance Culture indicated by:
- Adherence to Ethical Values
- Degree of Separation of Ownership from Control/Management
- Number of non-performing insider-related facilities
v) Evidence of Membership of apex association and up-to-date payment of annual subscription
vi) Compliance with up-to-date and timely rendition of monthly returns to the CBN as stipulated in the
Revised Microfinance Policy, Regulatory and Supervisory Framework for Nigeria.
3.0 Microfinance Institutions (NGO-MFIs and Financial Cooperatives)
a) Registration with Corporate Affairs Commission or Appropriate Ministries, Departments and Agencies (MDAs) of States/FCT.
b) Corporate, trustee and management profile
c) Acceptable Risk Management Framework 10
d) Third Party Guarantee of at least 2 trustees
e) Sound Corporate Governance
f) Submission of 6 months statement of account
g) Submission of two years audited accounts or management accounts
h) Membership of the apex association with evidence of up-to-date payment of subscription
i) Compliance with up-to-date and timely rendition of monthly returns to the CBN as stipulated in the
Revised Microfinance Policy, Regulatory and Supervisory Framework for Nigeria.
All completed applications should be addressed to the Honourable Commissioner for Commerce
and Industry, New Secretariat, Maryam Babangida Way, G.R.A., Asaba, Delta State.
All applications must be received not later than 12 noon on Tuesday, 9th September, 2014.
NB:
Please collect a copy of the Central Bank of Nigeria (CBN) guidelines for the disbursement of the fund from Ministry of Poverty Alleviation.
Signed:
DR. KINGSLEY EMU
Hon. Commissioner for Commerce & Industry
