33824 - Grooming MF Loan

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Summary of Investment Information

Project Number

33824

Company Name

GROOMING PEOPLE FOR BETTER LIVELIHOOD CENTRE

Date SPI Disclosed

Nov 12, 2013

Country

Nigeria

Region

Africa

Projected Board Date

Dec 12, 2013

Environmental Category

FI-3 - No Impact

Status

Completed

Last Updated Date

Jun 11, 2022

Department

Global Industry, Financial Markets

Industry

Financial Markets

Previous Events

Approved : Dec 16, 2013
Signed : Dec 20, 2013
Invested : Feb 13, 2014

Sector

Microfinance and Small Business - Non Commercial Banking

Project Description

The proposed project will support the expansion of Grooming People for Better Livelihood Centre (“Grooming Centre”), which is a company limited by guarantee that was registered by the promoters in 2007. Grooming Centre provides credit and savings services to its target market of micro entrepreneurs, who are mostly women that run small-scale trading and production businesses. Grooming Centre also works with partners to provide health and educational services to its clients. It currently serves over about 300,000 clients across 17 of Nigeria’s 36 states and the Federal Capital Territory and is expected to reach more than 800,000 clients during the life of the project.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	4.10
Equity

Development Impact

1) The project will provide long-term access to finance for microenterprises, including low-cost savings services, which will have positive effects on income generation, employment and growth in Nigeria.
2) Grooming''s focus on rural/peri-urban areas will reach excluded low-income populations - who are mainly women - which other financial institutions, including most MFIs, struggle to reach sustainably.
3) By supporting Grooming Centre, the project will further encourage the formalization and regulation of microfinance in Nigeria.

1) IFC is able to offer longer-term financing in local-currency than other lenders to Grooming Centre.
2) IFC brings deep microfinance expertise in SSA, particularly in individual lending and banking by MFIs.
3) IFC is likely to provide advisory services after Grooming becomes a client.
4) IFC carries strong credibility among microfinance investors, both international and local.
5) IFC''s credibility with local banking authorities will bolster Grooming Centre''s case should it decide to transform into a microfinance bank.

E&S Category Rationale / Risks and Mitigation

The project has been classified as a Category FI-3 project according to IFC’s Environmental and Social Review Procedure. Grooming Centre provides microfinance services to microenterprises in Nigeria, who are engaged in low-risk sectors that have minimal or no adverse environmental or social impacts. The Applicable Performance Requirements for the project are the Exclusion List and the applicable National Laws in Nigeria.

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