37832 - Grooming II

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Summary of Investment Information

Project Number

37832

Company Name

GROOMING PEOPLE FOR BETTER LIVELIHOOD CENTRE

Date SPI Disclosed

Feb 10, 2016

Country

Nigeria

Region

Africa

Projected Board Date

Mar 31, 2016

Environmental Category

FI-3 - No Impact

Status

Completed

Last Updated Date

Apr 2, 2023

Department

Regional Industry - FIG Africa

Industry

Financial Markets

Previous Events

Approved : Oct 14, 2016
Signed : Oct 28, 2016
Invested : Mar 8, 2018

Sector

Microfinance and Small Business - Non Commercial Banking

Project Description

The proposed project will support Grooming People for Better Livelihood Centre (“Grooming Centre”), a microfinance institution targeting micro entrepreneurs. More than 90% of Grooming’s clients are female borrowers that run small-scale trading and production businesses. The project will allow Grooming to fund its expansion of active borrowers (all of which are microenterprises) across Nigeria significantly by the end of 2019.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	4.76
Equity

IFC's loan to the financial institution described in this SII is targeted for on-lending to the following sector(s):

Product Type	Use of Proceeds
Straight Senior Loan	Loans to Microfinance Borrowers

IFC's Definitions of Targeted Sectors can be found here.

Development Impact

1) Access to Finance: 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) Financial Inclusion: 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) Access to Health and Education: Grooming''s partnerships with health and education services providers are expected to increase access to education and services such as cancer screenings and maternity advice.
4) Financial sector development: By supporting Grooming Centre, the project will further encourage the formalization and regulation of microfinance in Nigeria.

1) Local currency funding: IFC is able to provide loans in local currency at maturities generally not available in the market.
2) Long-term lending: IFC is able to offer longer-term financing than other lenders to Grooming Centre.
2) Microfinance expertise: IFC brings deep microfinance expertise in SSA, particularly in individual lending and banking by MFIs.
3) Stamp of approval: IFC carries strong credibility among microfinance investors and local banking authorities.

E&S Category Rationale / Risks and Mitigation

The project is categorized as FI-3 according to IFC’s Environmental and Social Review Procedures. The bank’s main activity is to provide loans to predominately low income customers; mostly individuals and groups involved in trading, agriculture, education, housing, and green household energy. The tenor of the loans ranges from 1 to 12 months. As such, the project is deemed as having minimal environmental and social risks and impacts. The applicable requirements are the exclusion list and the national E&S laws. The client is also required to follow IFC’s labor standards with regards to its labor practices.

Contacts

For Inquiries About the Project, Contact

Grooming CentreNo 3, Tina Chris StreetIyana Ejigbo, Lagos State, NigeriaTelephone: +234-815 098 9340

For Inquiries and Comments About IFC, Contact

General IFC Inquiries
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2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384
E Mail: Webmaster

Local Access of Project Documentation

Grooming CentreNo 3, Tina Chris StreetIyana Ejigbo, Lagos State, Nigeria

IFC supports its clients in addressing environmental and social issues arising from their business activities by requiring its real sector clients to set up and administer appropriate grievance mechanisms and/or procedures to address complaints from Affected Communities in relation to environmental and social issues arising from IFC's clients' business activities. Since 2012, IFC's Financial Intermediary clients applying the Performance Standards are required to develop External Communications Mechanisms to receive and review inquiries or complaints from any interested party regarding the E&S risks and impacts of their operations.

For IFC projects that are active or under consideration, individual(s), or their authorized representative(s), who allege they have been or will be adversely affected by E&S risks or impacts arising from IFC's clients' business activities, may submit a complaint to IFC directly for consideration. When receiving an E&S complaint, IFC engages with complainants and works with its clients to find solutions to E&S concerns as quickly and efficiently as possible.

Complaints can be submitted to IFC online at www.ifc.org/escomplaints or by email to EScomplaints@ifc.org.

IFC complaint response is separate from and complementary to IFC’s clients’ project level grievance mechanisms and IFC’s Independent Accountability Mechanism (CAO). Lodging a complaint directly with IFC does not, at any time, restrict access to CAO.

Affected communities have unrestricted access to the Compliance Advisor Ombudsman (CAO), the independent accountability mechanism for IFC and MIGA. CAO facilitates the resolution of complaints related to IFC and MIGA projects and sub-projects, undertakes reviews of IFC’s and MIGA’s environmental and social compliance, fosters public accountability for their commitments, and enhances the environmental and social performance of IFC and MIGA.

Independent of IFC and MIGA management and reporting directly to the IFC and MIGA Boards of Executive Directors, CAO helps resolve issues raised about the environmental and social impacts of projects through a neutral, collaborative, problem-solving approach via its Dispute Resolution function. It also reviews IFC’s and MIGA’s compliance with environmental and social policies, assesses related harm, and recommends remedial actions through its Compliance function. Additionally, CAO provides advice to IFC, MIGA, and their Boards to enhance environmental and social sustainability performance and minimize the risk of harm.

Complaints may relate to environmental and social harm regarding any aspect of the planning, implementation, or impact of a project or sub-project, and can be made by any individual, group, community, entity, or other party affected or likely to be affected by the environmental or social impacts of an IFC- or MIGA-financed business activity.

Complaints can be submitted by any of the following methods:

Online form: available at https://www.cao-ombudsman.org/
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Voice mail: +1 202 458 1973
Email: cao@worldbankgroup.org
SMS, WhatsApp, Telegram, and Signal: +1 202 650 2627

CAO receives and addresses complaints in accordance with the CAO Policy, which can be accessed at: https://www.cao-ombudsman.org/policies-guidelines.

This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. It also includes findings and recommendations related to environmental and social considerations regarding this potential investment. The purpose of the SII is to enhance the transparency of IFC’s activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following SII is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

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