FINCA helps Nigerians living in poverty access financial services to improve the quality of life for themselves and their families.
$5.39M LOAN PORTFOLIO
$1,472 AVERAGE LOAN
4 FINCA VENTURES INVESTEES
2014 YEAR FOUNDED
Eucharia Nwanguma, a widowed mother of six children had been selling yams and groundnuts with her late husband in the Onuwa Market in Owerri. Her husband would travel by road on long 14-hour journeys to northern Nigeria to purchase yams and groundnuts to sell.
Individual Loans, Small Group and Solidarity Loans, Savings, Insurance, Energy, Health, Agriculture
Nigeria is an economic leader with strong economic growth, a large population of hardworking, entrepreneurial people and the largest continental GDP. However, poverty is still a concern in the country. Over half of the population lives below the national poverty line. In addition, almost a fifth of the population is unemployed.
Nigeria, along with much of sub-Saharan Africa, is on the verge of a crisis. By 2035, the International Monetary Fund estimates the number of Africans joining the working age population will exceed the rest of the world combined. To fill this surge, 18 million new jobs will have to be created each year for the next 20 years across sub-Saharan Africa. In the meantime, Nigerians rely on the informal sector for a chance to earn a living. In addition, access to basic services, like energy, water and sanitation, education, health care and agriculture, is often inadequate.
When poor people have access to financial services and life-enhancing products, they can earn more, build their assets, create jobs and cushion themselves against external shocks. Since 2014, FINCA has been helping thousands of Nigerians improve their lives. FINCA offers financial services, such as loans, savings and microinsurance throughout the country, and supports access to basic services through FINCA Ventures.
46% LIVING BELOW POVERTY LEVEL 2
$5,887 ANNUAL PER CAPITA INCOME 3
60% FINANCIALLY EXCLUDED 4
20 Wetheral Road Owerri
+234 701 777 1072
1Information is updated on an annual basis
2Poverty headcount ratio at national poverty lines (% of population)
3GDP per capita, PPP (current international $)
4Adult population lacking account at a formal financial institution