Bosak Microfinance Bank is a Nigerian company with banking licence offering micro loans for people living close to poverty line. Such organizations globally help to fight poverty and help economic development.
Bosak MFB was founded in December 2009 with the purpose to serve economically active poor women and in rare cases men, who are deprived, vulnerable and tend to engage in small economic activities which can be supported by small loans. Bosak has developed 5 loans, with different purposes, however the most frequently the loan is taken to get working capital towards purchase of stock towards trade. When the loan is issued, compulsory savings account is open as well, to encourage accumulation of capital.
- Loan portfolio 3,600,000 EUR;
- 98% female customers;
- Average loan 88 EUR;
- 5 loan products that help to tackle poverty;
- Most frequent loan purpose is to get working capital for trade business.