As part of our Cooperate Social Responsibility (CSR) commitment to giving back to the community, Grooming Centre made a donation of two printers, ten desktop computers, and three laptops to the Ejigbo High School, Lagos. The donation will meet the gap in ICT access for both students and teachers as well as contribute to building an enabling environment to boost effective digital skills training for students to thrive in an increasingly digital world. Representatives of the Centre presented the donation to the Vice Principal, Academics, Mrs Orenaiya Tosin, and Vice Principal, Administration, Mrs V. Ego on August 27, 2021. Following the donation, the Management expressed gratitude for the impactful contribution.
Renewable Energy Forum
Grooming Centre held a Renewable Energy Customer Forum for SME’s on August 12, 2021 with the theme: Renewable Energy as a Catalyst for Growth and Efficiency of SMEs. The Centre’s first renewable energy forum connected government officials, renewable energy experts and entrepreneurs to build new partnerships, and engage with a special focus on the role of access to finance, solutions and opportunities in the renewable energy ecosystem. Speakers at the forum included the President, Renewable Energy Association Nigeria, Dr Segun Afaju, CEO, Cloud Energy, Mr Theophilous Nweke, MD Oolu Solar, Doseke Akporiaye.
Public Sector Office Launch
Grooming Centre officially launched its new office space, solely dedicated to the PSL operations, on August 31st, 2021. The space is located in the heart of Lagos Mainland at Obafemi Awolowo way, Ikeja to cater to civil servants in the axis. The Public Sector offers products designed to provide fresh credit facilities to civil servants in Lagos State. The Centre is pleased to bring this space which will provide services to civil servants in Lagos State and eventually Federal civil servants as the product is fast becoming an important part of the Centre’s portfolio.
Loan Product Update
In response to consistent feedback from clients, inflation and purchasing power as well as recommendation from the Programme Implementation Review Committee (PIRC) and report from the Asset Loan Review Committee, the Grooming Centre reviewed and increased the Asset Loan Product Ceiling. The upward review from N200,000 to N300,000 took effect on the 4th October, 2021.
Digital Transformation
Following the conclusion of the digital transformation strategy advisory process with the International Finance Corporation (IFC), Grooming Centre’s Digital Transformation Steering Committee was inaugurated to drive the achievement of milestones in the implementation plan and provide guidance and support to the Executive Management Team. Inaugurated on October 5 2021, the Committee will be tasked with reviewing, monitoring and ensuring the implementation of the digital transformation plans as well as analyzing short to mid-term technology trends and offer recommendations. The eleven-member committee, inclusive of Programme Managers and Zonal heads, is set to meet quarterly and will be chaired by the Chief Executive Officer.
Experience Centre Launch
The Centre, launched its first Experience Centre at the Tejuosho UltraModern Market, Yaba in Lagos, Nigeria on on June 25, 2021. The Experience Centre is a one-stop shop for clients to connect with all aspects of the Grooming ecosystem, using multi-faceted digital channels, with a tangible feeling of the Centre’s brand identity. The Experience Centre is also part of our strategy to grow the Very Small Enterprise (VSE) segment of our client base, using an innovative approach to expose them to best-in-class microfinance services. More Experience Centres are scheduled to be opened in the coming months.
Grooming & UNHCR Livelihood Promotion
Continuing the Centre’s support to internally displaced persons (IDPs) in Nigeria, we recently partnered with the United Nations High Commissioner for Refugees (UNHCR) to provide business start-up kits to trained beneficiaries of the UNHCR Protection Safety-Nets and Livelihoods project in Borno State, North East Nigeria. The Centre’s donation is aimed at providing stability for the beneficiaries through the creation of livelihoods as well as training on income generation and micro-entrepreneurship. Over 50 beneficiaries from Maiduguri Municipal Centre (MMC) were trained in areas of tailoring, carpentry and shoe making, the 8 week programme concluded with additional training on Financial Literacy and Business Development.
Digital Transformation
The Centre has concluded a digital transformation strategy advisory with the International Finance Corporation (IFC), as part of its overall digital transformation journey. The advisory began in October 2020, with a series of virtual workshops between the Centre’s team and consultants from the IFC, covering core areas such as customer experience, products and channels, operations and culture, partnerships, ecosystems and technology. The result is a 3 year road map that will position the Centre as a leading microfinance institution for the present and the future, and ensure the fulfillment of our digital ambitions.
Funding
The Centre secured a debt facility from FS Impact Finance, a group company of the renowned Frankfurt School of Finance & Management in June 2021. The transaction was concluded after a novel virtual due diligence exercise, and marked the return of the Centre to international microfinance investment market since 2018, due to the scarcity of appropriate hedging options and the impact of COVID-19. The funding will contribute to the growth of the lending portfolio, as the Centre is set to rebound from the effects of the pandemic on its operations. Other funding arrangements with international investment vehicles are being concluded.
Performance Ratings
The Centre underwent its 6th international Rating Exercise and maintained excellent rating results, receiving an α- in the institutional rating category and a four (out of five) stars in the social performance rating category. The rating was carried out by MicroRate, the foremost international microfinance rating agency. The results show excellent product offering, robust solvency, efficient operations, strong corporate governance and transparency, as well as solid social and financial balance, despite the impact of the pandemic on the economy. The rating exercise also involved the second re-validation of the Centre’s Client Protection Principles (CPP) certification, and the results of the re-validation are expected in November 2021.