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.
Grooming Centre and Sesor Empowerment Foundation renew partnership.
Thursday, May 27, 2021 – Grooming People for Better Livelihood Centre renewed its partnership support to Sesor Empowerment Foundation (Sesor) by donating ₦14.13 million towards the provision of relief, funding and housing to the Internally Displaced Persons in Lagos and Benue States, as well as the ongoing work at the Sesor’s Safe Day Space; Centres designed to train the women in financial literacy and business management.
As part of the MOU signing ceremony which took place at the Grooming Centre, Head Office, Ejigbo, Lagos, a cheque donation of N14,250,000.00 was presented to Sesor Empowerment Foundation by Grooming Centre to support the foundation in its work with IDPs. The partnership, now in its 7th year, also moves to sustain the notable efforts made by Sesor Empowerment Foundation in providing nutritional & psychological support, financial independence, educational support, housing support, as well as the option of becoming full members of Grooming Centre with access to financial literacy training and financial support as they resume their normal lives.
of doing this is giving them .” Dr. Nwabunka said.The renewed partnership is set to sustain the notable effort made by the foundation in ensuring the stable and steady reintegration of IDP’s into the society. Through the partnership, the women will be trained in financial literacy and business management
New Facilities
Grooming Centre officially opened its 4-storey Learning Hub and the Staff Fitness Centre in a socially distanced gathering on Tuesday, December 15 2020. The Fitness Centre is the first of its kind at the Centre and a massive step towards promoting and improving health, wellness and work-life balance among staff members. The Fitness Centre will foster team building, reduce stress and boost productivity while the Learning Hub contains an e-library, workspace, audiovisual studio, as well as multiple seminar rooms, and will facilitate physical and virtual capacity building sessions for staff and the community. .
Grooming Endowment Trust
Following a resolution of the 35th Session of the Governing Council, the Grooming Endowment Trust was set up to provide funding for the Centre’s expanding range of Corporate Social Responsibility (CSR) and Sustainable Development Goals (SDG) related initiatives, for the benefit of the Centre’s members and society at large. Incorporated in August 2020, the Trust will provide grants and investments in the areas of of education and capacity building, health, enterprise and community development, as well as venture formation and humanitarian relief. The governance and operational mechanisms for the Trust have been set up, and activities will commence in the first quarter of 2021.
Grooming Talent Hunt 2020
The second edition of the Grooming Centre Talent Hunt held from 21st October -21st of November, 2020 at the Grooming Centre Multipurpose Hall. The Talent Hunt was created with the purpose of discovering talents and empowering the youth within the Ejigbo community, in Lagos, Nigeria. The event started with the open auditioning of over 100 performers from the community with 15 performers successfully moving to the next stage and finally, 6 performers at the Grand finale where Precious Mac Ebiama emerged as the winner while Yusuf Balogun and Otokpeya Ochuko Felix were the 1st & 2nd runners-up respectively.
University Grant Scheme 2020
In furtherance of the Centre role in contributing to and promoting research and knowledge development in areas of social enterprise, microfinance, inclusive finance, poverty alleviation and rural development, the Grooming Centre University Grant Scheme provides research grants to undergraduate and postgraduate students in Nigeria. This year, the Centre’s Management increased the grant funding from N75,000 for undergraduates to N100,000 each, and N150,000 to N200,000 each for postgraduates and awarded 41 students, 13 undergraduates & 28 postgraduates, in a ceremony held on December 14, 2020.
Inauguration of the Second Governing Council
The Centre’s Second Governing Council was inaugurated by the Board of Trustees on Thursday, December 17, 2020, after the tenure of the First Council elapsed. The newly inaugurated six-member Council, under the leadership of Dr. Noel Ihebuzor as the newly elected Council Chairman, was also strengthened by the addition of Ier Jonathan-Ichaver, a renowned social justice advocate and development expert. The Governing Council provides policy and advisory guidance to the Executive Management Team in the execution of the Centre’s goals and objectives.
POSITIVE SYNERGY
As part of an overall value optimization strategy, the Centre and Grooming Microfinance Bank have been exploring areas of positive synergy in the Centre’s ecosystem. As such, the bank began providing banking services to 5 of the Centre’s branches in Ibadan in July 2020. Additionally, salaries for all Head Office staff were paid through the bank in August while salaries for all Oyo Programme Area staff will also be paid through the bank in September. The bank has made strides in the availability of e-channels with debit cards, internet and mobile banking for all of its customers.