Loan rates at most conventional banks in Nigeria are now more than 25 percent.
The firm had an interest in developing speculative projects that conventional banks would not touch.
I think conventional for-profit banks should be watching their backs...
But the fund's mission is to attract private credit, and it has recently drawn increased support from conventional banks.
Such conventional banks are required by law to lend in disadvantaged communities and this agreement helps them meet the obligation.
As of 2010, 10 conventional and Islamic banks operate in Djibouti.
It is generally used where value is sent through 'informal' channels, as distinct from conventional banks.
Compare this to a conventional bank's willingness to routinely loan 80% of the value of the property and sometimes even 100%.
He is leading an effort to form a community credit union, which could offer hope to residents overlooked by conventional banks.
"Still the conventional banks don't believe lending to the poor works," he said.