CBN partners microfinance banks to promote financial inclusion
The Central Bank of Nigeria (CBN) says it is partnering with microfinance banks (MFBs) to enhance financial inclusion and stimulate the growth of micro, small and medium enterprises (MSMEs) in the country.
Sah Nyashi, CBN controller, Yola branch, said this on Saturday at the inauguration of Dabtikir Microfinance Bank Limited in Hong, headquarters of the Hong Local Government Area of Adamawa.
Mr Nyashi, represented by Adamu Yusuf, head of the currency management office at CBN, said such a partnership was also imperative to ensure the effective implementation of the Agricultural Credit Guarantee Scheme.
“CBN will continue to partner with you in the areas of micro, small, and medium enterprises (MSME), the agricultural credit guarantee scheme, and financial inclusion.
“This came at a time when the less privileged really needed access to funds to develop and expand their economic activities.
“Microfinancing is part of the strategy CBN employs to enhance economic growth and sustainability in Nigeria by channelling loans and credit to the populace,” he said.
He urged the people to take advantage of the opportunities to improve their businesses.
Also, Asongo Abraham described microfinance banks as “beacons” of hope for community development and nation-building.
According to him, microfinance provides access to capital critical for small businesses to thrive, create employment opportunities and improve living standards.
Mr Abraham advised the management of the bank to embrace the application of technology in its operations and build trust with customers for successful businesses.
The Adamawa House of Assembly speaker, Bathiya Wesley, pledged support to the MFBs to enable them to contribute towards improving the social and economic well-being of the people.
(NAN)
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