Nigeria’s Central Bank Partners with Microfinance Banks to Boost Economic Growth
The Central Bank of Nigeria (CBN) has announced a partnership with Microfinance Banks (MFBs) to enhance financial inclusion and stimulate the growth of Micro, Small, and Medium Enterprises (MSMEs) in the country. The partnership, which was inaugurated at the Dabtikir Microfinance Bank Limited in Hong, Adamawa, aims to provide access to capital for small businesses to thrive, create employment opportunities, and improve living standards.
According to CBN Controller, Yola Branch, Mr. Sah Nyashi, the partnership is crucial for the effective implementation of the Agricultural Credit Guarantee Scheme and to promote financial inclusion. "Microfinancing is part of our strategy to enhance economic growth and sustainability in Nigeria by channelling loans/credit to the populace," he said.
Dr. Asongo Abraham, also speaking at the event, described MFBs as "beacons" of hope for community development and nation-building. He advised the management of the bank to embrace technology in their operations and build trust with customers for successful businesses.
Provost of the College of Education, Hong, Prof. Benson Baha, urged the people to open accounts with the bank to promote social and economic development at the grassroots level. "The aim of establishing the bank is to promote rural development through the provision of finance and banking services to the host communities," he said.
The Speaker of the Adamawa State House of Assembly, Mr. Bathiya Wesley, pledged support to the MFBs, vowing to enable them to contribute towards improving the social and economic well-being of the people.
The CBN’s partnership with MFBs is seen as a significant step towards increasing financial inclusion and promoting economic growth in Nigeria. The move is expected to provide much-needed access to capital for small businesses, particularly in rural areas, and help to create employment opportunities and improve living standards.
With this partnership, Nigeria is taking a crucial step towards achieving its economic development goals and improving the financial well-being of its citizens.
