CBN Partners Microfinance Banks to Promote Financial Inclusion

By Adedapo Adesanya

The Central Bank of Nigeria (CBN) is utilising Microfinance Banks (MFBs) to enhance financial inclusion and stimulate the growth of Micro, Small and Medium Enterprises (MSMEs) in the country.

Mr Sah Nyashi, CBN Controller, Yola Branch, said this on Saturday at the inauguration of Dabtikir Microfinance Bank Limited in Hong, headquarters of Hong Local Government Area of Adamawa.

The CBN official, represented by Mr Adamu Yusuf, the Head Currency Management Office at the CBN, said such partnership was also imperative towards ensuring effective implementation of the Agricultural Credit Guarantee Scheme.

“CBN will continue to partner with you in the areas of MSMEs, Agricultural Credit Guarantee Scheme and Financial Inclusion.

“This came at a time when the less privileged needed access to funds to develop and expand their economic activities.

“Microfinancing is part of the strategy CBN implore to enhance the economic growth and sustainability in Nigeria by channelling loans/credit to the populace,” he said, urging the people to take advantage of the opportunities to improve their businesses.

Also speaking, Mr Asongo Abraham described MFBs 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.

On his part, Professor Benson Baha, Provost College of Education, Hong, advised the people to open an account with the bank for social and economic development at the grassroots.

“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 House of Assembly, Mr Bathiya Wesley, pledged support to the MFBs, to enable it to contribute towards improving the social and economic well-being of the people.