FG to set up national micro-finance bank soon – Emiefele

The federal government is set to establish a national micro-finance bank to facilitate  access to credit finance for small, medium enterprises (SMEs) and several other  unbanked groups in the country, the Central Bank of Nigeria has said.

The CBN governor, Godwin Emiefele disclosed this in Abuja on Friday.

Emefiele, said the bank will be established in collaboration with the Bankers Committee, the Nigeria Incentive-based Risk Sharing System for Agricultural Lending (NIRSAL) and the Nigerian Postal Service (NIPOST).

He spoke through the CBN deputy governor, Financial Systems Stability of the CBN, Aishah Ahmad, at the maiden two-day National Financial Literacy Stakeholders’ conference organised by the bank in Abuja.

The CBN governor said the new national MFB which shall be technology driven will leverage on the NIPOST’s presence in 774 local government areas of the country to reach its target beneficiaries.

“The bank will serve as an efficient channel for the disbursement and monitoring of key intervention funds by the CBN, such as the Anchor Borrowers fund, SME fund, etc, to farmers and SMEs at the grassroots level,”  The CBN governor said.

According to him, the conference will provide the platform for participants to deliberate on key imperatives for achieving the country’s financial inclusion targets, promoting financial stability and entrenching sustainable and inclusive economic growth.

The CBN governor further noted that the theme of the conference, ‘Implementing Financial Literacy and Consumer Protection to advance Financial Inclusion in Nigeria’ was selected to help focus on the need to redress the challenges limiting financial inclusion in the country.