The Central Bank of Nigeria (CBN) has announced its collaboration with Microfinance Banks (MFBs) to boost financial inclusion and support the growth of Micro, Small, and Medium Enterprises (MSMEs) across the country.
Speaking on Saturday during the inauguration of Dabtikir Microfinance Bank Limited in Hong, Adamawa State, Mr. Sah Nyashi, CBN Controller for Yola Branch, highlighted the importance of this partnership. Nyashi, represented by Adamu Yusuf, Head of Currency Management at CBN, emphasized that the collaboration is also crucial for the successful implementation of the Agricultural Credit Guarantee Scheme.
“CBN will continue its collaboration with Microfinance Banks in the areas of MSMEs, the Agricultural Credit Guarantee Scheme, and financial inclusion,” he said. “This initiative comes at a time when the less privileged need access to funding to grow and expand their economic activities.”
He further explained that microfinancing is a key strategy employed by CBN to promote economic growth and sustainability in Nigeria by providing loans and credit to underserved populations.
Nyashi encouraged the community to seize these opportunities to grow their businesses.
Dr. Asongo Abraham, in his remarks, referred to Microfinance Banks as “beacons” of hope for both community development and nation-building. He noted that microfinance enables access to the capital necessary for small businesses to succeed, create jobs, and improve living standards. Abraham also urged the bank’s management to adopt technology in its operations and build trust with customers for long-term success.
In his address, Prof. Benson Baha, Provost of the College of Education in Hong, encouraged the local population to open accounts with the microfinance bank, stressing its role in promoting rural development through financial and banking services.
Mr. Bathiya Wesley, Speaker of the Adamawa State House of Assembly, also pledged his support to MFBs, recognizing their role in improving the social and economic well-being of the people.
(Source: NAN)
