CBN partners MFBs to promote financial inclusion, MSMEs

The Central Bank of Nigeria says it is partnering with Microfinance Banks, to enhance financial inclusion to stimulate growth of Micro, Small and Medium Enterprises in the country.

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

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

“CBN would continue to partner with you in the areas of Micro Small and Medium Enterprises, Agricultural Credit Guarantee Scheme and Financial Inclusion.

“This came at a time when the less privileged really needed access 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.

He urged the people to take advantage of the opportunities to improve their businesses.

Also speaking, Dr 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.

Abraham advised the management of the bank, to embrace application of technology in its operstions, and build trust with customers for successful businesses.

Provost College of Education, Hong, Prof. Benson Baha, advised the people to open accounts with the bank for social and economic development at the grassroots.

“The aim of establishing the bank is to promote rural development through provision of finance and banking services to the host communities,” he said.

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

NAN.