CBN
The Central Bank of Nigeria (CBN) has announced a partnership with Microfinance Banks (MFBs) to enhance financial inclusion and promote the growth of Micro, Small, and Medium Enterprises (MSMEs) across the country, Dandali reports.
CBN Controller of the Yola Branch, Mr. Sah Nyashi, made this known during the inauguration of Dabtikir Microfinance Bank Limited in Hong, Adamawa State. Nyashi, represented by Adamu Yusuf, Head of Currency Management Office, emphasized the importance of the partnership for the successful implementation of the Agricultural Credit Guarantee Scheme.
He stated, “The CBN will continue to collaborate with MFBs to support MSMEs, facilitate the Agricultural Credit Guarantee Scheme, and advance financial inclusion.” He noted that the partnership comes at a time when underserved communities need access to funds to grow and expand their economic activities. Microfinancing, he added, is a strategic approach by the CBN to drive economic growth and sustainability by providing loans and credit to the public.
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Nyashi urged locals to take advantage of these opportunities to strengthen their businesses.
Dr. Asongo Abraham, also speaking at the event, described MFBs as “beacons” of hope for community development and nation-building. He highlighted that microfinance plays a crucial role in providing capital for small businesses, which helps create employment and improve living standards.
Abraham encouraged the bank’s management to embrace technology in its operations and build trust with customers to ensure long-term success.
Prof. Benson Baha, Provost of the College of Education in Hong, encouraged people to open accounts with the bank to promote social and economic development at the grassroots level. He explained that the bank was established to foster rural development by offering financial services to the host communities.
Additionally, Speaker of the Adamawa State House of Assembly, Mr. Bathiya Wesley, pledged his support for MFBs to help them contribute to the social and economic well-being of the people.
