CBN Partners MFBs To Boost MSMEs Growth, Financial Inclusion | Citizen NewsNG
Citizen NewsNG
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The Central Bank of Nigeria (CBN) has announced its collaboration with Microfinance Banks to boost financial inclusion and promote the growth of Micro, Small, and Medium Enterprises (MSMEs) across the country.
CBN’s Yola Branch Controller, Mr. Sah Nyashi, made this statement on Saturday during the inauguration of Dabtikir Microfinance Bank Limited in Hong, the administrative center of Hong Local Government Area, Adamawa.
Nyashi, represented by Adamu Yusuf, Head of the Currency Management Office at CBN, emphasized that this partnership is also crucial for the successful 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 encouraged the people to seize these opportunities to enhance their businesses.
In addition, Dr. Asongo Abraham referred to Microfinance Banks as “beacons” of hope for community development and nation-building.
He emphasized that microfinance offers access to the essential capital needed for small businesses to grow, generate employment, and improve living standards.
Abraham encouraged the bank’s management to adopt technology in its operations and foster trust with customers to ensure business success.
The Provost of the College of Education, Hong, Prof. Benson Baha, urged the community to open accounts with the bank to promote social and economic development at the grassroots level.
“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 of the Adamawa State House of Assembly, Mr. Bathiya Wesley, promised to support the Microfinance Banks to help them enhance the social and economic well-being of the people.
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