Nigeria: CBN Licenses 107 New Micro Finance Banks

Jan 2008
Abuja, Nigeria, January, 18 2008 - Governor of Central Bank of Nigeria (CBN), Professor Chukwuma Soludo, has said CBN has licenced 107 newly established Micro Finance Banks (MFBs), in addition to the 600 community banks that has already been promoted to that status.

He also said the consolidation exercise in the banking system resulted in the doubling of commercial banks' deposits from N2 trillion in 2005 to N5 trillion by 2007, as well as additional seven million depositors to the banks.

He said, "without access to finance, the vast resources in the country would not be utilised. Attainment of the Millennium Development Goals (MDGs) will not happen without appropriate access to finance," he said.

Challenging state governors to actively play a major part in the establishment of MFBs, Soludo expressed regrets that the non-commitment experienced in most states and local governments of the Federation, where not up to one per cent of their annual budgets have been devoted to micro-financing as required by the Micro finance Policy and Regulatory Framework.

Soludo reiterated CBN's commitment to facilitate further achievements that are part of a larger programme, to actualise Financial System Strategy 2020 in the next few years.

Source : All africa

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