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Taj Bank and Mercy Corps have joined forces by signing a Memorandum of Understanding (MoU) to combat the prevalent issue of financial exclusion in North East Nigeria.
During the event in Abuja, Mr. Ndubisi Anyanwu, the Country Director of Mercy Corps, highlighted the partnership between Mercy Corps and Taj Bank, a leading institution in promoting non-interest financial services. The aim is to address the high rate of financial exclusion in the region by delivering financial products and services to 90,000 households.
This collaborative effort is part of the USAID-funded Feed the Future Nigeria Rural Resilience Activity, which is implemented by Mercy Corps in partnership with Save the Children International and the International Fertilizer Development Cooperation (IFDC).
Anyanwu stated, “It is a critical step towards reducing the financial exclusion rate as a catalyst for improving the economic well-being of the Rural Resilience Activity’s participants in Northeast Nigeria. We hope that our partnership with Taj Bank will help address the financial needs of critical demographics such as youths, women, rural communities, and micro-businesses in the region, fostering sustainable growth and economic prosperity in Nigeria’s North East.”
According to the 2020 Access to Financial Services Survey, 50 percent of the population in Northeast Nigeria is financially excluded, with 80 percent residing in rural areas. This partnership aims to address this challenge and promote access to finance for over 90,000 households and businesses supported by Mercy Corps under the USAID Feed the Future Nigeria Rural Resilience Activity, while considering the cultural and religious aspirations of the predominantly Muslim population.
Responding to the collaboration, Mr. Hamid Joda, the Managing Director of Taj Bank, expressed his belief that this partnership would serve as a model for other institutions to follow. He emphasized the importance of driving financial inclusion, reducing poverty, and increasing employment in alignment with the mandate of the Central Bank of Nigeria (CBN).
Joda stated, “There are numerous entrepreneurs in those areas who are unbanked. We need to bring them into the financial system and develop financing models that enable them to scale their businesses and reduce poverty levels. I believe this partnership will significantly contribute to addressing these challenges, ultimately reducing poverty and increasing employment, as these are two critical issues affecting our country today.”
The collaboration between Taj Bank and Mercy Corps holds the promise of creating a positive impact by expanding financial inclusion, driving economic growth, and empowering communities in North East Nigeria.
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