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The Central Bank of Nigeria (CBN) has announced a strategic partnership with Microfinance Banks (MFBs) to enhance financial inclusion and support the growth of Micro, Small, and Medium Enterprises (MSMEs) across the country. This collaboration aims to drive economic development and provide critical financial access to underserved communities.
Speaking at the inauguration of Dabtikir Microfinance Bank Limited in Hong, the headquarters of Hong Local Government Area in Adamawa State, CBN’s Controller of Yola Branch, Mr. Sah Nyashi, emphasized the importance of this partnership. Nyashi, represented by Adamu Yusuf, Head of Currency Management at the CBN, noted that the initiative is essential for the effective implementation of the Agricultural Credit Guarantee Scheme and other key financial programs.
“The CBN remains committed to partnering with Microfinance Banks in areas such as MSME support, the Agricultural Credit Guarantee Scheme, and financial inclusion,” Nyashi stated. “This partnership comes at a critical time when underserved individuals need access to funds to grow and expand their economic activities.”
Nyashi highlighted that microfinancing is a core component of the CBN’s strategy to foster economic growth and sustainability in Nigeria. By providing loans and credit to the general populace, MFBs play a vital role in helping individuals and small businesses develop and prosper.
He also encouraged local communities to seize the opportunities presented by these financial services to improve their businesses and livelihoods.
Dr. Asongo Abraham, speaking at the event, described Microfinance Banks as “beacons” of hope for community development and nation-building. He emphasized the significance of microfinance in providing the necessary capital for small businesses to thrive, generate employment, and uplift living standards.
Abraham urged the management of Dabtikir Microfinance Bank to integrate technology into its operations to enhance efficiency and build customer trust, which he said is critical to the success of any financial institution.
In his remarks, Professor Benson Baha, Provost of the College of Education in Hong, advised residents to open accounts with the new bank to promote grassroots social and economic development. He underscored that the bank was established to contribute to rural development by offering essential banking services to the local community.
Adamawa State House of Assembly Speaker, Mr. Bathiya Wesley, pledged the state’s support for Microfinance Banks, recognizing their role in improving the social and economic well-being of the people. Wesley affirmed the government’s commitment to ensuring that MFBs have the necessary support to fulfill their mandate of financial inclusion and economic empowerment at the grassroots level.
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