1028 Microfinance Banks in Nigeria
Quote from Ndubuisi Ekekwe on June 11, 2018, 8:08 AMNigeria has 1028 microfinance bank institutions, according to a list released by the Central Bank of Nigeria. Download here (PDF).
Certainly, this means that Nigeria can actually drive financial inclusion if we have the enabling environment. The number is not bad to make real impacts if these institutions are strong enough to have impacts in communities they serve. From lending to saving, some of these institutions would begin to move online, making it possible for entities to serve more customers, improve scale, drive efficiency and advance lives of people.
We have always focused on the big banks in Nigeria. But these 1028 microfinance institutions have roles in the nation. We need to find ways to make them work. We have enough of them now to reach our citizens even in rural areas. They should be the agents of financial inclusion.
Nigeria has 1028 microfinance bank institutions, according to a list released by the Central Bank of Nigeria. Download here (PDF).
Certainly, this means that Nigeria can actually drive financial inclusion if we have the enabling environment. The number is not bad to make real impacts if these institutions are strong enough to have impacts in communities they serve. From lending to saving, some of these institutions would begin to move online, making it possible for entities to serve more customers, improve scale, drive efficiency and advance lives of people.
We have always focused on the big banks in Nigeria. But these 1028 microfinance institutions have roles in the nation. We need to find ways to make them work. We have enough of them now to reach our citizens even in rural areas. They should be the agents of financial inclusion.
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