Nigeria: Over 200 Farmers to Benefit From Nirsal MFBs Lending

Gombe — The Managing Director and Chief Executive Officer, Nigeria Incentive Based Risk Sharing for Agricultural Lending (NIRSAL), Aliyu Abdulhameed, has disclosed that in few weeks time, over 200 farmers stand to benefit from the take off of the Micro-Finance Bank (MFB) lending in the country.

Abdulhameed said the aim is to further strengthen the nation's financial inclusion, create jobs at the rural level, and fill the gaps of closed micro-finance banks to give loans to Small Micro Enterprises (SMEs) across in NIgeria.

He also said the move would help reduce tension and insecurity situation once the rural farmers and small scale businesses are empowered with micro-credits nationwide.

The NISRAL boss made this known yesterday at the annual seminar for financial journalists, while speaking on, "The NIRSAL Micro-Finance Bank and Real Sector Financing," holding in Gombe State.

Represented by a Senior Manager of NIRSAL, Dr. Segun Ogidan, Abdulhamedd further noted that although about 902 microfinance banks are currently operating in the country, over 40 per cent of them are no longer viable.

"Our strategy is to ensure the coming back of failing micro-finance banks, remember, financial and non-financial service delivery is our mandate," he said.

He argued that there is a need to address the problems of MFBs to stimulate SMEs into contributing adequately to growth, because access to finance and inclusion is still challenge in the country.

He added the Central Bank of Nigeria (CBN), is interested in driving financial inclusion, through branch network and efficient services.

See What Everyone is Watching

More From: Guardian

Don't Miss

AllAfrica publishes around 600 reports a day from more than 150 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.