Central bank to establish microfinance banks In 774 LGs

Central bank to establish microfinance banks In 774 LGs

The Central Bank of Nigeria (CBN) is targeting to have Microfinance Bank branches in all the 774 local governments of the country. The capital base of the new NIRSAL Microfinance Bank will initially be N5 billion and as a first step, the apex bank said this new Microfinance banks which is a collaboration between the Bankers Committee, NIRSAL and NIPOST will see the establishment of seven Microfinance banks in the six geopolitical zones and the Federal Capital Territory (FCT). Thereafter the number will be scaled up to 50 Microfinance banks which are expected to become operational in the second phase of the launch of NIRSAL Microfinance bank. The first seven branches to be opened will be located in Ibadan, Port Harcourt, Bauchi, Kaduna, Enugu and Lokoja in addition to the one in Gwagwalada Abuja. Governor of the CBN Mr. Godwin Emefiele made this known on Wednesday at Gwagwalada, in Abuja when he embarked on a facility tour of Nigeria Incentive-Based Risk Sharing System for Agricultura…