Nigeria's central bank is "putting MFBs on their toes"

Oct 19, 2010

The Central Bank of Nigeria (CBN) is working hard to ensure microfinance institutions in the country meet the targets they have been set regarding providing services to the unbanked population.

This is according to Executive Director of Creditlink Microfinance Bank Taofeek Owoseni, who said in an interview with Leadership that the body is "putting MFBs [microfinance banks] on their toes". "It is expected that all microfinance banks should be able to cover the majority of the poor … by 2020," he was quoted as saying, adding there also needs to be a five per cent annual improvement in access to finance for women in Nigeria.

Mr Owoseni noted Creditlink is striving to meet the target, adding the company - which was established a year ago - wants to be "a leading microfinance bank" in the nation. His comments came as the CBN moved to restore 37 of the 244 microfinance bank licences that were recently revoked, with the news source quoting President of the National Association of Micro-finance Banks Matthias Umeh as stating they were withdrawn by mistake.