Microfinance Banks invest N222bn in Nigerian economy – Association

Wednesday, June 26, 2013

The National Association of Microfinance Banks (NAMB) on Saturday in Abuja said its members have invested more than N222 billion into Nigeria’s economy.

The president of the association, Jethro Akun, made this known at the association’s third Annual General Meeting held at Merit House, Abuja.

He said the statistics on the contributions are based on the Central Bank of Nigeria’s report on the activities of 900 registered micro-finance banks, MFBs, in the country as at December 31, 2012.

“We recorded a total of N125 billion as deposit and N97 billion was given out as loan, which all accrued to N222 billion.

“I am proud to say that MFBs nationwide has total client list of six million, out of which five million are servicing one form of loan or another.

“We have also contributed our quota to the nation by providing an avenue for job creation. 22,000 people have gained employment so far from the work of MFBs nationwide,’’ he said.

Source: Premium Times (link opens in a new window)