N220bn MFBs’ fund to drive development, financial inclusion

Monday, October 29, 2012

The Federal Government is set to launch a N220bn fund to enable Nigerian businesses and citizens that lack access to traditional financial services access such services at a much lower cost.

The Governor, Central Bank of Nigeria, Mr. Lamido Sanusi, said this at a press conference on the National Financial Inclusion Strategy in Abuja on Wednesday.

Similarly, plans have reached advance stages to roll out a micro-insurance framework aimed at encouraging rural dwellers and the urban poor to buy insurance policies that can boost their financial earnings.

At the conference, which was also addressed by the United Nations Secretary-General’s Special Advocate for Inclusive Finance for Development, Maxima of the Netherlands, Sanusi said the fund would be launched before the end of the year.

The CBN governor said 60 per cent of the fund would be devoted to businesses managed by women at reduced interest rates.

Source: Punch Nigeria (link opens in a new window)

financial inclusion, microfinance