Reviving MfBs to enhance economic growth - Vanguard News

NIGERIA is presently faced with the challenge of weak economic growth, which stood at 1.93 percent for 2018, and a huge population estimated at 201 million people. The impact of this challenge is reflected in the high unemployment figures, estimated at 23.1 percent, and the 86.9 million Nigerians living in extreme poverty.

Unlike conventional banks, the distinct features of microfinance are: Smallness of loans advanced and savings collected; near absence of assets-based collateral; and simplicity of operations. Among other things, microfinance facilitates poverty alleviation, encourage development of micro enterprises as well as increase savings. It also helps individuals generate income, build asset base while leading to improved quality of life.

“The principal objective of the MF policy is to create MFBs that are financially reliable, self sustaining and integral to the communities in which they operate, with the potential to attract more resources and expand services to their customers”, adding that this was in order to, “Provide access to financial services for the un-served and vulnerable groups; Promote synergy and mainstreaming of the informal subsector into the national financial system; Enhance service delivery by MFBs to MSMEs;...

“Financial inclusion has had a positive effect in Nigeria as the exclusion rate reduced from 53 percent in 2008 to 46.3 percent in 2010 and 36.8 percent in 2018.”Martins however stressed notwithstanding the above MfBs are yet to make the desired impact on the society, adding that this is due to a host of challenges undermining the subsector.

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