James Emejo, Bamidele Famoofo and Nume Ekeghe in Gombe
The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, yesterday disclosed that total aggregate loans granted by Microfinance Banks (MFBs) to micro small and medium enterprises (MSMEs) in the country stood at N482.896 billion as at December 2018.
He added that the CBN was working to increase the share of micro credit as percentage of total credit to at least 20 percent by 2020.
Speaking at the opening of the CBN 27th seminar for finance correspondents and business editors in Gombe State, themed: “Repositioning Microfinance Banks for Real Sector Growth”, Emefiele noted that small businesses had been more successful in securing credit from the microfinance institutions rather than conventional deposit money banks (DMBs).
He noted that data from the licensed credit bureaus indicated that the operations of micro finance banks had helped to improve financial…
