Microfinance banks’ loans hit N482.896bn, CBN says

The total loans granted by Micro Finance Banks (MFBs) to their customers stood at N482.896bn as at December, 2018, the Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, has said.

Mr. Emeflele who delivered the keynote address at the 27th Seminar for Finance Correspondents and Business Editors held in Gombe, also said MFBs were helping to drive financial inclusion among the financially excluded.

Represented by Edward Lametek Adamu, the Deputy Governor, Corporate Services Directorate, Mr. Emefiele said financial inclusion was huge among small holder peasant farmers, artisans and other small business operators, creating wealth and employment along the path.

“As at December, 2018, aggregate loans granted by MFBs was N482.896bn. Of this amount, loan sizes below N1.4m accounted for 72 per cent” he said.

According to him, the CBN “equally observed that small businesses have been more successful in securing credit from the microfinance institutions rather than conventional Deposit Money Banks (DMBs).