CBN MFBs partner to promote financial inclusion, MSMEs

The Central Bank of Nigeria (CBN) has announced a strategic partnership with Microfinance Banks (MFBs) to enhance financial inclusion and stimulate the growth of Micro, Small, and Medium Enterprises (MSMEs) across the nation.

This was revealed during the inauguration of Dabtikir Microfinance Bank Limited in Hong, Adamawa State.

Mr. Sah Nyashi, CBN Controller for the Yola Branch, emphasized the importance of this collaboration, stating, “CBN would continue to partner with you in the areas of Micro Small and Medium Enterprises, Agricultural Credit Guarantee Scheme, and Financial Inclusion.”

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He highlighted that the initiative is crucial for providing the less privileged access to funds for business development and economic expansion.

Dr. Asongo Abraham, who spoke at the event, described MFBs as “beacons” of hope for community development, asserting that microfinance is vital for small businesses to thrive, create jobs, and enhance living standards.

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He encouraged MFBs to leverage technology and build customer trust to succeed.

Prof. Benson Baha, Provost of the College of Education in Hong, urged the community to engage with the new bank, emphasizing its role in promoting rural development through accessible finance and banking services.

Mr. Bathiya Wesley, Speaker of the Adamawa State House of Assembly, pledged support for MFBs to help improve the social and economic welfare of the community.