The total loans granted by Micro Finance Banks (MFBs) to their customers stood at N482.896 billion as at December, 2018, the Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, has stated
Emeflele, who made the disclosure during his keynote address at the 27th Seminar for Finance Correspondents and Business Editors held in Gombe, as well held that the MFBs were helping to drive financial inclusion among the financially excluded in the nation’s economy.
The CBN Governor, represented by Edward Lametek Adamu, the Deputy Governor, Corporate Services Directorate, said financial inclusion was huge among small holder peasant farmers, artisans and other small business operators, creating wealth and employment along the path.
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).
He, however, said: “As at December, 2018, aggregate loans granted by MFBs was N482.896 billion. Of this amount, loan sizes below N1.4 million accounted for 72 per cent”