The Central Bank of Nigeria (CBN) has given provisional approval for newly established Treasure Microfinance Bank to begin operations. This is ahead of the December 2007 deadline set for all Community Banks in the country to convert to Microfinane Banks.
The targets of Nigeria’s microfinance policy, according to the CBN are to ensure that the majority of the poor but economically active population is covered by 2020, and to increase the share of micro credit as percentage of total credit to the economy from 0.9 percent in 2005 to at least 20 percent in 2020. (For further information on Nigeria’s policies on microfinance, refer to a previous MicroCapital article.)
Continue reading “MICROCAPITAL STORY: Treasure Microfinance Bank to Begin Operations in Nigeria”
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