The State House of Assembly of the Nigerian state of Bauchi has reportedly passed a resolution creating a ministry for the promotion of microfinance institutions (MFIs). According to a statement attributed to Alhaji Dayyabu Ciroma, chairman of the House Committee on Information, the ministry will be headed by a veteran banker and will focus on the education of rural populations regarding micro finance services. Mr. Ciroma said that most customers use banks only to collect salaries, rather than take out loans or make deposits.
By Brett Cohen, Research Associate
Sources and Additional Resources:
AllAfrica Press Release: “Nigeria: Bauchi to Create New Ministry for Micro Finance Banks”
http://allafrica.com/stories/201207160384.html
MicroCapital.org story, March 19, 2012: “MICROCAPITAL BRIEF: Nigeria’s National Association of Microfinance Banks (NAMB) Aims to Lower Cost of Borrowing for Microfinance Institutions (MFIs)”, https://www.microcapital.org/microcapital-brief-nigerias-national-associa…
MicroCapital.org story, May 28, 2012: “MICROCAPITAL BRIEF: Central Bank of Nigeria (CBN) Financial Inclusion Strategy Includes Goal of 63m Savings Accounts by 2020,” https://www.microcapital.org/microcapital-brief-central-bank-of-nigeria-c…
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