Home   >   NEWS & VIEWS   >   News

  • NIRSAL Microfinance Bank to empower 400,000 SMEs

    Feb 4th, 2019

    NIRSAL Microfinance Bank is set to commence operations this month with the aim of empowering about 400,000 Small and Medium Enterprises, SMEs, within its first two years. The Nigeria Incentive-Based Risk Sharing System for Agricultural Lending, NIRSAL, Nigerian Postal Service and the Bankers’ Committee all birthed the NIRSAL Microfinance Bank, NMFB, with the Bankers Committee as the capital shareholder owning 50 percent of the bank, while NIRSAL and NIPOST own 40 percent and 10 percent respectively.

    According to a statement signed by NIRSAL, the goal is to expand opportunities and empower SMEs across Nigeria through structured microcredit to help them grow their businesses. National Coordinating Consultant, NIRSAL MFB, Dr. Steve Ogidan, who signed the statement, noted that the new microfinance bank would have network of branches in all the 774 Local Government Areas of the federation and the FCT.

    The objective according to the statement, is to drive and deepen financial inclusion, provide easy access to credit and other financial services to SMEs, reduce unemployment rate in the rural areas, and reduce rural-urban migration. Speaking on the recent development, the Chairman, NIRSAL MFB, Mr. Aliyu Abdulhameed, revealed that millions of small entrepreneurs and smallholder farmers in the country would be effectively served by the banks. “The mission and strategy of NMFB are focused on making significant, sustainable and measurable impact on small businesses across Nigeria and, by extension, on the lives of millions of Nigerians dependent on them in the overall interest of the economy,” He said.