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Home Business News

NIRSAL Microfinance Bank to take off, targets 400,000 SMEs

Damilare Famuyiwa by Damilare Famuyiwa
February 1, 2019
in Business News, Company News
Central Bank of Nigeria, Emefiele, Textile

Godwin Emefiele, Governor of the Central Bank of Nigeria

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Central Bank of Nigeria, CBN’s wholly owned Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) has unveiled its new national Microfinance Bank (MFB), which is expected to take off in February 2019.

With branches in all 774 Local Government Areas of the country, NIRSAL is set to begin full operations with a target to reach about 400,000 Small and Medium Enterprises (SMEs) within its first two years.

Aliyu Abdulhameed, the Chairman, NIRSAL MFB (NMFB), said the launch is scheduled to take place simultaneously across the six geopolitical zones in the country and at the flagship branch in Gwagwalada, Federal Capital Territory (FCT).

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He added that the other pilot locations are: Bauchi, Ibadan, Kaduna, Enugu, Port Harcourt and Lokoja Nipost offices.

NIRSAL MFB’s significance

The bank has been designed 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.

According to Abdulhameed, the new bank would effectively serve the millions of small entrepreneurs and smallholder farmers in the country.

He said, “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.”

NIRSAL MFB is expected to bring into existence a revolution in the country’s financial sector and among MSMEs operators.

More so, the new financial institution which is a product of a tripartite partnership between the Bankers’ Committee, NIRSAL and the Nigerian Postal Service (NIPOST) would be saddled with administering banks’ Small and Medium Enterprises (SMEs) funds. The bank would disburse the huge SMEs funds contributed by the banks which have been sitting in CBN idle.

Ownership structure

The microfinance bank is in strategic partnership with NIPOST with a view to leverage on NIPOST’s widespread offices, while NIRSAL would bring to bear its expertise and experience in financing low-income entrepreneurs and de-risking of credits originated by the MFB by providing guarantees in line with its mandate. The Bankers Committee provided the set-up equity capital and owns 50 per cent of the bank, while NIRSAL and NIPOST own 40 per cent and 10 per cent respectively.


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Tags: Nigerian Postal ServiceNipostNIRSAL MFB
Damilare Famuyiwa

Damilare Famuyiwa

Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ). Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

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Comments 3

  1. LOUISMARY says:
    October 8, 2020 at 12:48 pm

    This Funds are not correctly distributed, i particular have suffered alot applying for this funds/loans for a very long time. we are always deceived and maginalized. We need dis loans, we are suffering in dis side of de country, help us if u can or stop deceiving us if u can’t.

    Reply
  2. Kabiru says:
    August 14, 2021 at 4:47 pm

    Please give me your long
    I have to a business market

    Reply
  3. Alege Mary Ayobami says:
    November 26, 2021 at 9:57 pm

    Please I saw a message on my account which I don’t understand . Thanks

    Reply

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