• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News

CBN reiterates commitment to curbing poverty through microcredit

Damilare Famuyiwa by Damilare Famuyiwa
April 26, 2019
in Business News, Politics
CBN, Key lending rate, CBN to boost creative industry with N22 billion , CBN increases LDR to 65%, sets December deadline, External reserves drop by $3.2 billion in Q3’19 , Banks' loans to Oil and Gas, Power, other sectors drop by N411.8 billion 
Share on FacebookShare on TwitterShare on Linkedin

Central Bank of Nigeria (CBN), has reiterated its commitment to reduce the rate of poverty in Nigeria, through micro-financing and empowerment of micro-entrepreneurs.

While speaking at the 27th Seminar for Finance Correspondents and Business Editors, the CBN’s Emefiele, who was represented by CBN Deputy Governor Edward Adamu, said the apex bank is committed increasing access to financial services for the economically active poor. This is expected to help enhance job creation as well as reduce poverty.

How CBN is approaching the poverty reduction commitment

According to Emefiele, the CBN had recently carried out some reforms in the microfinance sub-sector, with the aim of increasing the share of microcredit to at least 20 percent by 2020.

RelatedStories

CBN, forex

June 2025 PMI: CBN warns of inflation as input costs outpace output prices

July 8, 2025
CBN, forex

CBN clarifies NRBVN charges, says BVN enrolment remains free for Nigerians in Nigeria 

July 7, 2025

Emefiele stated that by increasing access to credit and related services to the economically active segment of the low-income population, microfinance directly contributes to expanding the production base of the economy.

“In a developing country like ours, the link between microfinance and the real sector is quite strong. Microfinance banks are conceived to serve as critical financial lubricants for the real sector, which is the pillar of sustained economic growth.

“At the moment, economic policy in Nigeria faces a major challenge of reviving growth which is the only sure path to ending pervasive poverty. Microfinance has worked in this regard in many climes and promises to work in Nigeria if we get this right.”

Why microfinance banks can’t be sidelined in reducing poverty

Robust economic growth cannot be achieved without putting in place well-focused programmes that increase access of poor and low-income earners to factors of production, especially credit. Microfinance is about providing financial services to the poor who are traditionally not served by conventional financial institutions.

In Nigeria, a large percentage of the population is still excluded from financial services. The Lagos Business School (LBS) had revealed in a study that 43 percent of Nigerians are financially excluded.

In its financial inclusion report, which was launched in Lagos, the LBS noted that only 49 per cent of Nigerians owned bank accounts. It said eight per cent of Nigerians owned a mobile money account, while 36 per cent used informal financial tools.


Follow us for Breaking News and Market Intelligence.
Tags: CBNGodwin Emefiele
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.

Related Posts

CBN, forex
Economy

June 2025 PMI: CBN warns of inflation as input costs outpace output prices

July 8, 2025
CBN, forex
Financial Services

CBN clarifies NRBVN charges, says BVN enrolment remains free for Nigerians in Nigeria 

July 7, 2025
CBN, forex
Breaking News

Court upholds CBN-backed NIBSS Authority to manage BVN Database nationwide 

July 4, 2025
CBN, forex
Financial Services

Credit to Private sector slips marginally to N77.83 trillion in May 2025 despite surging money supply 

July 3, 2025
CBN, forex
Financial Services

Nigeria’s FDI drops by 19% to $250 million in Q1 2025 – CBN 

June 27, 2025
CBN Governor Yemi Cardoso to be honoured at Nairametrics Capital Market Awards for monetary policy reforms and banking sector recapitalization 
Financial Services

Focus on ‘African-led, African-owned’ growth, digital transformation – Cardoso tells African leaders at Afreximbank AGM 

June 25, 2025
Next Post
Fidelity Bank MD assures investors of better dividends ahead, Fidelity Bank announces appointment of two Deputy Managing Directors 

Fidelity Bank MD assures investors of better dividends ahead

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • US tightens visa policy for Nigerians, limits non-migrant visas to single-entry, 3-month Validity  
  • Afreximbank’s credit ratings downgrade: Two worlds, one conversation 
  • How the PalmPay Premium Account is redefining digital banking in Nigeria 

Follow us on social media:

Recent News

United States extends period for work permits for non-citizens

US tightens visa policy for Nigerians, limits non-migrant visas to single-entry, 3-month Validity  

July 8, 2025
AfreximBank approves $200 million finance facility to BUA Group for expansion projects 

Afreximbank’s credit ratings downgrade: Two worlds, one conversation 

July 8, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics