Quest for the Truth and Justice

Gov Ahmed wants MFBs strengthened by CBN

Posted by on May 17th, 2017 and filed under Business, Top Stories. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

By Bukola Adama

The Kwara State Governor, Alhaji Abdulfatah Ahmed has called on the Central Bank of Nigeria to strengthen  Micro Financial Banks across the country to improve on their compliance level

He also charged the apex bank to ensure financial intermediation for people at rural environment.

Governor Ahmed made the call today when he received  the Central Bank of Nigeria (CBN) team on Nigeria Financial Inclusion Strategy led by the Bank’s Controller in Kwara State, Mr. Ekanem Akpan at the Government House, Ilorin.

He urged  financial institutions to develop products that are in consonance with dynamics of businesses and derisk some areas for financial intermediation.

According to him, developing better products, responses, flexible access and de-risking businesses will improve financial services through inclusion.

Governor Ahmed explained that his government had already imbibed proactive measures to broaden people’s inclusion in the banking web.

He noted that the state had strengthened its internally generated revenues collection processes by ensuring that revenues were collected electronically while the Micro Small and Medium Enterprises scheme is driven through Micro Finance Banks to improve inclusive banking in the state.

Also speaking, the Kwara State Controller of CBN, Mr. Ekanem Akpan, explained that the Nigeria Financial Inclusion Strategy is one of the CBN’s policies to extend financial services to unbanked citizens across the country.

Giving the analysis on Kwara State status on Nigeria Financial Inclusion Strategy, the Head of Financial Inclusion Desk, Mrs. Temitope Fadeyi disclosed that Kwara State had made significant progress in exclusion by twenty-six percent as at December, twenty-sixteen and hoped that the state’s exclusion would be brought down  to twenty percent soon.

Fadeyi noted that inclusive banking would guarantee support for economic opportunities, enhances access to finances, boosts productivity and improves citizens’ capacity to contribute to the state economic growth.

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