NIRSAL MFB Announces Plan to Offer Support to over 200 Farmers

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The Managing Director and Chief Executive Officer, Nigeria Incentive-Based Risk Sharing for Agricultural Lending (NIRSAL), Aliyu Abdulhameed, has disclosed that in few weeks time, over 200 farmers stand to benefit from the take-off of the Micro-Finance Bank (MFB) lending in the country.

The NISRAL boss made this known at the annual seminar for financial journalists while speaking on, ‘’The NIRSAL Micro-Finance Bank and Real Sector Financing,’’ holding in Gombe State.

Abdulhameed said the aim is to further strengthen the nation’s financial inclusion, create jobs at the rural level, and fill the gaps of closed micro-finance banks to give loans to Small Micro Enterprises (SMEs) across in Nigeria.

He also said the move would help reduce tension and insecurity situation once the rural farmers and small scale businesses are empowered with micro-credits nationwide.

Represented by a Senior Manager of NIRSAL, Dr Segun Ogidan, Abdulhamedd further noted that although about 902 Microfinance banks are currently operating in the country, over 40 per cent of them are no longer viable.

“Our strategy is to ensure the coming back of failing micro-finance banks, remember, financial and non-financial service delivery is our mandate,” he said.

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He argued that there is a need to address the problems of MFBs to stimulate SMEs into contributing adequately to growth because access to finance and inclusion still challenges in the country.

He added the Central Bank of Nigeria (CBN), is interested in driving financial inclusion, through branch network and efficient services.