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Community banks, hub of micro-finance in Africa —CBN
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The Chairman, Jos Area Clearing House Committee, Mathias Kurah, who said this at the 2007 End-of -Year Dinner in Jos, Plateau state capital said the launch of such initiative would widen the reach of banking services in Nigeria and bring more currency in circulation into the banking system. For him, the principal objective of the micro-finance policy was to create MFBs that are financially sound, stable, self-sustaining and that would become the integral part of the communities in which they operate, with the potential to attract more resources and expand services to their customers.
On the efforts of the CBN in the area of development financing, the chairman said that "under the Agricultural Credit Guarantee Scheme Fund(ACGSF), a total of 1563 loans were guaranteed valued at over N 172 million in the year under review.
"Thus,when compared with the 2006 figures of 1837 loans valued at N107 million, we posted declines of 14.9 per cent in number of loans guaranteed.
However, in terms of value, there was an increase of 60.7 per cent", he said.
The committee chairman believed that the National Micro Finance Policy would enable the larger segment of the productive population to develop good savings habits and improved access to funding, among others.
Speaking on the activities of the Jos clearing house, comprising of Plateau and Nasarawa states, Kurah noted that a total of 217,600 financial instruments valued at N296.185 went through the Jos Clearing Area between January and December 2007 as against 138,714 instruments valued at N109.76 billion in 2006, representing an increase of 98 per cent and 171 per cent in both volume and value respectively.
On the current campaign against the abuse of the Naira, the Clearing House Committee Chairman said such campaign was to restore the dignity, respect of the currency both locally and internationally.He reiterated that " it is now a punishable offence with six months imprisonment of a fine of N50,000 or both for any form of abuse of the Naira, believing that Nigerians would support and cooperate with the CBN in an effort to have clean currency notes that would compete favourably with other currencies in the world.
On the efforts of the CBN in the area of development financing, the chairman said that "under the Agricultural Credit Guarantee Scheme Fund(ACGSF), a total of 1563 loans were guaranteed valued at over N 172 million in the year under review.
"Thus,when compared with the 2006 figures of 1837 loans valued at N107 million, we posted declines of 14.9 per cent in number of loans guaranteed.
However, in terms of value, there was an increase of 60.7 per cent", he said.
The committee chairman believed that the National Micro Finance Policy would enable the larger segment of the productive population to develop good savings habits and improved access to funding, among others.
Speaking on the activities of the Jos clearing house, comprising of Plateau and Nasarawa states, Kurah noted that a total of 217,600 financial instruments valued at N296.185 went through the Jos Clearing Area between January and December 2007 as against 138,714 instruments valued at N109.76 billion in 2006, representing an increase of 98 per cent and 171 per cent in both volume and value respectively.
On the current campaign against the abuse of the Naira, the Clearing House Committee Chairman said such campaign was to restore the dignity, respect of the currency both locally and internationally.He reiterated that " it is now a punishable offence with six months imprisonment of a fine of N50,000 or both for any form of abuse of the Naira, believing that Nigerians would support and cooperate with the CBN in an effort to have clean currency notes that would compete favourably with other currencies in the world.
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