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Bank chief lists gains of micro- credit development fund
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Okereke told News Agency of Nigeria (NAN) today in Lagos that the move was the best that had happened to microfinance banks.
The fund is lodged with the Central Bank of Nigeria (CBN).
“It’s the best for the nation’s economy because it had given greater impetus to the embrace of the microfinance regime.
“By the arrangement, it means private microfinance operators can set up a microfinance bank that can key into the scheme, now that it is a loan and not equity.
“If the fund is well managed, Nigeria will become a world-leading economy by 2020,” Okereke said.
NAN reports that by the gesture, Small and Medium Enterprises (SMES), could access the fund through microfinance banks at a minimum interest rate.
The initiative, according to government, is to reduce poverty level from 50 percent to 20 percent by 2015.
The fund is lodged with the Central Bank of Nigeria (CBN).
“It’s the best for the nation’s economy because it had given greater impetus to the embrace of the microfinance regime.
“By the arrangement, it means private microfinance operators can set up a microfinance bank that can key into the scheme, now that it is a loan and not equity.
“If the fund is well managed, Nigeria will become a world-leading economy by 2020,” Okereke said.
NAN reports that by the gesture, Small and Medium Enterprises (SMES), could access the fund through microfinance banks at a minimum interest rate.
The initiative, according to government, is to reduce poverty level from 50 percent to 20 percent by 2015.
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