How To Establish Microfinance Bank In Nigeria

What is a Microfinance Bank (MFB)?

Microfinance Bank (MFB) is any company licensed by the Central Bank of Nigeria (CBN) to carry on the business of providing financial services such as savings and deposits, loans, domestic funds transfer and non-financial services to microfinance clients.

What are the specific objectives of the new microfinance policy?

The specific objectives of the microfinance policy are to:

1. Make financial services accessible to a large segment of the potentially productive Nigerian population which would otherwise have little or no access to financial services.
2. Provide synergy and mainstreaming of the informal sub-sector into the national financial system.