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‘Microfinance banks will strengthen rural economy’

THE Central Bank of Nigeria, CBN, says an apex association for microfinance banks in Nigeria will not only strengthen and boost rural economy but is capable of strengthening the national economy, generally.

Speaking at the recent harmonization of two strong microfinance banking associations in the country into the National Association of Microfinance Banks (NAMB) from the defunct National Association of Microfinance Banks of Nigeria, (NAMFBIN) and Association of Microfinance Bank in Nigeria (AMBN), deputy director and head, microfinance unit of the Central Bank of Nigeria, CBN, Mrs. O.A. Ogunnaike, praised the leadership of the fusing associations, particularly  Otunba Olatunde Olowu, for his leadership qualities and passion for microfinance banking in Nigeria, which, according to her, “made the harmonization possible”.

Speaking at the occasion,  Olowu said microfinance banking was an important factor in the sub-sector and could provide the needed capital to grow rural communities, check rural drift to urban centres, provide employment and check crime in the country.


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