CBN inaugurates 37 newly licenced Micro-finance Banks

on   /   in Finance 6:45 pm   /   Comments

The Central Bank of Nigeria (CBN) has granted licence to Kano State Government to establish 37 micro-finance banks in the state.

The governor of CBN, Sanusi Lamido Sanusi, made this known during the inauguration of the 37 banks in Kano penultimate week.

“Kano State has made history as the first state in the country to benefit from the CBN’s gesture of being granted licence for the establishment of 37 Micro-Finance Banks at a stretch,” he said.

Sanusi explained that the CBN decided to relax the guidelines for the establishment of Micro-Finance banks for Kano State because of the government efforts to empower women and youths in the state.

He advised the people of the state to take advantage of the Micro-Finance banks to establish their small and medium scale businesses. In his remarks, Gov. Rabi’u Kwankwaso, said the banks were established in collaboration with the local governments to give rural dwellers the opportunity to boost economic activities.

He said that 10 local government areas in the state did not have commercial banks. Kwankwaso commended the CBN for granting the licence and thanked all those who contributed to make the dream of establishing the banks a reality.

He said that the establishment of the banks would provide employment opportunities to no fewer than 700 Kano indigenes.

The governor said his administration would do everything possible to sustain the 37 Micro-finance Banks.

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