Business
CBN Tasks RSG On 1% Micro-Finance Fund
As part of efforts to empower the poor rural dwellers, the Central Bank of Nigeria (CBN) has called on the Rivers State Government to deposit one percent (1%) of its annual budget to the Central Bank for the micro finance initiative.
Making this known while presenting a paper titled “strengthening peace through effective credit delivery and economic empowerment in the Niger Delta”, at the 10th International Conference on the Niger Delta, organised by the Rivers Economic Development Forum (REDEF) in Port Harcourt, the Manager, Development Finance of the CBN, NSE-Obong Akpan, who was represented by Mr. C. Okorie said that CBN preaches micro credit because it is a veritable tool for rural development, adding that, their concern is that the rural people have access to credit and that the credit is sustainable.
To this effect, he stated that CBN have come up with a policy that state governments donate one per cent of their annual budget through the micro finance bank.
He said that other state government in the South-South like Akwa-Ibom and Cross River have responded, but that Rivers Sate have not shown up, except that some multi-national organisations like Shell Oil Company, Elf and Agip have given to the fund.
The CBN Manager also explained that a partnership approach can be created between the communities, banks and government, and that cooperative societies and small scale industries can receive up to N10 million.
NSE-Obon noted that over 50 per cent of Nigerians live below poverty line, and that this is because they do not have access to credit, pointing out that banks don’t do direct lending, but that the amount deposited serves as collateral, and that they can get about four times the amount they deposited as loans.
He said President Yar’Adua on February 2008 launched the micro credit fund (MCF) with the objectives of complementing the poverty and small and micro credit intervention by government at all levels, and also ensuring a wider and equitable distribution of credit around the country to deserving entrepreneurs.
According to him, the former Governor of Central bank, Chukwuma Soludo also inaugurated the apex association of Micro-finance bank; “the Committee of Micro-finance banks in Nigeria (COMBIN) in May, 2008, and that the committee provides the platform for interaction between the regulators and the operators in the micro-finance sub-sector.
Cornerstone of Financial Services
A survey of more than 1 000 global finance leaders undertaken by digital payment network Ripple shows that 72% of respondents believe they need to offer a digital asset solution to remain competitive.
According to Ripple, leaders from the banking, fintech, corporate and asset management sector have made it clear that the “digital asset revolution is happening now”.
“Digital assets are quickly becoming a cornerstone of financial services, underpinned by progressive regulation, growing interest from Tier-1 banks, a steady consumer shift from banks to fintech providers, and booming stablecoin adoption,” Ripple says.
The survey was conducted in early 2026 and the findings released in March.
Stablecoin Boon or Bane?
Ripple has experienced significant success in the stablecoin sector since launching its Ripple USD (RLUSD) stablecoin in 2024.
With a market cap of $1.56 billion, it is considered a major regulated player in the market.
No doubt the platform was pleased to learn through its own survey that financial leaders were most bullish about stablecoins.
Roughly three-quarters of respondents believed they could boost cash-flow efficiency and unlock trapped working capital.
Ripple noted that finance leaders were thinking about stablecoins as more than “just a new way to execute payments”; instead, they viewed them as effective tools for treasury management.
In March 2026, Ripple began testing a new trade finance model built around RLUSD in a bid to increase the speed of cross-border payments.
The pilot initiative, developed alongside supply chain finance company Unloq [https://unloq.com], is running on the XRP Ledger inside a testing framework developed by the Monetary Authority of Singapore.
The Asian city-state is one of the platform’s biggest growth markets.
The idea behind the project is to see whether stablecoin-based settlement can streamline trade finance, too often hampered by reliance on intermediaries and slow reconciliation.
The only potential drawback is that if the initiative takes off, the Ripple to USD price could be negatively affected.
Ripple has always championed its native XRP token as a bridge asset, the “middleman” in the process of a financial institution turning dollars in the US into pounds in the UK, for example.
Ripple converts dollars into XRP and then back into pounds.
If RLUSD can do exactly the same thing, questions will be asked about XRP’s relevance.
That is a bridge Ripple will have to cross if it gets to that point.
Tokenisation Partners
Another interesting finding from Ripple’s survey is that most banks and asset managers are seeking tokenisation partners to help execute their strategies.
Some 89% of respondents said digital asset storage and custody were top priority. “Token servicing/lifecycle management also ranks highly for banks at 82%, while asset managers place greater emphasis on primary distribution at 80%,” Ripple found.
The survey also revealed that just more than half of fintechs and financial institutions want an infrastructure provider that can offer a “one-stop-shop solution”. This rose to 71% among corporate financial leaders.
Ripple attributes this to institutions and firms wanting uncomplicated, cohesive systems.
Infrastructure Rules
In its final analysis, Ripple says companies across the board are looking for partners and solutions that are “secure, compliant, battle-tested and that enable growth and execution”.
“The message is clear: infrastructure decisions made today will shape competitive positioning tomorrow.”
No surprise that this is precisely where Ripple is placing much of its focus.
