Business
Women Groups Hail RUFIN’s Empowerment Initiative
Some women groups which benefitted from the Rural Finance Institution Programme (RUFIN), say the programme has particularly empowered women economically.
The beneficiary groups from Agbowa-Ikosi, Ejirin and Mutaku communities in Epe local government area of Lagos State commended RUFIN for improving the lot of women and households in the neighbourhood.
Representatives of the women groups told The Tide source in Agbowa-Ikosi recently that the programme had made women to become more relevant in their various households.
Mrs Bridget Okute, President, God’s Time Cooperative Society, said that since the women now had a stable source of income, their husbands had been showing more respect for them.
She said that members of her group were now able to feed their families and take care of other domestic tasks, adding that they also garnered more respect from their husbands.
”Our husbands do not chastise us again because we now assist them financially; unlike before when we had to wait for them before we could meet most of our financial obligations.
”RUFIN has helped us; for instance, in the cooperative society which I coordinate, we, the members, are now more dignified; we are now able to expand our farms and grow varieties of crops; we are even employers of labour,’’ she said.
Okute said that the members of the cooperative society were now more educated on how to save money, accumulate funds and access credit facilities.
”In my group, we have been able to manage our internal funds judiciously; we also have links with micro-finance banks, where we can access loans within a short period.
”Some of the micro-finance banks give us loans at 2.2 per cent rate and have even increased our borrowing capacity from N30, 000 to N100, 000 to N300, 000 at the same percentage.
”I am glad to tell you that we are now financially independent; we give internal loans to our members and even run a group credit account,’’ she said.
Also speaking, Mrs Ronke Sherumukuma, a member of the group, said that she only had a smattering knowledge of cassava farming until she attended a RUFIN capacity-building workshop.
”During the workshop, there were practical and participatory presentations on cassava and maize farming as well as piggery; thereafter, we were linked to micro-finance banks.
”I was given a N30,000 loan, with a three-month moratorium and payment plan; today, I have a big cassava and pineapple farm, and I am currently planning to obtain a N400,000 loan,’’ she said.
Sherumukuma also commended the micro-finance banks for their liberal loan schemes with low interest rates.
Mrs Roselyn Apebe, a member of Able Farmers’ Cooperative Society in Agbowa-Ikosi, also thanked the micro-finance banks for making lives easy for them.
”With their help, I am now a big-time farmer with large cocoa yam and cassava farms; I have also expanded my farming activities, while venturing into other businesses.
Besides, Mr Omoseyinde Johnson, a member of Lofi Men and Women Cooperative Society in Ejirin, Epe, said that the easy access of the group to credit facilities had empowered its members economically, as a number of them now owned fishing canoes.
He noted that RUFIN had established various partnership and linkage schemes to help small farmers and others to break away from the yoke of poverty and prosper.
He said that such linkages had facilitated the evolution of strong synergies, thereby strengthening the impact of the programme, particularly in the areas of capacity building, financial linkages and knowledge sharing, among others.
He said that RUFIN had created an enabling environment for micro-finance schemes to thrive in the country, adding that their impact was now more pronounced among RUFIN beneficiaries in the rural areas, leading to success stories.
NAN reports that RUFIN was implemented in 12 states across the six geo-political zones of the country, with two states from each zone benefitting from it.
The programme is funded by the Federal Government and the International Fund for Agricultural Development (IFAD).
RUFIN has ended in May but some beneficiaries underscored the need to restart the programme and extend it to states, which hitherto had not benefited from it, because of its positive impact on the rural populace.
The Central Bank of Nigeria (CBN) yesterday said 33 banks have met new minimum capital requirements under its recapitalisation programme, raising a combined N4.65 trillion to strengthen the financial system.
The apex bank disclosed this in a statement marking the end of the exercise, which commenced in March 2024 and drew participation from domestic and foreign investors.
The statement was jointly signed by the Director of Banking Supervision, Olubukola Akinwunmi, and the Acting Director of Corporate Communications, Hakama Sidi-Ali.
The statement said “Over the 24-month period, Nigerian banks raised a total of N4.65tn in new capital, strengthening the resilience of the financial system and enhancing its capacity to support the economy.”
The regulator said local investors accounted for 72.55 per cent of the funds, while international investors contributed 27.45 per cent, reflecting continued confidence in the sector.
Commenting on the outcome, the CBN Governor, Olayemi Cardoso, said in the statement, “The recapitalisation programme has strengthened the capital base of Nigerian banks, reinforcing the resilience of the financial system and ensuring it is well-positioned to support economic growth and withstand domestic and external shocks.”
It added that while 33 banks have complied with the new thresholds, a few others are still undergoing regulatory and legal processes.
The statement noted, “The CBN confirms that 33 banks have met the revised minimum capital requirements established under the programme.
“A limited number of institutions remain subject to ongoing regulatory and judicial processes, which are being addressed through established supervisory and legal frameworks.
“All banks remain fully operational, ensuring continued access to banking services for customers.”
The apex bank stressed that the exercise was executed without disrupting banking operations, ensuring uninterrupted access to services nationwide.
It further stated that key prudential indicators have improved, particularly capital adequacy ratios, which remain above global Basel benchmarks.
The minimum ratios were set at 10 per cent for regional and national banks and 15 per cent for banks with international licences.
The bank also said the recapitalisation coincided with a gradual exit from regulatory forbearance, a move it said improved asset quality, strengthened balance sheet transparency, and enhanced overall stability.
To preserve these gains, the CBN said it has reinforced its risk-based supervision framework, mandating periodic stress tests and adequate capital buffers for banks.
It added that supervisory and prudential guidelines would be reviewed regularly to strengthen governance, risk management, and resilience across the sector.
“The successful completion of the programme establishes a stronger and more resilient banking system, better positioned to support lending, mobilise savings, and withstand domestic and global shocks,” the statement said.
The Tide learnt that foreign capital inflows into Nigeria’s banking sector rose by 93.25 per cent year-on-year to $13.53bn in 2025, up from $7.00bn recorded in 2024, amid the ongoing recapitalisation drive by the Central Bank of Nigeria.
Data from the National Bureau of Statistics capital importation report showed that the banking sector remained the dominant destination for foreign capital, accounting for $13.53bn of the total $23.22bn recorded in 2025, representing 58.26 per cent of total inflows, up from 56.81 per cent in 2024.
The surge reflects heightened investor interest in Nigerian banks as they raised fresh capital to meet new regulatory thresholds introduced by the apex bank, with industry-wide recapitalisation activities driving large-scale inflows across all quarters of the year.
However, the Centre for the Promotion of Private Enterprise (CPPE) recently raised concerns over weak credit flows to small businesses despite recent banking sector reforms.
The CPPE, led by a renowned economist, Dr Muda Yusuf, acknowledged that the ongoing bank recapitalisation exercise by the CBN has strengthened the financial system, but warned that the benefits have yet to translate into meaningful support for the real economy.
The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.
The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.
Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.
“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.
He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.
According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.
“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.
Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.
He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.
“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.
He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.
“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.
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