Business
CBN Collates Database For Microfinance Banks
The Governor of Central Bank of Nigeria (CBN ), Mallam
Sanusi Lamido Sanusi, says the bank will soon inaugurate a database of all
microfinance banks in the country.
Sanusi disclosed this at the stakeholders’ meeting of
Non-Bank Micro Finance Institutions of Nigeria (ANMFIN) in the South-West in
Lagos.
The CBN governor, who was represented by Mrs Udoo Fateh, an
official of CBN Department of Development Finance, said that the apex bank was
committed to the growth of micro finance banks.
While presenting a paper on “The Importance of the Apex Bank
to Micro-finance Development in Nigeria“, Sanusi said that women would be given
priority in every micro-finance scheme.
“Microfinance banks play significant roles in the economic
transformation of this great country.
“When you empower women, you empower a whole family and that
is what microfinance banks should be about,” he said
Sanusi said that women were not “packaging“ themselves
enough to access loans.
He said that women easily gave up in their quest for loans
at the slightest setback.
Sanusi urged ANMFIN to re-position itself by reaching out to
more grassroots people and also encouraging more people to join.
“The association can step forward and stand as guarantor for
any of its members that want to take a loan,” Sanusi said.
Mr Giwa Afolabi, the National President of ANMFIN, said that
the association was re-organising its executive council in the South-West Zone
for improved service delivery to its members.
Afolabi, who is also a member of the Kwara State House of Assembly, said that there was the need to re-position the association to make it relevant to government’s “economic engineering“.
He urged all members to be financially committed to the
association so that they could access credit facilities from the CBN.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.