Regulatory Alerts2011-07-20 | BSD/DIR/GEN/CIR/V.1/2011Revised Microfinance Policy Framework For Nigeria
In order to provide comprehensive financial services to underserved and un-banked populations in rural areas of Nigeria, a new window of opportunity is being established through a revised Microfinance Policy Framework. The key elements include the establishment of a Microfinance Development Fund, incentives for microfinance banks, roles and responsibilities of various stakeholders including government, Central Bank of Nigeria (CBN), public sector poverty alleviation agencies, donor agencies, development partners, apex associations of MFBs and MFIs, as well as the CBN's commitment to monitor and ensure a conducive policy environment for the conduct of microfinance activities. The goal is to create an enabling environment that supports financial inclusion, promotes self-regulation and good corporate governance practices, provides non-commercial resources targeted at difficult-to-reach clients, and nurtures new MFIs to sustainable levels. This policy framework aims to ensure a stable macro-economic environment for the development of a strong, secure, efficient, and inclusive microfinance sub-sector in Nigeria.