Regulatory Alerts2017-10-04
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The Role Of Microfinance Banks IN The Economic Development of a Natio
This paper examines the role of microfinance banks in Nigeria's economic development, highlighting their function in poverty alleviation and rural transformation. It details specific policy targets set by the Central Bank of Nigeria, including increasing micro credit's share of total credit to at least 20 percent and its share of GDP to at least 5 percent by 2020. The text outlines capitalization requirements for National, State, and Unit microfinance banks at N2 billion, N100 million, and N20 million respectively, and recommends that state governments devote at least one percent of annual budgets to microcredit initiatives.