The microfinance development fund long planned by the Central Bank of Nigeria (CBN) reportedly is intended to result in a 15-percent annual increase in women’s access to financial services. CBN Governor Sanusi Lamido Sanusi confirmed the recent approval of the establishment of the Micro-, Small- and Medium Enterprises Development Fund (MSMEDF), 60 percent of which is reportedly committed to addressing women’s challenges to financial exclusion. The MSMEDF will promote unspecified regulatory provisions favorable to lending to women and will also provide grants to programs supporting financial literacy and entrepreneurship skills for women. Consistent with news reported by MicroCapital in February 2012, MSMEDF is anticipated to have a budget of NGN 54 billion (USD 338 million).
As of November 2011, CBN reports total assets of NGN 9.77 trillion (USD 61.9 billion).
By Mihaela Grindeanu, Research Associate
About Central Bank of Nigeria (CBN): The Central Bank of Nigeria (CBN) was established in 1958 as Nigeria’s central banking authority. As defined by the Act of Parliament that created CBN, its statutory mandates are as follows: “to issue legal tender currency; to maintain external reserves; to safeguard the international value of the legal tender currency; to promote monetary stability and a sound financial system in Nigeria; and to act as banker and financial adviser to the Federal Government.” As of November 2011, CBN reports total assets of NGN 9.77 trillion (USD 61.9 billion).
Sources and Resources:
The Business Dispatch story: “More liberal loan terms coming for women”, http://thebusinessdispatch.com/more-liberal-loan-terms-coming-for-women/admin
MicroCapital.org story, January 27, 2011: “MICROCAPITAL BRIEF: Nigeria Federal Government Supports Central Bank of Nigeria (CBN) to Establish Microfinance Development Fund”, https://www.microcapital.org/microcapital-brief-nigeria-federal-government-supports-central-bank-of-nigeria-cbn-to-establish-microfinance-development-fund/
MicroCapital.org story, February 10, 2012: “MICROCAPITAL BRIEF: Plans Still on for Nigeria to Create Microfinance Development Fund in 2012”, https://www.microcapital.org/microcapital-brief-plans-still-on-for-nigeria-to-create-microfinance-development-fund-in-2012/
MicroCapital.org story, May 18, 2012: “MICROCAPITAL BRIEF: Central Bank of Nigeria (CBN): MSME Development Fund Not for Bailing out Microfinance Banks”, https://www.microcapital.org/microcapital-brief-central-bank-of-nigeria-cbn-msme-development-fund-not-for-bailing-out-microfinance-banks/
MicroCapital Universe Profile: Central Bank of Nigeria (CBN), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Central+Bank+of+Nigeria+%28CBN%29
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
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