800 microfinance banks in Nigeria are working well-NDIC

Ngozi-Okonjo-Iweala-manag-001By Lawal A. Dogara
The Nigeria Deposit Insurance Corporation ( NDIC) has commended Kaduna, Kano and Kebbi states for supporting their communities to set up microfinance Banks aimed at enhancing small and medium scale enterprises.
Managing Director, NDIC, Alhaji Umar Ibrahim made the commendation while speaking at the NDIC Day on Friday said these three states recognize the important role microfinance banks in improving the quality of life the people that is why they support setting up small such banks in their states.
According to him, “at the momen,t there are 800 micro finance banks in the country and they are working well. Yet these figure seems inadequate against the backdrop of the rural and urban population”.
He said NDIC remains committed to ensuring that microfinance banks are effectively supervised to enable them achieve the desired result.
Alhaji Ibrahim said NDIC apart from its supervisory activities, it has been providing technical support to the microfinance banks to ensure that they remain viable, saying that a lot of workshops have been organized for the operators of the microfinance banking subsector in the country.

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