The Governor of the Central Bank of Nigeria , Mr. Godwin Emefiele, has disclosed that the NIRSAL Micro Finance Bank will provide loans to Small and Medium Enterprises at five per cent interest rate for about seven years tenor as well as a two-year moratorium.
Speaking to journalists in Gwagwalada, Abuja, shortly after a facility tour of a model NIRSAL MFB, which will soon be formally commissioned, he urged microfinance institutions to be fair in their dealings with their customers. “I also know of the rural communities where the microfinance institution charge very prohibitive interest rates, sometimes we hear about five per cent flag, ten per cent flag, but here we are talking about making loans available at very low interest rates to these people.
According to him, “The technology that will be used here- you are not going to see too much of cash: it is going to be a fintech technology but the important thing is that we have already set a target for ourselves to say that by the year 2020 which is just next year- about 20 months- the rate of financial inclusion in Nigeria must increase to 80 per cent from about 48 per cent about a year and a half ago.
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