Business and financial news round-up for the week ended 8/03/2019

CBN considering partnership with NIPOST to promote retail banking

Business and financial news round-up for the week ended 8/03/2019

CBN considering partnership with NIPOST to promote retail banking

CBN considering partnership with NIPOST to promote retail banking

CBN considering partnership – There’s an ongoing arrangement by the Central Bank of Nigeria (CBN) to form a formidable and result oriented partnership with the Nigerian Postal Service (NIPOST) , aimed at rendering retail banking services to localities across the country.

The Central Bank governor, Godwin Emefiele in a banker’s committee retreat declares the apex bank’s intention in this project, in his words;

“In order to jointly address the challenges militating against achievements of the objectives of Agri-Business and Small Medium Enterprises Investment Scheme (AGSMEIS) Initiative, the Central Bank is looking into the proposal for the establishment of the National Microfinance Bank, which would leverage on the Nigerian Postal Service presence in all the 774 local government areas across the country.

“We have called on NIPOST, and they have agreed to join us in this, they will make the facilities available in the 774 LGA’s, which is their way of contribution by way of equity into the establishment of the National Microfinance Bank.
We would provide the infrastructures, Emefiele noted.

The program is expected to take off by 2019, date has not been announced.

“The task and responsibility to improve our rural communities lies in our hands and we believe strongly that using this infrastructure of National Microfinance Bank, we would achieve the objectives of job creation and enhance the skills of our people as well in rural communities, improve and grow the economy so we can achieve the development that we required in Nigeria.

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