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Mr. Sah Nyashi, the CBN Controller for the Yola Branch, made this statement during the inauguration of Dabtikir Microfinance Bank Limited in Hong, the administrative center of Hong Local Government Area in Adamawa, on Saturday.
Represented by Adamu Yusuf, Head of the Currency Management Office at CBN, Nyashi emphasized that this partnership is crucial for the effective execution of the Agricultural Credit Guarantee Scheme.
“CBN will persist in its collaboration with you in the realms of MSMEs, the Agricultural Credit Guarantee Scheme, and Financial Inclusion. This initiative is timely, as it addresses the urgent need for the less privileged to access funds for the development and expansion of their economic activities. Microfinancing is a key strategy employed by CBN to drive economic growth and sustainability in Nigeria by providing loans and credit to the population,” he stated.
He encouraged the community to leverage these opportunities to enhance their businesses.
Dr. Asongo Abraham also spoke, referring to MFBs as a “beacon” of hope for community development and national progress. He noted that microfinance is essential for providing the capital necessary for small businesses to flourish, generate employment, and elevate living standards.
Abraham urged the bank's management to adopt technological advancements in their operations and to cultivate trust with customers to ensure business success.
Prof. Benson Baha, Provost of the College of Education in Hong, encouraged the community to open accounts with the bank to foster social and economic development at the grassroots level.
“The establishment of the bank aims to enhance rural development by offering financial and banking services to local communities,” he remarked.
The Speaker of the Adamawa House of Assembly, Mr. Bathiya Wesley, committed to supporting the MFBs to enhance their role in advancing the social and economic welfare of the community.