India Development Solutions

SME-Finance : Growth of MFBs will boost SMEs

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Kunle Akeju, managing director of Gapbridge Micro Finance Bank, told BusinessDay in an interview that with the conversion of more community banks into microfinance banks, customers would have easier access to funds “Looking at the microfinance policy launched by the Central Bank of Nigeria, one can say without any fear of contradiction, that it is a very commendable policy given its potentials to increase the tempo of economic activities especially in the Small and Medium Scale Enterprises sector. As a matter of fact, it is a policy whose time has come because the only way Nigeria can ensure sustainable economic growth is to grow its economy from bottom up, and not the other way round.“With the transformation of over 600 community banks into Micro Finance Banks, more players have come into market. The transformation of these community banks into microfinance banks will deepen the sector.

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