The vision of the Central Bank of Nigeria (CBN) is to have an effective and sustainable microfinance sub-sector that provides access to a range of financial and non-financial services to low income earners and vulnerable groups.
The proposed target for microfinance bank branches as stated in the National Financial Inclusion Strategy is that by 2020, there should be 5 branches per 100,000 adults. The CBN revised the Microfinance Framework for Nigeria in 2011.
According to the EFInA Access to Financial Services in Nigeria 2014 survey, awareness and usage of microfinance banks is still relatively low, only 2.6 million adults (2.8% of total adults) have a microfinance bank account.
This report also covers:
- Reasons for not using microfinance banks
- Factors that will encourage usage of microfinance banks by non-users
- Factors that will encourage re-engagement with microfinance banks by previous users