CBN to Increase Women’s Access to Credit

• CBN to Increase Women’s Access to Credit

The Central Bank of Nigeria on Wednesday said it would improve women’s access to formal financial services, especially credit, through its various intervention programmes.

The Director, Development Finance Department, Dr. Mudashiru Olaitan, stated this in Abuja at the CBN 2018 International Women’s Day workshop tagged: “Women inspiring change.”

Olaitan said the apex bank would promote women’s access to finance to enable them play their expected role in economic development.

He said that under the N220bn Micro, Small and Medium Enterprises Development Fund, 60 per cent of the money was allocated to women-owned enterprises.

He stated, “Access to finance is often cited as one of the major factors impeding the growth of women-owned businesses in developing countries. In view of the peculiar challenges faced by women in accessing financial services in Nigeria, the CBN has established the N220bn MSMEDF, Agric Credit Guarantee Scheme, Anchor Borrowers’ Programme and financial inclusion programmes.

“These are innovative ways of improving women’s access to finance at mainly single digit interest rate, which will improve their potential for job creation and inclusive growth in our country.”