MFBs And Others Disbursed N2.8 Trillion in Credit In 2021

Other Financial Institutions (OFIs), which include Microfinance Banks (MfBs), Development Banks, merchant banks, and mortgage banks, supplied N2.79 trillion, or 10.62 percent of banking industry credit, last year. According to the Central Bank of Nigeria (CBN), OFIs have made a major contribution to aggregate consumer credit by providing 22.39 million facilities to 9.23 million loan recipients. This was revealed in the personal statements of the Monetary Policy Committee (MPC) members at their most recent meeting, which was held in November of last year and was recently released. Adenikinju Festus, a member of the MPC, stated at the meeting’s conclusion that, […]