Central Bank of Nigeria has increased paid up capital of Nirsal Micro Finance Bank from N5 billion to N7.5 billion.
The increase in the paid up capital by N2.5 billion was set to enable the bank promote expansion of branches across the country.
Addressing financial Journalist after 348 Bankers Committee meeting in Lagos yesterday, Acting Managing Director Nirsal Micro Finance Bank, Mr Abubakar Abdulahi Kure said the branches wiould be used as a tool for financial Inclusion and economic development, adding that already the bank has disbursed about N18 billion to agri-business small and medium enterprises investment scheme (AGSMEIS) to about 5000 applications across the country.
He said that out of the fund distributed, 30 percent of it is going to agriculture followed by manufacturing then fashion, stressing that the idea was that there is need to build capacity for SMEs through training, because if we give someone funds without capacity development, they might not be able to manage the funds.
He further explained that these branches will be used as a front to further disburse so that the bank can reach lower segment of the society that are not economically active.
The bank owned by Bankers committee, Nirsal and Nipost was designed as avenue to pay back to the society, especially those that are at the lower level to have access to finance, stressing that the bank was created and set up to motivate SMEs along manufacturing, agricultural and services value chain so that there would be employment generation, reduction of poverty, wealth creation and overall the growth of the economy.
