Financial inclusion: CBN provides support to cooperative agency

Central Bank of Nigeria (CBN) has said it will support the Cooperative Financing Agency of Nigeria (CFAN) to ensure financial inclusion in the country.
 
Godwin Emefiele
Governor, Central Bank of Nigeria (CBN)
Mrs. Temitope Akinfadeyi, Head of Financial Inclusion Secretariat, who disclosed this at the 2017 United Nations International Day of Cooperatives in Abuja recently noted that members of cooperatives can benefit from formal financial services such as the National Cooperative Development Fund (NCDF).

Akinfadeyi added that the fund would provide the needed guarantee for members to borrow from banks while the CBN would then provide the needed technical support to CFAN to achieve the objective.

 “It is also an invaluable opportunity for members of cooperative societies to educate people and their communities on the importance of managing their financial lives. It will also enable members to imbibe savings culture, utilise appropriate financial products and services; and enhance members’ ease of access to finance and capital,’’ she said.

Earlier, the Minister of Agriculture and Rural Development, Chief Audu Ogbeh, had reiterated the Federal Government’s commitment to supporting the implementation of the cooperative development policy.

Ogbeh, represented by the Federal Director of Cooperatives, Mr Akintoye Akintola, said the government would ensure activation of the NCDF and passage of necessary bills that would strengthen the sector’s operations.

Hajiya Hassana Mohammed, Chief Registrar of Cooperatives, urged CFAN to workout appropriate strategies that would ensure financial inclusion.

“We must adopt strategies to strengthen the movement through capacity building, entrenchment of cooperative best practice and law to position cooperatives to deliver on its mandate to members,’’ Mohammed said.

Also, Emeka Mbagha, President, Abuja Cooperative Federation, said the theme of the event was chosen to further emphasise the contribution of cooperative societies to the United Nations Sustainable Development Goal.

“The cooperative movement in Nigeria is well harnessed and well positioned to promote inclusiveness which advances equitable opportunities for economic participants.


“Cooperatives have the capacity to engender economic development if properly utilised by government as a channel for dissemination of microfinance to the rural poor” he said.

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