The Central Bank of Nigeria (CBN) bankers committee, on Tuesday February 18, 2020, said they have decided to increase the capital base of Nirsal Microfinance Bank from N5 billion to N7.5 billion.
This was disclosed to financial journalist at the end of the committee 348 meeting in Lagos. The new capital according to the managing director of Nirsal Microfinance Bank, Abubakar Abdulahi Kure, will be used for branch expansion and financial inclusion.
The bank was incorporated as a Private Limited Company in 2019 and commenced operations following the grant of a licence by the Central Bank of Nigeria to operate as a National Microfinance Bank in the same year. The Bank is Owned 50% by the Bankers Committee, 40% by NIRSAL and 10% NIPOST.
Segun Agbaje managing director of Guaranty Trust Bank Plc, which spoke on the CBN policy on loan to deposit ratio, said its one of the good thing that happened in 2019, as many banks are currently at 60 percent, with exception of few that are yet to meet the 65 percent target.
On the part of Hamda Ambah, of FSDH Merchant Bank, she explained that in view of the infrastructures challenges facing the country, in-which the federal government cannot handled alone.
The committee where briefed on the need to look for a way out. She explained that the committee will identify areas and come up with frame work on the issue. Among those that commented on the outcome of the meeting includes, Hassan Usman managing director of Jaiz Bank Plc, Hassan Bello Hassan, director finance banking Supervision and Isaac Okorafor director corporate communications of CBN.