IFC SET TO BOOST MICROFINANCE IN NIGERIA
The International Finance Corporation (IFC) has expressed willingness to mobilise microfinance banks to boost financial services, to under-served SMEs in the country. The Country Manager of IFC Nigeria, Solomon Adegbie-Quaynor has said that the development unit of the IFC is going to finance market leaders and those who can set the right standard and have other microfinance institutions understand what it means to operate well.He added that the non-performing loans and high interest loans provided by Nigerian financial institutions have created credit scarcity in the economy which is strongly impeding the growth of small businesses, the largest employer of labour in the oil-rich country.
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