The Director of Other Financial Institutions Supervision, at the Central Bank of Nigeria, Tokunbo Martins, says there’s need for commercial banks to deepen loan disbursement to viable applicants. He adds that an effective credit system will help boost the Nigerian economy.
The Director made the remarks at a Microlending Workshop which held at Sheraton Hotel, Ikeja. The workshop organised by EFInA (Enhancing Financial Innovation & Access) aims to educate stakeholders and facilitate financial inclusion in the country.
Highlighting the recent policies of the apex bank to stimulate compliance among banks to new regulations, Mr. Martins said, “We have a policy at the point of inspection to check if banks are duly serving the overall purpose of lending; and there are measures in place to determine if these banks should be penalised or advised, where they default”.
Meanwhile on the focus of the workshop, and the roles of Fintech, and commercial banks, he adds that Fintech has its own focus and the commercial banks have theirs. They both have ample space to thrive especially in the areas of providing saving and lending services to the teeming Nigerian population.
However, speaking about the purpose for the regulator’s participation in the workshop, the Director explained, “We are participating in this EFInA workshop to let the people know what the Central Bank, as a regulator, has done to provide adequate information for quality credit administration. This because we understand that when there is good credit, the economy will move forward”.
EFIna is an organisation devoted to the development of the financial sector. It works with Fintech, commercial banks and regulators to develop products and organise workshops that can boost financial inclusion.
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