The Central Bank of Nigeria (CBN) says it is establishing a special fund that will provide loans to women by the end of the 2012.
The CBN Governor, Malam Sanusi Lamido Sanusi, made this known at the 6th Annual Microfinance Conference and Entrepreneurship Award on Tuesday, in Abuja.
He said the loan was to assist the women improve on their businesses.
“I am pleased to inform you that the Bankers’ Committee has declared 2012 the year for women empowerment.
“Before the end of this year, the CBN will introduce a fund that is aimed at ensuring that business owned and managed by women gets access to single digit interest loans.
“On the agenda of the bankers committee is an attempt to get banks to give a commitment to preserving a minimum percentage of seats of their directors and top management for women.”
Sanusi said it was the apex bank’s belief that involving women at that level in the sector, would improve financial inclusion
He said the bank would establish a Web Fare considering the role of Information and Communication Technology in entrepreneurship development
According to him, the fare will enable young entrepreneurs to key into e-business on the web.
He, therefore, tasked all the state governors to create avenues that would promote women and youth empowerment in the country.
He called on the state governors to establish more incubation and industrial centres, saying such establishments would provide the environment conducive for youths to take advantage of their entrepreneurship skills to create jobs and reduce restiveness in the country.
The CBN governor pointed out that it was necessary to reposition the micro-finance sub-sector, given the considerable role it could play in entrepreneurship development in the country.
He said that the sub-sector had several challenges such as inadequate financial infrastructure leading to low banking penetration.
He said, the apex bank had revised the microfinance policy, regulatory and supervisory framework, and concluded on the National Micro finance Development strategy to address low banking penetration.
“The Bank made a commitment at the 2011 Alliance for Financial inclusion Global policy forum held in Mexico to reduce? Nigeria’s Financial exclusion rate? from 46.3 to 20 per cent by 2020.’’
Sanusi lauded President Goodluck Jonathan for supporting the bank in its effort at enhancing the nation’s economy.
Also speaking at the conference, Mrs Antonique Koning, a micro-finance specialist from Washington DC, said there was need for all stakeholders to enforce financial inclusion in the country.
This, she said, would help to build visionary financial inclusion strategy in Nigeria and help boost the economy.
“The timing for redoubling the collective commitment to financial inclusion in Nigeria is ripe.
“Indeed increasing access to finance is one of the tools that can help to reduce the vulnerability of citizens and enable them to build access.
“Nearly 60 million adults in Nigeria have no access to formal financial services, according to the 2010 finance survey as already mentioned.”
She urged all stakeholders to work hard to ensure that they increased the level of financial inclusion in the country.
Highlights of the conference were the award of various entrepreneurship honours to the Best National farmers of the year; Best Innovative Small/Medium Entrepreneur; and the Best micro Entrepreneur, among others