The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has said the ongoing bank recapitalization policy in the country will enable banks extend more credits to micro, small, and medium enterprises, create jobs, and increase productivity.
Cardoso disclosed this at the second International Financial Inclusion Conference themed ‘Inclusive Growth: Harnessing Financial Inclusion for Economic Development’, held in Lagos.
Accordingly, the CBN boss said the new capital requirement for Nigerian banks will boost their capacity to drive financial inclusion, apart from strengthening the country’s financial stability.
“This policy not only strengthens financial stability but also serves as a catalyst for inclusive growth. By enabling banks to extend more credit to MSMEs, we enhance job creation and productivity. Furthermore, with increased capital, banks can invest in technology and innovation crucial for driving digital financial services such as mobile money and agent banking.”
Recall that the CBN had raised the capital requirement for banks in March 2024 and slated March 31, 2026, as deadline.
What Nigerians should expect from banks’ recapitalization—CBN Governor, Cardoso
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