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Data Driven Perspectives On Microfinance And Economic Growth

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Mayden MFB: Financial Insights for Nigeria

Data-driven perspectives on microfinance and economic growth

Nigeria's Microfinance Sector Grows 18% Despite Economic Challenges

Despite inflation and currency fluctuations, Nigeria's microfinance sector showed remarkable resilience in 2023, with total assets growing by 18% to ₦498 billion according to the Central Bank of Nigeria (CBN).

Source: CBN Financial Stability Report, June 2024

Key Drivers of Growth:

  • Digital adoption: 67% of microfinance transactions now occur through USSD or mobile apps (EFInA 2023 survey)
  • Government partnerships: Programs like the Agri-Business/Small and Medium Enterprise Investment Scheme (AGSMEIS) have increased lending capacity
  • Rural penetration: 42% of new microfinance accounts were opened in non-urban areas

Challenges Remain:

While growth is positive, non-performing loans (NPLs) rose to 9.3% in Q1 2024 from 7.8% in 2023, signaling need for better risk management frameworks.

Read CBN Report