The bankers’ committee on Tuesday raised the paid up capital of Nigeria Incentive-Based Risk Sharing system for Agricultural Lending (NIRSAL) Microfinance Bark Limited from N5bn to N7.5bn.
The new paid up-capital will enable the bank to promote expansion of branches across the country.
The branches will be used as a tool for financial inclusion and economic development,” Abubakar Abdulahi Kure, acting managing director NIRSAL MFB, said after the 348th meeting of the bankers’ committee in Lagos on Tuesday.
Already the NIRSAL Microfinance Bank has disbursed N18 billion from the Agri-Business/Small and Medium Enterprise Investment Scheme (AGSMEIS) fund to about 5000 applications across the country.
