The Managing Director, NIRSAL Microfinance Bank, Mr. Abubakar Abdulahi Kure, in this interview with ABDULWAHAB ISA, speaks on the unending quest by Nigerians to access loans, among other issues.
It’s been two years since NIRSAL came into being. How has it fared in terms of carrying out its core mandate?
Our conceptualisation is with the support of CBN Governor, Dr. Godwin Emefiele, essentially to help those at the lower level of the economy. The idea is to create jobs, provide and create affordable and accessible loans and also to grow the economy effectively. What I have found out is, people think this is a public fund. There is poor perception around it, which could pose a danger on recoveries. Some people feel it’s a national cake.
There would be challenges around recoveries. We also have scammers around the products. Because people are desperate; because demand supersedes supply and the fund is limited, people get scammed. The other aspect is around numbers. I must tell you, it is not easy to do numbers in terms of volume. We have significant volumes, which most commercial banks are doing. As I speak to you, we have close to one million beneficiaries.
The number ranges from Anchor Borrower’s Program (ABP), we have done Agric loans; we have done Youth Investment Scheme. Put all these loans together, we are talking of over N600 billion given to over one million Nigerians. When you look at the banking system and granting of loan facilities, it’s a major challenge.
We have to ensure the system works right, we need to ensure the system has the capacity around the volume and, naturally, because people are involved, there are a lot of complaints here and there regarding accessibility. Occasionally, we also have some operational issues with volumes because we are dealing with bulk payment. All these are challenges we face.
We thank God we are able to confront it and we are waxing stronger. I have seen people confessing that if not for Nirsal Microfinance Bank, the Nigerian economy wouldn’t have come out of lockdown; Nigeria would have locked down completely. We are seeing recoveries in output and this is significant.
As a result of loans we are giving, factories are back in operations producing goods and people are being impacted economically to buy the goods. In the area of inflation, we have helped as well. Once we give people a loan, some channel to their farm. This boosts supply of goods and services. Essentially, you find out as time goes by, people get these goods at affordable prices.
Scholarships you may like to Apply:
Chinese Government 2022/2023 Fully-Funded Scholarship Scheme
UNSW Sydney Academic Scholarships for International Students
University of New Heaven Presidential Scholarships for International Students
Shell Career Training Program in Reservoir Engineering
Tiger Brands Young Talent Opportunities for Young South Africans
International Excellence Scholarship at London Metropolitan University, UK
Maurice R. Greenberg World Fellows Program at Yale University
Burger King Mclamore Foundation Scholarship 2022/2023
Hertie School New Perspectives Scholarship for International Students
2022 Davenport University Scholarships for International Students
WAEL Oil and Gas Recruitment for Graduates and Experienced Professionals
Arco Marine and Oilfield Services Limited (AMOSL) Graduate Opportunities
UNSW Global Academic Award to Study in Australia 2022
2022/2023 Marian University International Scholarships for Study in USA
Postdoctoral Fellowship on Food Security and the Environment at Stanford University
DAAD In-Country/In-Region Programme Sub-Saharan Africa (Masters and PhD Studies) 2022 Scholarship.
Mercedes-Benz South Africa Graduate Development Programme 2022 (Paid Traineeship)
University of Toronto Fung Yiu King Memorial Scholarship
University of Copenhagen PhD Positions 2021-2022 [Paid Positions]
British Council International Collaboration Grants 2021 (£3.5m Support Grant)
Mastercard Data and Services Internship Program for Africans 2021/2022
Imperial College Business School Global Leadership Scholarship (Full Tuition Fee)
Tuition Scholarships for International Students at University of Lethbridge
Apply for Chevron Global Human Resources Internship
Apply For 2022 Canadian Queen Elizabeth II Diamond Jubilee Scholarships.
United World 2021/2022 Scholarships to Study in United States .
Scholarships 2022/23 for Low Income Country Students to Study in UK.
UNESCO International Centre for Biotechnology (UNECO ICB) 2021/2022 Scholarship Award
Association of Commonwealth Universities Gender Grants 2021
Swinburne University of Technology Scholarships for International Students
Kansas State University Future Student Scholarships and Awards 2022-23
Montana State University (MSU) Presidential Scholarship in USA (Fully funded)
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