Micro-finance banks are fast growing credit companies in Nigeria with an edge of being deposit-taking institutions over and above the State-licensed money lending companies which are licensed only to lend money but not to process cash deposits from customers. According to the Nigerian Bureau of Statistics, Microfinance Banks in Nigeria recorded an 82% boost in lending rising from N300.2 billion in 2019 to N546.6 billion in 2020. Interestingly, loans by Microfinance banks surged to N1.12 trillion as of the end of June 2022, which means additional N602.8 billion new loans have been issued, representing a 115.7% increase compared to N521.25 … Continue reading SUMMARY OF THE PROCESS OF SETTING UP A MICRO-FINANCE BANK IN NIGERIA