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Microfinancing Financial Inclusion & Digitization

Micro-financing is still a relatively new concept in Nigeria. The whole idea was initially conceptualized as community banking, though an earlier attempt at recognizing the poor in the official scheme of banking culminated in the establishment of the Peoples Bank of Nigeria. However, the project failed but the lessons from the failure were handy in the processes leading to the formulation of community banking and later, microfinance banking policies, by the Federal Government of Nigeria. The nation, through these initiatives, is gradually progressing in the journey towards the much touted Financial Inclusion.