... Developing Rural Financing to achieve Food Security
Untitled Document

December Quick Facts

Mon Oct 17 2011

Seven Year Programme

Became effective on 20 January, 2010

1) Covers 12 States and 36 Local Government Areas (3 per State)

2) Programme Cost: $27.2 million

Four participating Institutions: CBN, Bank of Agriculture (BOA), NAPEP & Federal Department of Cooperatives

Implementing Agency: NPAFS ( Federal Ministry of Agriculture and Rural Development)

Programme Objective: Develop and strengthen microfinance institutions and establish linkage between these institutions and formal financing institutions in order to create a viable and sustainable rural financial system

Goal: Improvement of income, food security and general living conditions of the poor rural households particularly women headed households, youth and the physically challenged.

Programme Components & Sub Components:

1. Capacity building & Technical support to Bank and non-Bank Microfinance Institutions. This consists of two sub components:

Capacity building for bank and Non Bank Financial Institutions

Promotion of Access to Refinance and Linkage facilities

2. Targeted Development & Strengthening Institutional

Environment for Micro-finance Development. This consists of three sub-


Improve policy, legal and institutional framework for cooperatives and RMFIs

Implementation support, regulation and supervision of MFB

Research, documentation and policy dialogue

3. Programme Coordination and Management

Milestones: (As at August, 2011)

2716 RMFIs linked to 32 MFBs and 10 Financial NGOs

56 RMFIs Apex Organisations formed/or strengthened

2,125 Active borrowers ( 1, 392 Men; 733 Women; 1,218 Male & Female Youth; 22 Male & Female physically challenged)

658 RMFIs are receiving services from Apex Organisations

N25,909,161.35 Voluntary savings mobilized