Microfinance Horizon

2 December 2010 [MicrofinanceAfrica]

The Federal Government plans to establish a non-interest (Islamic) bank in the country, to assist low income earners in the delivery of financial services at affordable costs.

Umaru Ibrahim, acting managing director, Nigeria Deposit Insurance Corporation (NDIC), made the announcement on Wednesday, in Abuja, at a one-day sensitisation seminar on Non- Interest (Islamic) Deposit Insurance Scheme.

“It is on record that one of the ways of alleviating extreme poverty in developing countries such as Nigeria is the provision of banking services and adequate credit facilities to vulnerable groups,” he said, adding that the decision to establish the bank was in consonance with the principle of financial inclusion.