Microfinance is one of the entry points to access formal financial services for the unbanked. To acquire potential customers, microfinance¬†banks/institutions need to identify sustainable and innovative ways to provide a broad range of financial products that serve the needs of the low income population.
Increasing access to financial services and therefore¬†enhancing financial inclusion, especially for those in the poorest segment of society has been proven to be a key driver in economic growth and wealth creation. Nigeria must reduce financial exclusion as part of a holistic approach to development. The benefits, for those at the base of the pyramid, as well as for the nation, could be very significant.
In October 2009, EFInA established the Nigerian Islamic Finance Working Group (NIFWG). The group consists of experts from market operators and regulators¬†who intend to¬†drive a multi-institutional approach to implementing non-interest banking/finance in Nigeria. The NIFWG meets quarterly to identify and address regulatory and market related issues to ensure the successful implementation of non-interest banking/finance in Nigeria.