Nigerian microfinance banks roll out agency banking in response to increased competition

The Central Bank of Nigeria (CBN) in December 2018 announced its plan to launch a National Microfinance Bank (MFB) in collaboration with the Bankers’ Committee and the 774 local Nigerian Postal Services offices. The presence of new countrywide MFB and recent mergers between existing banks are steadily increasing competition for Nigerian MFBs. To continue growing…