05 Jan Banking Industry Credit Rises to N23.5trn as MFBs, OFIs Disburse N2.8tr Loans in 2021
The Central Bank of Nigeria has stated that banking industry credit in 2021 reached N 23.5 trillion with Other Financial Institutions (OFIs); comprising of Microfinance Banks, Development Banks, Merchant banks and mortgage banks contributing N2.79 trillion, representing 10.62 per cent of banking industry credit.
This was revealed in the personal statements of Monetary Policy Committee (MPC) members at their last meeting held in November last year released recently.
A member of the MPC, Adenikinju Festus, in his statement at the end of the meeting noted that as at October last year, banking industry credit had been on the rise.
He noted that the CBN intervention funds have been a major factor in the rise in the banking industry credit, stating, “All measures of industry size, bank credit, assets and deposits were higher than the corresponding values in October 2020. Of particular interest is the growth in bank industry credit, which rose from N19.39 trillion in October 2020 to N23.49 trillion in October 2021.
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