Udora Orizu in Abuja
The House of Representatives has urged the Federal Government, especially its financial institutions to create more interest-free banking opportunities for Nigerians.
The House specifically urged the Federal Ministries of Finance, Budget, and National Planning; Agriculture and Commerce (now Industry, Trade and Investment) to provide “a deliberate policy that will encourage the Bank of Industry, the Bank of Agriculture, Nigeria Incentive-Based Risk Sharing system for Agricultural Lending, micro-finance banks, and other government-owned financial institutions to provide non-interest banking to their customers.”
The House also urged the Central Bank of Nigeria to review its current policy on non-interest banking and direct the Development Bank of Nigeria and commercial banks to integrate same into their systems.
Reps want interest-free banking in Nigeria
On
By Tordue Salem – Abuja
The House of Representatives on Thursday unveiled plans to adopt non-interest banking services in Nigeria as part of efforts to stimulate the nation’s economy.
The resolution followed a motion sponsored by Rep. Kabir Tukura.
The lawmaker, in the course of reading his motion, stressed the need for Federal Ministries of Finance, Agriculture and Commerce to provide a deliberate policy that will encourage Bank of Industry (BOI), Bank of Agriculture (BOA), Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) Micro Finance Banks and other Government-owned Financial Institutions to provide non-interest banking to their customers.
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The House of Representatives, on Thursday, unveiled plans to adopt non-interest banking services in Nigeria as part of efforts to stimulate the nation’s economy.
The resolution was passed sequel to the adoption of a motion sponsored by Hon Kabir Tukura, stressed the need for Federal Ministries of Finance, Agriculture and Commerce to provide a deliberate policy that will encourage Bank of Industry (BOI), Bank of Agriculture (BOA), Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) Micro Finance Banks and other Government-owned Financial Institutions to provide non-interest banking to their customers.