Nigeria's microfinance sector has failed to make the expected impact on the economy due to misconception by the operators, but this will soon change.
Lamido Sanusi, the Central Bank governor, said the bank will come up with a reviewed policy framework in order to make it more effective.
Akintunde Sowunmi, deputy director, development finance, who represented Mr. Sanusi at a conference organised by Credit Awareness yesterday in Lagos said less than three percent of the rural population of Nigeria have access to microfinance services.
Mr. Sowunmi said one of the challenges is to create awareness about credit acquisition in order to make more people interested in accessing it.
"Despite the importance and benefits of credit, there are socio-economic barriers inhibiting access to financial services such as education, gender, age, irregular income, poor infrastructure, and even geographical location," he said.
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