Microfinance banks in Nigeria are formally requesting federal government intervention and enhanced regulatory support to strengthen their role in the financial system.
Industry representatives argue that such backing is essential to deepen financial inclusion and drive socioeconomic transformation at the grassroots level.
The appeal comes as global financial regulators intensify scrutiny of the private credit market, warning that rapid expansion in the sector poses growing risks to financial stability.
Authorities across multiple jurisdictions have highlighted the need for closer oversight as non-bank lending channels expand.
In Nigeria, the call for support aligns with ongoing domestic policy debates.
A member of the Monetary Policy Committee at the Central Bank of Nigeria has previously urged the regulator to pressure commercial banks to reduce lending rates following recent recapitalization efforts.