A Bill for an Act to make provisions for the licensing, regulation and supervision of Micro Finance Business in Nigeria, has passed the second reading, at the Senate, and has been referred to the Senate Committee on Banking for further legislative activities.

The Micro Finance Bill SB. 57, as sponsored by Senator Matthew Urhoghide of Edo South Senatorial District, “would regulate the operations of Micro Finance Banks and repeal the Community Bank Acts in the country” according to the sponsor.

Speaking also on the Bill, Deputy Senate President, Ike Ekweremadu, admitted that “Microfinance Banks will allow credit facilities available for people, most especially farmers and businessmen. It will also protect depositors and customers of the Microfinance Banks.”

Senate Leader, Ali Ndume while speaking in support of the Bill added that “it’s an important gap the bill seeks to fill in the country.”

•Photo shows Senator Matthew Urhoghide.