WHAT'S IN A NAME? UNRAVELLING NIRSAL MFB VS. NIRSAL PLC CONUNDRUM
Collins Imoudu Andrew | I must confess from the onset that like many people until I conducted research, I couldn't tell that differences existed between NIRSAL Microfinance Bank and NIRSAL PLC. However, I discovered that the entities have nothing in common as far as their core mandate, ownership, and management are concerned except for the acronym NIRSAL. It is a given that, in the realm of financial institutions, acronyms often abound, and it's not uncommon for confusion to arise, especially when two entities share related names. Such is the case with NIRSAL MFB and NIRSAL PLC. They are prominent players in Nigeria's financial sector but serve different purposes, operate under distinct regulatory frameworks, and have different management. Whereas NIRSAL MFB is a licensed bank performing all functions of a financial institution including accepting deposits and creation of credit facilities, NIRSAL (The Nigeria Incentive-based Risk-sharing System for Agricultural Lend...
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