Cbn widens activities of mfbs to include issuance of cps

It seems like you're referring to a recent development in the banking industry. Here's a breakdown of what "CBN widens activities of MFBS to include issuance of CPS" means:

CBN: Central Bank of Nigeria, the country's apex bank responsible for regulating and supervising the banking industry.

MFBS: Microfinance Banks, which are specialized banks that provide financial services to low-income individuals and small businesses.

CPS: Credit-Linked Savings (CLS) Program, a scheme that allows customers to save a portion of their income and receive a loan or credit facility based on the amount saved.

The Central Bank of Nigeria has recently announced that it is widening the activities of Microfinance Banks (MFBS) to include the issuance of Credit-Linked Savings (CLS) Program (CPS). This means that MFBS will now be allowed to offer CPS to their customers, in addition to their existing services.

The CPS is designed to promote savings culture among low-income individuals and small businesses, while also providing them with access to credit facilities. The program works by allowing customers to save a portion of their income, and in return, they receive a loan or credit facility based on the amount saved.

This development is expected to increase financial inclusion in Nigeria, as it will provide more opportunities for low-income individuals and small businesses to access financial services. It will also promote savings culture and financial literacy among these groups.

Overall, the widening of MFBS activities to include CPS is a positive step towards promoting financial inclusion and economic development in Nigeria.