Mutual Benefits decries Nigeria’s credit gap, offers solutions
By Rosemary Iwunze
Mutual Benefits Assurance Plc has said a situation where only about six per cent of adults can currently access credit through formal financial institutions, is not ideal.
According to the company, while access to credit remains important for economic growth, financial protection mechanisms are equally essential in helping individuals and businesses withstand economic shocks.
According to the Managing Director, Mutual Benefits Assurance Plc, Femi Asenuga: “Through our diverse portfolio of solutions, Mutual Benefits continues to provide Nigerians with tools to build, preserve and protect wealth. These include education-focused protection plans, life assurance products, savings-oriented solutions, motor and property insurance and business protection products designed to safeguard livelihoods and future goals.
“The conversation around financial inclusion must go beyond opening bank accounts and accessing loans. True financial empowerment is achieved when individuals and businesses can access financing opportunities while also protecting their income, assets, families and future aspirations from unforeseen risks.
“For many Nigerian families and business owners, a single unexpected event such as a medical emergency, fire incident, business disruption or loss of income, can erase years of financial progress. This is why insurance and disciplined savings remain critical pillars of long-term financial resilience.”
As part of its commitment to advancing financial inclusion, Mutual Microfinance Bank continues to deliver accessible financing solutions tailored to the needs of small businesses, traders, salary earners, entrepreneurs and emerging enterprises across Nigeria. As at December 31, 2025, the Bank had disbursed loans totaling N1.372 billion, further strengthening access to formal credit for individuals and businesses across its target segments. This growth trajectory continued into 2026, with the loan portfolio rising to N1.558 billion by the end of Q1 2026, reflecting sustained momentum in supporting productive economic activity.
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