The Managing Director of Nigeria Deposit Insurance Corporation (NDIC), Umaru Ibrahim has expressed worries that unequal distribution of microfinance banks (MFBs) between the Northern and Southern part of the country is not good for the development of the country.

He made the call in his address during the corporation’s day at the on-going 34^th Kano International Trade Fair.

Ibrahim in his remarks, challenged the governors of the Northern states to float more MFBs in their states, as a way of bringing the inequality in that sub-sector of the banking industry.

He observed that at the moment, only 276 MFBs in the region which houses the dominant number of poor people in the country, as against 627 in the Southern states.

Ibrahim however stated that NDIC’s, in its efforts is collaborating with the Central Bank of Nigeria (CBN) in transforming the microfinance sub-sector in order to promote financial inclusion.