In 2015, RIMA established RIMA Growth Pathway Microfinance Bank with the objective to provide simple, flexible, diversified, affordable and sustainable financial services to the economically active poor, low income earners, small and medium scale enterprises (SMES), co-operatives societies, market traders, village/town unions, farmers, and fishermen, artisans/technicians and women groups.
CBN Micro, Small and Medium Enterprises Development
RIMA is currently a beneficiary of the CBN Micro, Small and Medium Enterprises Development Fund (MSMEDF). As part of its developmental functions and mandate of promoting a sound financial system in Nigeria, the Central Bank of Nigeria launched the Micro, Small and Medium Enterprises Development Fund (MSMEDF) on August 15, 2013. This was in recognition of the significant contributions of the Micro, Small and Medium Enterprises (MSME) sub-sector to the economy.
The broad objective of the Fund is to channel low interest funds to the MSME sub-sector of the Nigerian economy through PFIs to:
Enhance access by MSMEs to financial services
Increase productivity and output of microenterprises