Microfinance bank industry for Nigeria don see big growth for di past five years. Di total balance sheet rise from under N300 billion to more dan N6 trillion. Dr. Adenrele Oni, wey be President of National Association of Microfinance Banks (NAMB), yarn dis tori at di association 16th Annual General Meeting (AGM) for Abuja.
Dr. Oni call on Federal Government and Central Bank of Nigeria (CBN) to provide more intervention funds and create better regulatory environment for operators. He talk say di industry expansion show di resilience of microfinance banks despite macroeconomic challenges wey dey face di kontri.
According to am, microfinance banks don contribute well well to support Federal Government reforms for economy transformation, financial inclusion, and poverty alleviation. He talk, “From where we start and where we be today, we don do very well.”
Di NAMB President commend di Presidency, CBN, and Nigeria Deposit Insurance Corporation (NDIC) for policies wey strengthen di industry. But e stress say more support needed so dat microfinance banks fit play bigger role for financing micro, small and medium enterprises (MSMEs).
E say increased intervention funds go allow operators to lend cheaply to businesses and low-income Nigerians. Dis go stimulate economic activities and accelerate inclusive economic growth. He add, “When you lend cheaply to businesses and ordinary Nigerians, you contribute more to di growth of di economy.”
Oni also call for business-friendly regulatory framework. E say supportive environment go strengthen capacity of microfinance banks to deepen financial inclusion, create jobs, and improve livelihoods for grassroots.
Di new leadership of NAMB go intensify public awareness campaigns to improve confidence for di industry and educate Nigerians about di developmental role of microfinance banks.
Earlier, di outgoing President of NAMB, Alhaji Abubakar Ahmad, say di association record notable progress through sustained collaboration with CBN, NDIC, and development partners. E note say strategic partnerships with organizations like WASH and Atmosfair enhance capacity building and institutional development.
Ahmad urge operators to remain united and support di new leadership. E stress say stronger institutions, improved corporate governance, digital transformation, increased capitalisation, and sound risk management go be critical to sustain di industry growth for years ahead.
