Edo State government, through the Ministry of Business Trade and Cooperatives, has reiterated its commitment to fostering more supportive environment for the operations of Micro Finance Cooperatives in the state.
The Permanent Secretary in the ministry, Mrs Felicia Nagboma Edokpolor, made the disclosure during the maiden edition of Micro-Finance Cooperatives engagement, held at the John Odigie Oyegun Public Service Academy (JOOPSA), on Okada Avenue in Benin City.
She said that the ministry was not oblivious of the challenges being face in the micro finance sector and assured the participants that the ministry is ready for a collaboration for a smooth running of their operations.
“The Edo State overnment, through the Ministry of Business, Trade, and Cooperatives, recognises and appreciates your impact. We are also aware of the challenges you face—funding limitations and policy concerns.
“As we deliberate today, let us focus on practical solutions—exploring ways to improve funding accessibility, enhance cooperative policies and strengthen partnerships. Our collective goal is to ensure the sustainability of MSMEs in our state,” she said.
Chairman, Association of Non Bank Micro Finance Institution of Nigeria (ANMFIN), Dr. Osarenren Aigienohuwa, highlighted the roles and challenges facing Non-Bank Microfinance Institutions (NBMFIs) in Nigeria and proposed solutions.
“Microfinance cooperatives serve as vital enablers of financial inclusion, particularly in a developing economy like Nigeria.
“We bridge the gap for individuals, small businesses, traders and rural communities—providing them with access to credit, savings and investment opportunities.”
He identified limited access to funding by microfinance management, weak cooperate governance, among others as part of the challenges militating against the development of micro finance cooperatives.
A former permanent secretary in the ministry, Mr Joel Edionwe, explained the difference between micro finance cooperatives and micro finance bank, stressing that the clarification became necessary so as not to engage in controversy.
The Director of Cooperatives, Mrs. Efeoma Enoma, stated that the Ministry of Business, Trade and Cooperatives is committed to engaging with micro-finance cooperatives to understand their challenges and provide solutions.
Other speakers included representative from the German Agency for International Cooperation (GIZ) and Prudent Micro Finance Bank.
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