Business

MfBs better positioned for financial inclusion drive ― NAMB

The National Association of Microfinance Banks (NAMB), the umbrella body for all licensed Microfinance banks (MfBs) in the country, has restated the commitment of the micro lenders to intensify their efforts to deepen financial inclusion as a strategic step to improve their contributions to the Nation’s Gross Domestic Product (GDP) growth.

The National President of the Association, Joshua Ukute, who made this remark during a chat with journalists, explained that with improved investments in financial services technologies, solutions and constant capacity-building initiatives for their human resources in recent years, the MfBs have all the operational capacity needed to surpass the expectations of their growing customers nationwide.

Ukute, who spoke on some recent inspections carried out in most MfBs across the six geopolitical zones by the NAMB, expressed his delight that the micro lenders were actually doing well to invest in critical areas that are crucial to fulfilling their mandate of financial inclusion in line with regulatory requirements and global best practice standards.

He explained: “I am quite excited to tell Nigerians, especially the MFBs’ customers, that their microfinance lenders are doing so much in terms of investments in critical technology to deliver innovative, hitch-free and real services to them, no matter where remotely located they are. The MFBs are doing great in e-transactions and other financial services and the customers are the better for this.

“I, therefore, want to assure the MfBs’ customers that their banks are ready to offer them the best and they should continue to have confidence in the microlenders and encourage their friends to bank with the MFBs. As I speak now, many of the banks are determined to serve the public at near-zero charges in demonstration of their service-oriented considerations for the customers,” the NAMB President added.

On the rumour that the Central Bank of Nigeria (CBN) had recently revoked some MFBs’ licences, Ukute said the rumour was unfounded and totally baseless and should be disregarded by the public, stressing that “no MFB’s licence has been revoked by the apex bank in the last two years and this clearly suggests that the peddlers of the rumour are mischievous and irresponsible in their report or claims.

Meanwhile, the NAMB’s leader also renewed the Association’s recent appeal to the CBN to involve MFBs through the umbrella body in the formulation and implementation of key policies and other measures targeted at enhancing the Nation’s financial system stability and sustainability.

READ ALSO FROM NIGERIAN TRIBUNE