NAMB President seeks fiscal incentives for microfinance banks

The newly elected President of the National Association of Microfinance Banks (NAMB), Alhaji Abubakar Adamu Ahmad, has called on President Bola Tinubu to approve fiscal and other incentives for microfinance banks (MFBs) to enable them play their statutory roles of funding support for Nano and Micro, Small and Medium Enterprises (MSMEs) in the country.

Ahmad, who gave the charge in his post-election speech at the just concluded 14th Annual General Meeting (AGM) of the Association held in Abuja, also canvassed the involvement of the MFBs in the disbursement of the ongoing social intervention funds based on their grassroots-oriented roles in the nation’s financial system.

The NAMB’s President maintained the involvement of the MFBs in the disbursement of the intervention funds would go a long way in helping the President Tinubu administration to successfully disburse funds to 75,000 beneficiaries that had been processed to receive our N1 million Micro and Small Business single-digit interest loans effective from this month through the MSME hubs, five of which will be completed by October this year.

He said: “With the new minimum wage, high taxes and rising electricity tariffs, high cost of diesel, and general inflation, microfinance business is becoming increasingly expensive and difficult. We urge Mr. President to consider tax relief, a moratorium on other fees and charges, so that the subsector would be given a new lease of life.

“With a spread in all nooks and crannies of the rural areas of our dear nation, we are best equipped in the implementation of the President’s people oriented and life changing initiatives,” Ahmad stressed.

Speaking to journalists, NAMB Executive Secretary, Mr. Eddy Orok, enjoined members of the Association, Stakeholders and the banking public to give the new national officers maximum cooperation in order to move the Association to greater heights.

Meanwhile, at the just concluded 14th Annual General Meeting, other national officers elected include the National 1st Vice President, Mr Adenrele Oni; National 2nd Vice President, Mr Benjamin Mapac; National Publicity Secretary, Sir Emmanuel Ajuzie; and National Treasurer, Alh. Mohammed Idris.

Also, the members, during the electronically conducted election, elected new Board of Trustees, namely Chief John Owan (Chairman) South-South; Prof. Abiodun Amuda-Kannike (SAN), Secretary (NEC); Mr. Rogers Nwoke, (South East); Mrs. Theresa Deme, (North Central); Alh. Hamzat Abdullahi, (South West); Alh. Yusuf Ibrahim, (North East); and Alh. Aminu Ibrahim Aminu (North West).