Business
Association Wants More Micro-finance Banks In Rural Areas
The National Associa
tion of Microfinance Banks (NAMB), an umbrella body of all licensed microcredit commercial financial institutions in Nigeria has called for the establishment of more of such banks in the rural communities of the country.
In a statement signed by the Association’s National President, Valentine Whensu, on Friday and obtained by The Tide said members of the association are committed to stimulate the economy through rebranding.
Whensu said the association wanted the establishment of more microfinance banks in rural areas for effective service delivery and actualization of the objectives of such bank in the rural areas.
He said the association was developing new and sustainable modalities for microcredit financial intermediation in the rural areas to alleviate the level of poverty and ensure effective economic growth in the rural areas.
The NAMB president said the anticipated effective service delivery would only be positive through a conscious effort by banks to develop attractive and less cumbersome loan packages.
He said the association was set to address all the challenges facing the microfinance banks to ensure smooth operational environment, stressing that members of NAMB would be encouraged to be proactive and to extend their business portfolio in such areas as micro leasing among others.
He bemoaned a situation where billions of naira circulating within the informal sector were unaccounted for in national economic planning.
Whensu Praised the Central Bank of Nigeria (CBN) policy to regulate and moderate the activities of the micro finance banks in the country describing such policy as reasonable with room for more expansion by the microfinance banks in the country.
He urged the CBN to always consider the operational environment of the micro-finance banks when it comes to equity as a result of their rural areas operations.
The NAMB President explained that Micro-finance banks would support economic growth of a country, adding that a developing economy without an effective micro-credit system is doomed to be in perpetual cycle of underperforming and crushing poverty.
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