Business
CIBN Cautions MFBs Over Loans’ Disbursement
The Chartered Institute of
Bankers of Nigeria (CIBN), has cautioned operators of Micro-Finance Banks (MFBs) in the country against giving out loans beyond their capacity.
The institute also advised operators of MFBs not to emulate and carry out transactions and loan disbursements as commercial banks.
President, CIBN, Mrs Debola Osibogun said this Wednesday when she paid a courtesy visit to Accion Microfinance Bank Limited’s head office in Lagos.
She said “as long as the microfinance banks do not behave as if they are commercial banks, they would not have much problem. Their area is different and the sector they are is different from what commercial banks are expected to service”.
“If microfinance banks keep giving out huge sum of money to individuals then they might be running some risks. But when you give small sums of money to a large number of people, the risk is not as high as when you give a lump sum to one person.”
She commended the bank for accessing part of the Central Bank of Nigeria’s (CBN’s) N220 billion intervention fund for Micro, Small and Medium Scale Enterprises (MSMEs).
“The CIBN boss added , on the issue of intervention fund, which the central bank has provided, I am glad that she (Accion CEO, Bunmi Lawson) was able to inform us today that her organisation has been able to access the fund. We could use that to encourage other microfinance banks to try and access the fund. It is for the benefit of people who do not have access to corporate finance.”
“I believe some of the microfinance banks must have gotten their hands burnt but people like Accion that are doing the right thing and concentrating on the grassroots, you can see that they are progressing, I would advise that other microfinace banks emulate what they are doing and they should make sure they don’t play in the same field as the commercial banks”, she declared.
Also speaking, the CEO of Accion, Lawson said her microfinance bank was pleased to be recognised by the CIBN for its efforts in the industry.
“As the bank is expanding across Nigeria, we will continue to provide sustainable financial services to reach the unserved and underserved in the country,” she added.
Business
Kenyan Runners Dominate Berlin Marathons
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.
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