Wealthy northerners have been challenged to invest heavily in the microfinance sector so that the active poor in the north would benefit from the services of Microfinance Institutions (MFIs)
The Director, Other Financial Institution Department (OFID), Olufemi Fabamwo of the Central Bank of Nigeria (CBN) who challenged the wealthy Northerners at the meeting of the Committee of Microfinance Banks in Nigeria in Lagos, noted that urban areas like Lagos, Abuja and Port Harcourt amongst others continue to be the toast of microfinance shareholders, while the rural areas in the north remain uncovered.
Fabamwo’s challenge was coming on the heels of revelation that about 205 Microfinance Banks (MFBs) are located in Lagos along with the Southern region recording 70 per cent of the total 905 microfinance banks in the country and this has impacted positively on the people of the areas.
The director said at the forum that the apex bank would encourage investors willing to set up their firms in the rural communities even as it has restricted licenses of MFB in urban centres.
While appealing to Nigerians to invest in microfinance sub-sector, Fabamwo said that the regulating body would not relent in its efforts being the informal sector into the informal financial system to make its accounting a lot more finance firm.
“This is the only way we think we can reduce poverty, unemployment, while creating job opportunities, Fabamwo declared, and appealed to the present 904 microfinance institutions to take banking services to the people rather than wait for transactions.
Meanwhile, the National Association of Microfinance Banks in Nigeria (NAMBIN), Lagos State chapter has said that it will not allow any microfinance bank to fail in the state.
Mr. Olutayo Adenekan, chairman, Lagos State Association of Microfinance Banks told journalists at the end of the Association’s monthly meeting in Lagos last week that, every necessary steps have been taken to ensure that no bank, especially its members collapse.
The chairman explained that the decision to put some members to some vacant post such as executive secretary was to allow the Association achieve its aims and objectives of protecting the integrity of the membership banks, as well as take microfinance banking campaign to the doorstep of the micro clients.
This, he noted, was to make Nigerians aware of how MFBs could assist them, while disclosing that the association is still working on the modalities of the Intervention Fund.
When operational, he said the Fund would provide short-term liquidity for MFBs in the state.
NSE Begins Week On Negative Note, Loses N19.49bn
The Nigerian stock market began the week on a negative note as banking and consumer goods stocks, among others, triggered a N19.49bn loss.
At the end of trading on the floor of the Nigerian Exchange Limited , the NGX All-Share Index dropped by 0.09 per cent to end at 43,270.94 basis points, while the market capitalisation declined to N22.58tn.
Market activities were mixed as the total volume of shares traded decreased by 30.19 per cent while the value traded rose by 34.05 per cent.
A total of 213.13 million shares valued at N2.36bn were exchanged in 4,105 deals, compared to 305.32 million shares worth N3.58bn in 4,450 deals last Friday.
FCMB Group Plc topped the traded stocks in terms of volume, accounting for 27.43 per cent of the total volume of trades while Airtel Africa Plc emerged as the most traded stock by value, representing 28.81 per cent of the total value of trades on the exchange.
14 firms gained compared to 21 losers.
AIICO Insurance Plc was the biggest gainer for the day, topping the gainers’ chart with a price appreciation of 8.57 per cent to N0.76 per share.
It was followed by LivingTrust Mortgage Bank Plc with a rise of 7.95 per cent, ending the day at N0.95 per share.
Analysing by sectors, three of the five major indices closed lower, led by NGX Oil & Gas (-0.56 per cent), NGX Consumer Goods (-0.23 per cent) and NGX Banking (0.18 per cent).
But the insurance (0.82 per cent) and industrial goods (0.002 per cent) indices gained at the end of trading.
… Introduces TIES To Boost Business Loan
The Central Bank of Nigeria (CBN) has introduced the Tertiary Institutions Entrepreneurship Scheme (TIES), which provides undergraduates and graduates with a platform to access loans.
The TIES’ underlying aim is to provide access to capital for Nigerian undergraduates and graduates with innovative entrepreneurial and technological ideas from polytechnics and universities.
TIES intends to shift undergraduates and graduates away from white-collar job pursuits and towards a culture of entrepreneurship development for economic development and job creation.
In a national biennial entrepreneurship competition, the Developmental Component would be distributed in the form of awards to Nigerian polytechnics and universities.
The competition aims to increase undergraduates’ awareness and visibility of high-impact entrepreneurial/technological concepts, foster entrepreneurial talent hunts in Nigerian polytechnics and universities, and encourage commercially viable and transformative technologies.
Interested Nigerian polytechnics and universities shall apply to participate in the national biennial entrepreneurship competition on a dedicated online portal.
Outlining brief details of the project, potential impact and evidence of originality of project, CBN said it is an innovation for students entrepreneurs.
CITN Applauds FG, Tax Authorities On Fiscal Policy Decisions
The Chartered Institute of Taxation of Nigeria (CITN) has lauded the Federal Government and tax authorities on the giant strides made on fiscal policy decisions and tax administration measures initiated this year in the area of Finance Act 2021 and the introduction of TaxPromax solution.
President of the institute, Adesina Adedayo, who gave the commendation at the institute’s yearly award ceremony at the weekend in Lagos, assured the government and tax authorities of aligning with the measures and promised to provide professional thoughts and insights on ways through which they could achieve an efficient and effective Nigerian tax system.
Adedayo emphasised the need to address the database, adding that without knowing who the tax-payers are, there is no way they can take money from unknown tax-payers.
Database is the aspect we have been emphasising on as an institute and in doing this, there are so many of pockets of data we have. All the data must be harmonised to have a simple unique tax-payers identification number,” he said.
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