Business
NAMFBIN Plans Rebranding
The National Association of Microfinance Banks in Nigeria (NAMFBIN) has concluded plans to change its name to the National Association of Microfinance Banks (NAMBS).
The move would enable it to improve on grassroots empowerment for low income earners and help poor people in the country.
The President of NAMFBIN Olutayo Adenekan, told newsmen last week after the association’s monthly meeting in Lagos that with the new name, Microfinance Banks (MFBS) would be better positioned to gain more financial support from apex bank.
According to him, “arrangements had been completed for the establishment of a new umbrella body. Many MFBs refused to join NAMFBIN because they said that it was established by owners of the defunct community bank but with this, there would be improved integration of more MFBs in the association”.
He said that the CBN has decided to organise all the MFBs in the country under the NAMBs, to enable it harmonise their operations. Adding that, the new body would enable the CBN to further assist MFBs in various ways.
Adenekan further noted that the new association would eliminate disunity among MFBs operators and also enable the CBN assist MFBs with some intervention funds. He said that the capacity building programmes now being floated by the CBN will offer numerous advantages to the banks.
He disclosed that the major challenges in the sector for now are in staff recruitment but with the amalgamation, MFBs will be better able to set standards for staff recruitment.
Sanusi Lamido, CBN governor disclosed this recently at the International Monetary Fund (IMF) meeting in Istanbul, Turkey. He said that the CBN is considering outsourcing the supervision of MFBs in the country to a private firm in view of inadequate personnel.
According to him “the major challenges of the MFBs in Nigeria are that of administration but we are currently working out modalities to address the issue.”
In a similar development, Williams Ogunba, deputy director of financial Institutions Department (OFID) informed that CBN would no longer compromise improper and untimely rendition of statutory returns from MFBs to the apex bank.
According to him, “The manufacturing sector needs funding, it needs tariff regime that supports its course and above all, the sector needs power to enhance its productivity. The banks were supposed to have channeled funds towards the sector, but unfortunately, had diverted such money to the oil and gas industry and the capital market, which is currently witnessing serious downturn.”
He said that though there was need to create an enabling environment for the banks to operate, he stressed that the ongoing banking reforms would shore up the sector, adding that “it is not possible for the banking sector to lose 25 per cent of its equity and the economy is expected to thrive. Growth is a fiscal phenomenon.”
Sanusi, who said the banks have taken a disproportionae steps towards the manufacturing sector, informed that Nigeria’s inflation is expected to fall below 10 per cent in December, down from the 10.4 percent reported in September, adding that if this is achieved, coupled with the relative peace in the Niger Delta, there should be increased development in the manufacturing sector.
On the report that more foreign lines coming to the country have been stopped as a result of the measures taken by the apex bank against erring financial institutions, the CBN governor said: “Not a single correspondent bank has shut its line against Nigerian banks. Infact, a Commerce bank has just increased its lines to Nigeria”.
He stressed that finance remained the ban of the manufacturing sector, noting that finance is just one component of the real sector.
According to him, “CBN will no longer accept such irregularities because it disrupts proper documentations and any MFBs caught will be punished under the CBN Act.
Most MFB operators believed that within the shortest possible time, the sub sector would no doubt wear a new look, but urged the CBN to ensure that MFBs remain committed on their core objectives of empowering low income earners.
Bumi Lawson, managing director and chief executive officer ACCION Microfinance Bank Limited said that the whole financial industry needs to be sanitised adding that the apex regulatory authority should do the same thing it did to reform deposit money bank.
According to her, “I have confidence that within a short period our financial sector would be solid. The regulatory bodies should not just sanitise commercial banks alone, the MFBs, the Bureau De change (BDC) and the mortgage banks should all be cleaned up to allow for efficiency and good corporate governance.
Speaking further, she said that “CBN really needs to reduce the numbers of MFBs in the country. It is now clear that what CBN was trying to address is the issue on the spread of 860 MFBs, over 70 percent of them are actually in the South-East or South-West. It is obvious that their concentration is quite high. In some places in the North, you could barely find any MFBs but again the number is not the issue what we should be doing is to encourage large numbers of branches.”
Jack Kelly Ruth
Minister of Aviation and Aerospace Development, Mr. Festus Keyamo, has constituted a technical committee to work with the Angolan Embassy on deepening aviation ties with Nigeria.
Special Assistant on Media and Communications to the Minister, Mr. Tunde Moshood, in a statement, said the committee would oversee logistics and help solidify plans for the Minister’s visit and potential areas of collaboration.
This development is coming after Keyamo received the Angolan Ambassador to Nigeria, Jose Bamoquina Zau, and his Deputy, Nelson Paulo Kafikiri, in Abuja.
The statement revealed that the Angola’s Minister of Transport, Dr. Ricardo Viegas de Abreu, was keen to build a synergy between both nations and was eager to tap into the wealth of experience of Nigeria’s aviation leadership.
According to the statement, “The visit is aimed at strengthening aviation ties between Nigeria and Angola, particularly as Angola embarks on a new era for its aviation industry.
“The Angolan delegation brought positive updates on the progress of Angola’s aviation sector, specifically highlighting the recent overhaul of its airport infrastructure.
Ambassador Zau informed Keyamo that the new airport, set to serve as a strategic hub for the region, will be officially inaugurated in one month’s time.
In delivering a message from the Angolan Minister of Transport, Ricardo de Abreu, the Ambassador conveyed the Minister’s warm greetings and underscored Angola’s eagerness to foster collaboration with Nigeria.
He expressed interest in exploring a bilateral air services agreement and other mutually beneficial opportunities within the aviation sector.
Ambassador Zau also extended an official invitation from Minister Ricardo de Abreu for Keyamo to attend the grand opening of Angola’s new airport next month.
He emphasised that both nations stand to gain from deeper cooperation, particularly in aviation business and infrastructure development.
In response, the aviation Minister expressed appreciation for the visit and congratulated the Angolan government on its impressive strides in aviation infrastructure.
He affirmed his commitment to attend the upcoming event and signalled Nigeria’s readiness to work closely with Angola to enhance air connectivity and explore new business opportunities.
“To ensure seamless coordination ahead of the event, the Aviation Minister has constituted a technical committee to work with the Angolan Embassy’s team.
“The committee will oversee logistics and help solidify plans for the Minister’s visit and potential areas of collaboration.
“The meeting underscores the continued commitment of both nations to expand their aviation sectors and work towards a prosperous and mutually beneficial relationship”, Moshood stated.
The National Inland Waterways Authority (NIWA) has called for deeper private sector participation in the blue economy initiative to harness greater benefits from it, for national development.
The Authority also commenced moves to improve security across the nation’s Waterways, in a bid to attract private investment into the Blue economy.
Managing Director of NIWA, Mr. Bola Oyebamiji, who disclosed this to newsmen during the tour of Wari and Onithsa area offices, said NIWA is determined to revamp the nation’s economy by consolidating on Public/Private Partnerships (PPP) initiatives.
“This initiative is part of our deliberate plans to open up new opportunities to maximise full economic potentials of the nation’s waterways.
“The PPP is the way to go but we need people or investors, who have genuine intentions and purposes to enable us align with President Bola Tinubu’s Renewed Hope Agenda for economic recovery”, he said.
The agency’s boss tasked the staff to live up to expectation by working harder in revenue generation that could open rooms to better their welfare.
He warned the staff against indolence and laxity since he was committed to staff welfare and revenue generation
According to him, there is need for the staff to be disciplined and committed by rededicating themselves to the growth and development of the Authority.
The Qatar Airlines, in its efforts to further ease financial burden of air passengers, has extended its discount partnership deal with Access Bank till December 2024.
Access Bank customers, who book their flights online using Qatar Airways’ website in this deal, enjoy up to 12 percent discount on both business and economy classses.
The Bank’s customers, using the promo code “ACCESS”, can book flights to any destination in the world and travel.
Qarta Airline, in a statement through the Vice President–Africa, Hendrick du Preez, stated that the partnership reiterates the Airways’ commitment to streamline travel within and across African markets by delivering first-rate services and offerings to passengers.
“As we are in the summer season and passengers tend to want to travel to spend time with loved ones, our priority at Qatar Airways remains broadening opportunities to travel for our passengers in the African market.
“Although Africa stands as the most underserved market, we strongly believe in the power of partnerships like these in transforming travel within the continent.
“We are proud to partner with respected pan-African financial institutions like Access Bank to provide innovative incentives for passengers and customers”, he stated.
This is coming on the heels of Qatar Airways’ recent expansion of routes across the African continent along with increased flight frequencies in various locations.
Also in the release, Access Bank’s Executive Director for Corporate and Investment Banking, Iyabo Soji-Okusanya, expressed enthusiasm about the partnership.
“Our team is delighted to collaborate with Qatar Airways to bring exceptional travel benefits to our valued customers. This offering aligns with our commitment to enhancing the overall experience for those who choose Access Bank and continue to do so every year.
“By providing exclusive discounts on Qatar Airways flights, we aim to make travel more accessible and enjoyable for our customers”, Soji-Okusanya said.
Corlins Walter
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