Business
MFBS Foresees Tough Times In 2010
Practitioners in the Microfinance Institution in the Nigeria have predicted that the sector would face tough time this year.
This prediction is connected to the sanitisation exercise being carried out by the Central Bank of Nigeria (CBN) in the sub-sector.
While some stated that mergers and acquisitions would envelope MFBs in the new year, others said weak MFBs would need to pave way for strong ones for any meaningful growth and development in the microfinance market.
The chief executive officer, King Solomon’s Microfinance Bank, Mr. Ugo Umeseanka said 2010 is going to be a tough and busy year. He said that happenings in the banking sector would also indirectly affect microfinance institutions, especially those who have account in their corresponding banks.
Pointing the way forward, he noted that CBN needs to do a lot especially in the area of redeeming the image of microfinance institutions.
He called on the apex bank to publish the list of the licenced MFBs that would be made available to the public in form of pamphlets. This he said would distinguish the licenced MFIs and sake ones.
Passion, patience and commitment, he said is the only instrument operators need to adopt to survive in this tough time.
In a related development, the chairman, Lagos State Association of Microfinance Banks, Olutayo Adenekan, said, though the harsh economic scenario in the country would not augur well for smooth operations of the industry, adding that operators should embrace low cost measure.
Flamboyant ways of living, he said is not ideal for an industry that is just three years old, as this would affect the financial standing of banks.
“Building of gigantic structure, buying of exotic cars, and bumper package for directors, among others is not good especially for banks that are facing liquidity challenges. These are expenditure and assets that could not bring profit”, he said.
He however warned his colleagues not to be the architect of their misfortune by cutting corners in a bid to make quick profits.
Another operator, Lanre Abiola chairman, Gold Microfinance Bank whose view is a little different, stated that 2010 would be positive and better more than the out-gone year “because we have learnt our lessons and a lot of operators are also making efforts toward increasing the capital base”.
He noted that to ease the operating environment in the current year, government needs to provide adequate infrastructure such as electricity to reduce operating cost. Most microfinance institutions are running on generators and all those affect the profitability of microfinance firms. He continued that, unless this is addressed, he foresees harsh operating environment in the current year.
The chairman further said that banks would be compelled to reduce staff strength in a bid to employ lost measure which CBN have bee sensitising operators about in the current year.
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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