Association Laments Poor Patronage Of Microfinance Banks

The National President of Association of Microfinance Banks, Mr Gentle Akun,   last Tuesday said that poor patronage of microfinance banks by government agencies had limited their growth.

Akun said  in Lagos that the poor patronage had affected the growth of these banks at the grassroots.

He also said the sub-sector had gone through some reorganisation in order to contend with current challenges.

“We have made some progress owing to the reforms. Prior to this time, the sub-sector was not as organised as this.

‘‘It will be absolutely phenomenal for microfinance banks to develop without going through this restructuring that is being observed.

“In view of the complexity of the business, the Central Bank of Nigeria has given us thumbs up for a job well done.

“Even, microfinance banks in advance climes have gone through their own challenges to get to the stage where they are, “ Akun said.

Akun urged operators of microfinance banks to develop products that would be suitable for all classes of people.