Connect with us

Business

Microfinance Chief Set To Reposition Sub-Sector

Published

11 years ago

on

Trading floor of Nigerian Stock Exchnange (NSE)

Trading floor of Nigerian Stock Exchnange (NSE)

The Chairman, National
Association of Microfinance Banks (NAMB), Lagos State Chapter,  Mrs Clara Oloniyi, on Thursday unveiled a four-point agenda to support sustainable operations in the sub-sector.
Oloniyi told newsmen in Lagos that one of the goals of the agenda was to make microfinance banks the fulcrum for speedy development of small- scale businesses in the next two years.
About 150 microfinance banks are licensed to operate in the state.
According to her, the agenda also focuses on fostering unity among licensed microfinance banks, capacity building of staff, development of diverse sources of funding for the banks and effective image laundering.
She said: “Everywhere in the world, the microfinance banks are the ones that grow small businesses because they are truly able to identify what their needs are.
“But in this country, the banks have not been able to do that because the required funds to meet this objective is lacking.
“We were expecting that the N220 billion MSMEs fund was supposed to be channeled through microfinance banks, using the commercial banks as a conduit pipe. But what we had was a total change,” she said.
Oloniyi said that incapacitation of microfinance banks through policy instruments as noticed in the disbursement of MSMEs fund, had made the banks unattractive to investors.
“Microfinance banks funders and investors are looking for profit, so we will prepare our banks to be profitable as we gear to support small businesses.
“The operators must know the strategies and as they are pursuing the social aspect, the profit aspect also must not be ignored.’’
On fostering of unity among the banks, she said the existing undefined competition had made it virtually impossible for the operators to come together and champion a common development agenda for the banking sub-sector.
“We want full participation so that we can grow the industry together because we are together. We will be able to share ideas and address challenges,” she added.
Oloniyi noted that the unpleasant experience of initial customers of microfinance banks was still being used as a benchmark for measuring the banks’ performance.
“Most Nigerians do not even see reasons why they should do business with us.
“We are going to research into the reasons why we are not accepted and get ourselves together and move on.
“Through the research, we will be able to project the sector in good light and rebuild confidence in microfinance banking,” the NAMB boss said.

Related Topics:
Continue Reading

Business

Kenyan Runners Dominate Berlin Marathons

Published

2 days ago

on

September 22, 2025

By

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.

 

Continue Reading

Business

NIS Ends Decentralised Passport Production After 62 Years

Published

2 days ago

on

September 22, 2025

By

The Nigeria Immigration Service (NIS) has officially ended passport production at multiple centres, transitioning to a single, centralised system for the first time in 62 years.
Minister of Interior, Dr Olubunmi Tunji-Ojo, made the disclosure during an inspection of the Nigeria’s new Centralised Passport Personalisation Centre at the NIS Headquarters in Abuja, last Thursday.
He stated that since the establishment of NIS in 1963, Nigeria had never operated a central passport production centre, until now, marking a major reform milestone.
“The project is 100 per cent ready. Nigeria can now be more productive and efficient in delivering passport services,” Tunji-Ojo said.
He explained that old machines could only produce 250 to 300 passports daily, but the new system had a capacity of 4,500 to 5,000 passports every day.
“With this, NIS can now meet daily demands within just four to five hours of operation,” he added, describing it as a game-changer for passport processing in Nigeria.
“We promised two-week delivery, and we’re now pushing for one week.
“Automation and optimisation are crucial for keeping this promise to Nigerians,” the minister said.
He noted that centralisation, in line with global standards, would improve uniformity and enhance the overall integrity of Nigerian travel documents worldwide.
Tunji-Ojo described the development as a step toward bringing services closer to Nigerians while driving a culture of efficiency and total passport system reform.
According to him, the centralised production system aligns with President Bola Tinubu’s reform agenda, boosting NIS capacity and changing the narrative for improved service delivery.
Continue Reading

Business

FG To Roll Out Digital Public Infrastructure, Data Exchange, Next Year 

Published

2 days ago

on

September 22, 2025

By

The National Information Technology Development Agency (NITDA) has announced plans to roll out Digital Public Infrastructure (DPI) and the Nigerian Data Exchange (NGDX) platforms across key sectors of the economy, starting in early 2026.
Director of E-Government and Digital Economy at NITDA, Dr. Salisu Kaka, made the disclosure in Abuja during a stakeholder review session of the DPI and NGDX drafts at the Digital Public Infrastructure Live Event.
The forum, themed “Advancing Nigeria’s Digital Public Infrastructure through Standards, Data Exchange and e-Government Transformation,” brought together regulators, state governments, and private sector stakeholders to harmonise inputs for building inclusive, secure, and interoperable systems for governance and service delivery.
According to Kaka, Nigeria already has several foundational elements in place, including national identity systems and digital payment platforms.
What remains is the establishment of the data exchange framework, which he said would be finalised by the end of 2025.
“Before the end of this year and by next year we will be fully ready with the foundational element, and we start dropping the use cases across sectors,” Kaka explained.
He stressed that the federal government recognises the autonomy of states urging them to align with national standards.
“If the states can model and reflect what happens at the national level, then we can have a 360-degree view of the whole data exchange across the country and drive all-of-government processes,” he added.
Continue Reading

Trending