NAMB Urges Nigerians To Have Confidence In Industry

The National Association
of Microfinance Banks (NAMB) has urged Nigerians to have confidence in Microfinance Industry and look beyond operators.
The National Chairman of the association, Mr Valentine Whensu, who made this known to newsmen in Lagos, said that some microfinance banks had been witnessing massive withdrawal on the sudden demise of their operators.
Whensu restated that the industry had already imbedded solid structures that would ensure the continuity of any of the banks in the case of the operator’s death.
The NAMB president expressed dissatisfaction with the massive withdrawal attitude of customers, adding that such conducts could destabilised the industry.
He said “this industry witnessed “RUN” a situation whereby customers rush to withdraw money they deposited with the bank in case of the demise of an operator.
“Such conducts would not assist the industry to realise its objective because it only leads to loss of confidence, and it will also make the industry not to be attractive to existing and new investors.”
Whensu pleaded with Nigerians to give maximum support to the industry, adding that microfinance business was still young in Nigeria and that there was room for improvement.
According to him, the banks operate as legal entities and are well insured by the Nigerian Deposit Insurance Corporation (NDIC).
“The vision and mission of the industry is to be the most reliable and trusted source of micro credits to the people at the grassroots.
“We also empower our clients through various products using highly trained and motivated staff with modern technology to create superior value for all stakeholders” he said.