Business
NDIC Urges Microfinance Banks To Access N220bn MSME Fund
The Nigeria Deposit In
surance Corporation (NDIC) has appealed to Microfinance Banks (MFBs) to access the N220 billion Micro Small and Medium Enterprise (MSME) Fund for the benefit of their customers.
It’s Managing Director, Mr Umaru Ibrahim, made the appeal in Benin during the 2nd Annual Conference on Microfinance and Enterprise Development organised by the LAPO Institute for Microfinance and Enterprise Development on Wednesday.
Ibrahim said that the N220 billion MSME fund was an intervention fund provided by the Central Bank of Nigeria (CBN) to boost small and medium businesses in the country.
He said that access of the MSME fund by MFBs would go a long way to reducing scarcity of loanable funds which had been a major challenge confronting MFBs in the country.
The NDIC boss, who was represented by a Director in the Corporation, Mr Joshua Etopidiok, also urged MFBs to lower their lending rates to attract more customers.
He said that the role of MFBs in poverty reduction could not be over emphasised, saying that high lending rates would discourage many customers from accessing their loans.
He also called on operators of MFBs to be innovative and be prudent in their operations for the benefits of their depositors and all stakeholders.
The NDIC boss said that the corporation was committed to growth and development of MFBs in the country through its capacity building support programmes.
He said that the corporation had organised sensitisation workshops on Enterprise Risk Management for 400 MFBs Operators in the country.
He also said that the corporation, in collaboration with CBN, conducted on-site examinations for MFBs to ensure safety and soundness of the sub-sector.
Ibrahim listed challenges confronting MFBs to include poor asset quality, lack of micro finance knowledge and experience, poor corporate governance as well as high operating cost.
Other challenges, he said, were scarcity of loanable funds, inadequate/lack of rendition of returns to supervisors and limited outreach as well as low literacy level.
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.