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Microfinance Bank Nigeria Limited

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Association of microfinance banks advised on cashless policy

The National Association of Microfinance Banks, Enugu State Chapter met last June at the corporate headquarters of Umuchinemere Pro-credit Micro Finance Bank (UPMFB) for members to discuss the general affairs of the sector with a view to sustaining microfinance banks in Nigeria's banking industry.

Welcoming the association members to the meeting, chairman of the bank, Rev. Prof. Obiora Ike, saw it as a remarkable honour for UPMFB to have been chosen to host the meeting of such a distinguished body.

He said significantly the meeting was taking place at such a time the federal government was introducing a new fiscal policy that puts some level of restriction or control on cash movement in the country, which he observed would have far reaching effect on the operations of the microfinance sector of the nation's banking industry.

The bank chairman therefore advised the association "to take a deep look at the new policy and find areas it may affect us adversely and come out with appropriate suggestions to the apex bank on how to ensure the policy does not hamper the daily operations of microfinance banks".

On the measures being done by government through the banking regulatory agencies to strengthen the financial sector of the country, Mgr Prof. Ike noted that "though the event of September 24,2010 in the industry shook the microfinance banking family in Nigeria, it however gave all of us a big challenge to strive to stability and excellence. And we salute the apex bank for its effort to make the country's banking industry strong and stable".

Commending the federal government for introducing micro finance banking to take care of the unbanked or active poor people in the society, which are in greater number, the prelate reiterated his earlier call for creation of a special Clearing House for the microfinance banks in the country, which he said had become a necessity, given the rapid growing of the microfinance sector.

"With the availability of improved technology in our environment, such a special arrangement would help in no small measure to sustain the micro finance banks and even make them to serve the people better", he emphasized.

Ike implored the attendants to the meeting to come out with resolutions that would bring about positive developments and encourage the growth of the industry.

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