Nigeria: Micro-Finance Banks Generated N125b in Seven Years

Sep 2014
Nigeria, September, 05 2014 - The National Association of Micro Finance Banks (NAMB), said its members generated about N125 billion in their operations between 2005 when micro-finance banks were established in the country and 2012.

The National Association of Micro Finance Banks (NAMB), said its members generated about N125 billion in their operations between 2005 when micro-finance banks were established in the country and 2012.

The President of the association, Mr Valentine Whensu, made this disclosure when he appeared on the News Agency of Nigeria (NAN) Forum on Sunday in Abuja.

Whensu said that micro-finance banks also gave out credits of over N97 billion to micro and small-scale entrepreneurs during the period.

Aside from loans, he said that the association organised fora where businessmen and customers were educated on finance management and related matters.

According to him, the sensitisation benefited our customers as most of them are excelling in their various businesses.

 “In terms of advisory services, we have been able to bring a lot of people from their former positions to better positions.

 “You can imagine the transformation of somebody who started business with N10,000 loan and today he is collecting N150,000; that shows that there is a huge transformation on such a person.

``So, to count our success stories, we have done a lot of things; many of our customers were not accountable before; they did not know the amount of money to spend or to save but now, the story is different.

“We constantly organise customers’ forum to educate the people on what to do and what not to do, the money they need to spend and how to set aside money," he said.

Whensu recalled that some micro-finance banks were given awards by the Central Bank of Nigeria (CBN) during the recent disbursement of the Micro, Small and Medium Enterprise (MSME) funds.

According to him, the awards were in recognition of the contribution being made by micro-finance banks to the growth of the nation’s economy.

He said that no commercial bank got such award, noting that the CBN’s gesture, which was witnessed by President Goodluck Jonathan “showed that there is something we are doing and I think we will still do better.

He assured that with the new MSME funds, “we will be able to bring a lot of people from poverty level to the next level so that this economy can move forward.’’

Whensu said that because micro-finance banks were closer to the people in the grassroots, they ensured that they were financially included, stressing that for a country to succeed, it must partner micro-finance banks.

According to him, every transformation in every country starts with the MFBs and with the people at the micro level.

He, however, said that the banks would do better with more support from the government and the media.

 “We are ready to do this business and we hope to start seeing government patronage and support from the media to showcase some of the things we are doing,’’ Whensu said.

While receiving Whensu to the NAN, the Managing Director, Mr Ima Niboro, assured the micro-finance banks association of the agency’s support in publicizing its activities and in other capacities.

Niboro, who was represented by the Executive Director, Editorial Affairs, Mr Isaac Ighure, said that it was the duty of the agency to disseminate information on events in Nigeria, including those by governments, agencies, organisations and individuals.

`` The duty of the agency is to project Nigeria in a very good light to the outside world and I must commend you for taking the decision to come to NAN.

`` I want to assure you that we are willing to cooperate with you and disseminate your information to the world.

``I have always described NAN as the newspapers’ newspaper, and now we have included television, radio and multimedia.

`` The entire aspect of the media relies on NAN for news on a daily basis and this is so because of the spread that we have,’’ he said.

He said that NAN had offices in the capital cities of the 36 States in the country, 23 district offices and five foreign offices in Johannesburg, Cote D’Ivoire, Addis Ababa, Washington and London.

"We have about 500 reporters all over the federation and we are planning to open more foreign offices,” Niboro added.

Source : WorldStage News

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