The National Association of Microfinance Banks (NAMB) has urged President Bola Tinubu to involve Microfinance Banks (MFBs) in the planned disbursement of one million each to 75,000 Micro Small and Medium Enterprises (MSMEs).

Alhaji Abubakar Ahmad, the newly elected President of NAMB, made the call in his post-election speech at the14th Annual General Meeting (AGM) of the association in Abuja.

Ahmad said the call was necessary because of the MFBs’ strategic national spread and robust platforms.

He stressed the need for the involvement of the MFBs in the disbursement of the ongoing social intervention funds based on their grassroots-oriented roles in the nation’s financial system.

According to him, the involvement of the MFBs in the disbursement of the intervention funds will go a long way in helping the government to successfully disburse funds to beneficiaries.

He noted that 75,000 beneficiaries had been processed to receive one million Micro and Small Business single-digit interest loans.

‘With the new
minimum wage, high taxes and rising electricity tariffs, high cost of diesel, and general inflation, microfinance business is becoming increasingly expensive and difficult.

‘We urge the President to consider tax relief, a moratorium on other fees and charges, so that the subsector would be giving a new lease of life.

‘With a spread in all nooks and crannies of the rural areas of our dear nation, we are best equipped in the implementation of the President’s people oriented and life changing initiatives,’ Ahmad said.

Ahmad also called on Tinubu to approve fiscal and other incentives for banks.

He said that this would enable microfinance banks to play their statutory roles of funding support for Nano and Micro, Small and Medium Enterprises (MSMEs) in the country.

The News Agency of Nigeria (NAN) reports that the association also elected other national officers at the AGM.

The elected officers included the National 1st Vice President, Mr Adenrele Oni; National 2nd Vice President, Mr Benjamin Mapac; National
Publicity Secretary, Sir Emmanuel Ajuzie; and National Treasurer, Alhaji Mohammed Idris.

The association also elected new Board of Trustees, namely Chief John Owan (Chairman) South-South; Prof. Abiodun Amuda-Kannike, Secretary (NEC); Mr Rogers Nwoke, (South East) and Mrs Theresa Deme, (North Central).

Others were Alhaji Hamzat Abdullahi, (South West); Alhaji Yusuf Ibrahim, (North East); and Alhaji Aminu Ibrahim Aminu, (North West).

Speaking shortly at the end of the AGM, NAMB Executive Secretary, Mr Eddy Orok, urged the association’s members and relevant stakeholders to give the new national officers maximum cooperation to move the association to greater height.

Source : News Agency of Nigeria