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The newly elected President of the National Association of Microfinance Banks (NAMB), Dr. Adenrele Oni, has called on the federal government and financial regulators to provide more intervention funds and adopt a more supportive regulatory framework to enable microfinance banks (MFBs) expand access to affordable credit and deepen financial inclusion across Nigeria.
Speaking with journalists on the sidelines of the association’s 16th Annual General Meeting (AGM) in Abuja, Oni said although the administration of President Bola Tinubu, the Central Bank of Nigeria (CBN) and the Nigerian Deposit Insurance Corporation (NDIC) had demonstrated a better understanding of the microfinance sector through supportive policies, the industry still required greater assistance to maximise its contribution to economic development.
The AGM, themed “Beyond 20 Years: Engineering Sustainable Microfinance for the Next Generation,” brought together operators, regulators and other stakeholders to discuss the future of Nigeria’s microfinance banking industry.
Oni, who is also the Managing Director of Richway Microfinance Bank Limited, said increased government intervention funding would enable MFBs to extend cheaper loans to businesses and individuals, thereby stimulating economic growth and supporting micro, small and medium enterprises (MSMEs).
“I think so far, the current administration both at the Central Bank of Nigeria (CBN) and at the Presidency are giving us the needed support.
“They understand our industry better and proactively release policies and guidelines that support and protect our sector. But in terms of what we need, we need more support.
“We need more support in terms of intervention funds. It is only when you have the intervention funds, through the CBN and other government agencies, that we can lend cheap to the public and when you lend cheap to businesses and ordinary Nigerians, you add more to the growth of the economy. So, we need more intervention funds. We also want regulations that will be more friendly to make microfinance banks to be more manageable and more operational.
“I think with these supports from the government and the monetary authorities, microfinance banks will go places and better positioned to deepen financial inclusion and positively transform the grassroots for socioeconomic wellbeing of millions of ordinary Nigerians and sustainable growth of micro, small and medium enterprises (MSMEs) nationwide,” he said.
Reviewing the industry’s performance, Oni said Nigeria’s microfinance banking sector had recorded remarkable growth despite difficult macroeconomic conditions.
According to him, the industry’s total balance sheet has expanded from less than N300 billion about five years ago to more than N6 trillion, while total deposits have risen to about N4.3 trillion and outstanding loans reached N2.4 trillion as of March 2026.
He noted that millions of Nigerians now depend on microfinance banks for access to financial services, stressing that the sector had become a critical driver of the Federal Government’s financial inclusion agenda and poverty reduction efforts.
“Microfinance banks have contributed so much in terms of supporting Federal Government’s reforms targeted at transforming the economy, financial inclusion and poverty alleviation. You can now see that from where we are coming from and where we are now, we have done very well,” he said.
Oni also pledged to strengthen public awareness campaigns to improve confidence in the microfinance banking system and educate more Nigerians about the role of MFBs in supporting grassroots economic development.
Earlier, the outgoing National President of NAMB, Alhaji Abubakar Ahmad, credited the association’s achievements over the years to the consistent support and regulatory guidance provided by the CBN and the NDIC.
He said the association had also strengthened partnerships with development organisations, including WASH and Atmosfair, creating new opportunities for capacity building and institutional development within the industry.
While acknowledging progress recorded during his tenure, Ahmad said more work remained to ensure the long-term sustainability of the sector.
“The future demands stronger institutions, better corporate governance, digital transformation, improved risk management, increased capitalisation and continued advocacy for policies that will strengthen our industry,” he said.
He urged members to support the new leadership and maintain unity within the association.
“As I hand over the mantle of leadership, I do so with confidence and optimism. I urge every member to give the incoming administration the same cooperation and support that you generously extended to me. Institutions become stronger when leadership transitions are peaceful, united and focused on continuity rather than division.
“My appeal to all members is simple: let us protect the unity of our Association above every personal interest. Let us continue to speak with one voice in advancing the cause of microfinance banking in Nigeria,” Ahmad added.
