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By Uche Usim
The newly elected President, National Association of Microfinance Banks (NAMB), Alhaji Abubakar Ahmad, has made a compelling appeal to President Bola Tinubu, urging him to involve Microfinance Banks (MFBs) in the planned disbursment of N75 billion to 75,000 Micro Small and Medium Enterprises (MSMEs), because of their strategic national spread and robust platforms.
He explained that the unique position of MFBs within the nation’s financial architecture and their deep-rooted presence in communities across the country makes them ideal channels for effectively reaching underserved populations.
He also urged the Nigerian President to urgently implement a cocktail of fiscal incentives and supportive policies for MFBs across Nigeria, stressing that such measures were crucial to enabling them fulfill their critical mandate of supporting MSMEs, being the backbone of the Nigerian economy.
Ahmad made these appeals during his inaugural address at the 14th Annual General Meeting (AGM) of the Association held recently in Abuja.
He underscored the transformative impact that involving MFBs in these disbursements could have on the success of the Tinubu administration’s economic programmes.
Ahmad noted that with five MSME hubs nearing completion by October, the strategic involvement of MFBs could significantly enhance the efficiency and reach of this initiative, ensuring that funds are distributed equitably and promptly.
“The current economic landscape presents significant challenges for the microfinance sector,” Ahmad stated, adding; “With rising costs due to the new minimum wage, increased taxes, escalating electricity tariffs, and soaring diesel prices, the operational expenses of MFBs have surged dramatically. These pressures, compounded by general inflation, are making it increasingly difficult for microfinance institutions to operate sustainably.
“We, therefore, appeal to President Tinubu to consider introducing tax relief measures, along with a moratorium on other regulatory fees and charges. Such interventions would provide a much-needed lifeline to the sector, allowing MFBs to continue playing their pivotal role in supporting the nation’s economic growth.”
Ahmad further articulated that MFBs, with their extensive network and deep integration into rural and underserved areas, are best positioned to execute the President’s vision for a more inclusive and equitable economic landscape. “Our presence in every corner of Nigeria gives us a unique capability to implement the President’s life-changing and people-focused initiatives effectively,” he remarked.
The AGM, which marked a significant moment for NAMB, also saw the election of other key national officers. These include Mr. Adenrele Oni as the National 1st Vice President, Mr. Benjamin Mapac as the National 2nd Vice President, Sir Emmanuel Ajuzie as the National Publicity Secretary, and Alhaji Mohammed Idris as the National Treasurer. Additionally, the association conducted an electronic election to appoint a new Board of Trustees. The new board members include Chief John Owan as Chairman (South-South), Prof. Abiodun Amuda-Kannike (SAN) as Secretary (NEC), Mr. Rogers Nwoke representing the South East, Mrs. Theresa Deme for the North Central, Alhaji Hamzat Abdullahi for the South West, Alhaji Yusuf Ibrahim for the North East, and Alhaji Aminu Ibrahim Aminu for the North West.
In the wake of the AGM, NAMB’s Executive Secretary, Mr. Eddy Orok, called on all members, stakeholders, and the wider banking community to rally behind the newly elected leadership. He emphasised that with collective support, the Association could scale new heights and further its mission of driving financial inclusion and economic empowerment across Nigeria.
