Obasanjo urges sustenance of microfinance bank policy

Former President, Chief Olusegun Obasanjo, at the weekend, enjoined all stakeholders of the microfinance sub-sector not to allow the lofty initiative behind establishment of the microfinance banks to die.

He made this statement during the visit of the National Executive Council (NEC) of National Association of Microfinance Banks (NAMB) to his Hilltop Villa in Abeokuta, Ogun State.

President of NAMB, Valentine Whensu, recounted the achievements of the sub-sector since the Microfinance Banks Policy was formulated in December 2005.

“The sub-sector, which you pioneered in 2005, has grown and today it boasts of over four million clients with total saving deposits of N133 billion and loans amounting to N151 billion, while shareholders fund is over N181 billion; generating employment for over 28,000 staff members from 968 Microfinance Banks spread across the federation.”

Whensu called on the support of the Federal Government in the actualization of the unified IT platform called NAMBUIT, a technology which he said would reduce costs, improve efficiency, increase outreach, promote rural banking, stimulate agent banking development goals and broaden the scope of financial inclusion.