Alhaji Abubakar Ahmad, the newly elected President of the National Association of Microfinance Banks (NAMB), has urged President Bola Tinubu to include Microfinance Banks (MFBs) in the planned disbursement of N75 billion to 75,000 Micro, Small, and Medium Enterprises (MSMEs). Ahmad emphasized that the national reach and solid platforms of MFBs make them ideal for distributing funds effectively across underserved populations.
MFBs’ Strategic Role in Financial Architecture
Ahmad highlighted the critical role of MFBs within Nigeria’s financial system, noting their extensive presence in communities across the country. He believes that involving MFBs in the disbursement process would enhance the effectiveness of the initiative, ensuring it reaches those who need it most.
Call for Supportive Policies for MFBs
During his inaugural address at NAMB’s 14th Annual General Meeting (AGM) in Abuja, Ahmad also urged the Nigerian President to implement fiscal incentives and supportive policies for MFBs. He stressed that these measures are vital for MFBs to fulfill their mandate of supporting MSMEs, which are essential to Nigeria’s economic growth.
Enhancing the Tinubu Administration’s Economic Programs
Ahmad pointed out that involving MFBs in these disbursements could have a transformative impact on the success of the Tinubu administration’s economic programs. With five MSME hubs nearing completion by October, he argued that MFBs’ involvement would significantly improve the efficiency and reach of the initiative, ensuring equitable and timely fund distribution.
Economic Challenges Facing MFBs
Addressing the current economic challenges, Ahmad noted the rising operational costs for MFBs due to the new minimum wage, increased taxes, higher electricity tariffs, and soaring diesel prices. He called on President Tinubu to consider introducing tax relief measures and a moratorium on other regulatory fees, which would help MFBs continue their crucial role in supporting Nigeria’s economic development.
MFBs as Catalysts for Inclusive Economic Growth
Ahmad further articulated that MFBs, with their extensive networks and deep integration into rural and underserved areas, are uniquely positioned to execute the President’s vision for a more inclusive and equitable economic landscape. He emphasized that MFBs’ nationwide presence gives them the capability to implement life-changing, people-focused initiatives effectively.
Election of New NAMB Leadership
The AGM also saw the election of key national officers, including 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, a new Board of Trustees was appointed through an electronic election, with members representing different regions across Nigeria.
H3: Call for Unity and Support
Following the AGM, NAMB’s Executive Secretary, Mr. Eddy Orok, called on all members, stakeholders, and the broader banking community to support the newly elected leadership. He emphasized that collective effort is essential for the Association to achieve new milestones and advance its mission of promoting financial inclusion and economic empowerment across Nigeria.
