By Tony Obiechina, Abuja
The newly elected President of the National Association of Microfinance Banks (NAMB), Dr. Adenrele Oni, at the weekend solicited more Federal Government’s support for microfinance banks (MFBs) in view of their critical roles in financial inclusion and sustainable economic growth of the country.
The renowned banker made the appeal during his interactive session with journalists at the sidelines of the 16th Annual General Meeting of the NAMB with the theme “Beyond 20 Years: Engineering Sustainable Microfinance for the Next Generation” held in Abuja.
Oni, who commended the Presidency, the Central Bank of Nigeria (CBN) and the Nigerian Deposit Insurance Corporation (NDIC) for the supports being extended to the MFBs under the ongoing monetary reforms, said the MFBs would be better positioned for their roles in national development if the government and the apex bank improved supports in terms of intervention funds and creation of a more friendly regulatory regime.
He said: “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 added.
Reflecting on the evolution of the MFB industry over the years, the new NAMB President, who is also the Managing Director of Richway Microfinance Bank Limited, noted that the micro lenders had done well despite the micro and macroeconomic challenges they have been contending with over the years.
Specifically, he explained the MFB industry had done well given how the MFBs started operations, growing the industry’s total balance sheet of less than N300 billion five years ago, to over N6 trillion now reaching out to multiple millions of Nigerians in their operations. Our loan books as at March 2026 was N2.4 trillion with total deposit of the sector now standing at about N4.3 trillion
He said: “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.”
To improve public confidence in the MFB ecosystem in the years ahead, Oni hinted that the leadership would intensify advocacy campaigns with a view to enlighten more Nigerians on the critical roles of MFBs in national development.
Earlier in his welcome address, the outgoing President of the association, Alhaji Abubakar Ahmad, said the achievements of the NAMB over the past years had been possible based on the unwavering commitment, through regulatory guidance, constructive engagement and the confidence, of the CBN and the NDIC to the growth, stability and sustainability of Nigeria’s microfinance banking industry. We deeply appreciate you continue to repose in our Association.
He recalled that during his tenure, the association strengthened its strategic partnerships with development organisations, including WASH and Atmosfair, creating new opportunities for capacity building and industry development.
Noting that although the leadership of the NAMB recorded significant progress under his leadership, the banker acknowledged that the work remained far from being completed.
On the outlook of the microfinance industry and what needed to be done to brighten it, Ahmad maintained that “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.
“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”, he added.
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