• Friday, December 08, 2023
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Empowerment: NAMB wants Delta to give legal backing to its partnership with MFBs


The Delta State chapter of National Association of Microfinance Banks (NAMB) has urged the state government to strengthen its policy of disbursing poverty alleviation funds through microfinance banks with a law.

Peter Oiwo, the managing director of Boji-Boji Microfinance Bank Limited made the called in an exclusive interview with BusinessDay in Agbor said the policy would be sustained by sending bill to the state house of assembly.

Oiwo, who is also the state chairman of the association, said the policy is geared towards uplifting the living standard of the poor but economically active persons in the state through microfinance banks.

While stating that the law would ensure that the policy outlives the present administration, he urged the state government to sustain the policy by sending a bill to the state house of assembly that would give it a legal backing.

“We microfinance banks operators in the state are very happy with the state government policy of disbursing funds to the beneficiaries of its micro-credit scheme through microfinance bank and we are asking that the policy should be legalised so that it will outlive the present government tenure,” he said.

He disclosed that the bank has applied to Central Bank of Nigeria (CBN) for state licence, noting that when granted it would open more branches across the nooks and crannies of the state. Oiwo added that the bank has so far disbursed over N400million to empower its clients which he said are over 16,000.

He added that the NAMB has organised capacity training for credit/marketing officers of all microfinance institutions in the state while plans to organise strategies planning; corporate governance and oversight functions workshop for all directors has been scheduled to take place next month.