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CIBN tasks MFBs on access to N220bn MSMED fund

The exclusion of retained earnings from Nigerian bank’s recapitalisation components

Debola Osibogun, president/chairman of Council of the Chartered Institute of Bankers of Nigeria (CIBN), has challenged microfinance banks (MFBs) on access to the N220 billion Micro Small and Medium (MSME) Development fund established by the Central Bank of Nigeria (CBN).

Osibogun, who gave this challege during a visit to Accion Microfinance Bank in Lagos, also commended the bank for accessing the fund and for its commitment to financial inclusion, support for the development of microfinance and economically empowering micro-entrepreneurs and low-income earners.

“On the issue of intervention fund, which the central bank has provided I am glad that the managing director of the bank was able to inform us today that her organisation has been able to access this fund. We could use that to encourage other microfinance banks to try and access the fund. It is for the benefit of the people who do not have access to corporate finance,” she said.

Bunmi Lawson, managing director/CEO of Accion Microfinance Bank, said: “Accion Microfinance Bank is pleased to be recognised by the CIBN for our efforts in the industry. As the bank is expanding across Nigeria, we will continue to provide sustainable financial services to reach the unserved and underserved in the country.”

According to her, Accion Microfinance Bank recently won the EFInA Award for the financial service provider that has deepened financial inclusion in Nigeria in the microfinance category as well as LEAD Award for Best Microfinance Bank 2014.

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Osibogun also noted with satisfaction Accion Microfinance Bank’s contributions to the institute’s endowment fund, stating that it would further engender professionalism and stimulate improved performance by students writing the CIBN Microfinance Certification Examinations.

“This is a valuable contribution towards supporting capacity building for the microfinance banking sector and, by extension, the economy at large,” she said.

She said further that the institute’s core mandates included determination of the standards of knowledge and skill to be attained by persons seeking to become members of the banking profession; conduct of professional examinations leading to the award of certificates as may be prescribed by the institute and ensuring the furtherance, maintenance and observance of ethical standards and professionalism among practitioners of the banking profession in Nigeria.