Sidelining of MfBs will undermine Nigeria’s financial inclusion strategy — Bowen MfB vanguardngr.com vanguardnews
What is the subsector doing with regards to the CBN’s circular on recapitalisation, among others?
Since the circular came out, we have been having engagement meetings trying to look at options available to us. Above that, we have made representations to the central bank directly, on the issue of recapitalisation because if MfB is suppose to do financial inclusion, we understand all the challenges and issues which actually has led to the increase in the capital base with different classes of MfBs.
Our position is that, if we are supposed to be a channel for financial inclusion, which is the way it is all over the world, whatever CBN wants to do with the NIRSAL MfB that it is putting in place, our position is that you cannot be a policy maker and policy driver.
The commercial banks are supposed to look at the MfB sector and empower them to affect the economy because we are located in the rural area where these people are. They do not have the capacity to go down low at a go. Imagine any of the deposit banks having 20 to 30 unit MfBs under them, facilitating them with all necessary requirement to go and function in these rural areas. Do you imagine the development that go on in the community areas.
Microfinance banking is our area of specialisation, it is not their own, we are supposed to be their area of target; they are supposed to empower us to achieve the financial inclusion goal of the federal government.
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