NAMB president seeks more FG support for MFBs

Dr. Adenrele Oni, President of the National Association of Microfinance Banks (NAMB), has appealed to the Federal Government for enhanced support, including more intervention funds and a more enabling regulatory environment. He believes these measures are crucial for microfinance banks to effectively expand financial inclusion and stimulate economic growth across Nigeria.

Speaking at the association's 16th Annual General Meeting in Abuja, Oni acknowledged the positive impact of recent reforms by the Presidency, Central Bank of Nigeria, and Nigeria Deposit Insurance Corporation. However, he emphasized that continued government backing is essential for microfinance banks to extend affordable loans to businesses and low-income individuals, thereby fostering economic activity and supporting the growth of micro, small, and medium-sized enterprises.

Oni also urged regulators to implement policies that facilitate the efficient operation of microfinance banks. He expressed confidence that with greater financial and regulatory support, these institutions will be better positioned to deepen financial inclusion, improve livelihoods at the grassroots, and contribute more significantly to Nigeria's overall economic development.

Reflecting on the industry's evolution, Oni highlighted the substantial growth achieved by microfinance banks despite persistent micro and macroeconomic challenges. He noted that the industry's total balance sheet has grown from less than N300 billion five years ago to over N6 trillion, with a loan book of N2.4 trillion and total deposits of approximately N4.3 trillion as of March 2026. He asserted that microfinance banks have played a vital role in supporting government reforms aimed at economic transformation, financial inclusion, and poverty alleviation.

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Microfinance banks have contributed so much in terms of supporting the 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.