Commissioner for Industry, Trade and Investment, Mr. Adebola Sofela says Microfinance Banks operating in Ogun State need to build on the gains of their resilience in the last 20 years by moving from transactional financing to transformational financing so as to improve on their impact in the economy.
Sofela stated this in Ijebu-Ode while delivering the keynote address at the NAMB Management Retreat themed, “From Resilience to Excellence: Expanding Access, Enhancing Impact” organised in celebration of the association’s 20th anniversary.
Represented by the Director, Industrial Promotions in the Ministry, Mr. Olufemi Adeboye, the Commissioner who commended the resilience of the banks said Microfinance Banks are “economic enablers, poverty reducers, job creators, and social stabilizers” that are critical to helping the State build a vibrant Micro, Small and Medium Enterprises (MSMEs) sub-sector and consolidate its position as Nigeria’s foremost Industrial hub.
He added that Micro finance banks now need to move to the level of excellence by embracing structured value-chain financing noting that to improve on access to Finance there is the need for adoption of digital deepening, agricultural value chain financing, youth-focused financing while prioritising strong governance, regulatory collaboration, risk management innovation and capacity development to make the desired impact.
The Commissioner disclosed that the government is ready to partner with the NAMB to enhance access to finance for Micro, Small and Medium Enterprises (MSMEs) and promote financial inclusion across the State.
Earlier in his address, Chairman, NAMB, Ogun State Chapter, Mr. Bayonle Sulaimon said the retreat which is in commemoration of the association’s 20th anniversary was organised to equip participants on strengthening financial inclusion efforts and enhancing their impact on customers.
He affirmed that members of the association remain committed to going beyond loan disbursement by providing value-driven support that positively influences the growth and sustainability of businesses.
Also speaking, a participant at the retreat, Mr. Adeniyi Adeosun said the retreat is timely due to prevailing economic challenges across the country stressing that the partnership interest of the State government if implemented could help improve businesses especially those in the non-financial sector improve.
