AMCON should accommodate MFBs, Omeh

By Amaka Agwuegbo
The National Association of Microfinance Banks (NAMB) has asked the Central Bank of Nigeria (CBN) to include its members in the operation of the newly introduced Assets Management Corporation of Nigeria (AMCON).

Speaking at the inaugural meeting of its National Executive Council, NEC, which is made up of national executives, zonal and state chairmen, President of the association, Mr. Mathias Omeh, last Friday, said toxic assets also affects microfinance banks (MFBs) which AMCON could buy.

According to Omeh, “Today marks the formation of the new NAMB, which is made up of three organs of national executives, zonal and state chairmen, who have been given our blueprint on the way forward.

“With the conclusion of the examination that was carried out on MFBs, the CBN and Nigeria Deposit Insurance Corporation (NDIC), know our debt portfolios. We are appealing to the CBN and Federal Ministry of Finance to get MFBs involved in the operations of the AMCON.”

Moving the sector forward, Omeh said the association is partnering with the German Technical Cooperation (GTZ), UNDP and other stakeholders which has opened avenues and created opportunities for beneficial relationships and synergies with strategic institutions within and outside Nigeria.

“We have a clear vision of destiny for NAMB in the national scheme of things. We started by articulating a blueprint which spells out the roadmap which would serve as our manifesto and social contract with our members in the task of mainstreaming microfinance banking into the hub of economic and financial system of the nation.”

Commending members on the large turnout, operators said government can help the sector by buying their non-performing loans. They opined that if government could bail out other sectors with huge sums, extending such gesture to the MFB sector would go a long way in boosting activities in the sector.