Breaking News

MFBs Association set to register Intervention Fund

By Amaka Agwuegbo
The Lagos State Chapter of the National Association of Microfinance Banks (NAMB) has said it is set to register its Intervention Fund’ with the Corporate Affairs Commission (CAC).

Speaking with Vanguard, Lagos State chairman of NAMB, Olutayo Adenekan, said the aim for registering the Fund with the CAC is to enable it raise money.

“Except the Fund is registered with the CAC, we can’t start raising money since the law stipulates that it is only a licensed trust fund that can raise money.”

To be known as the Microfinance Trust Fund, Adekekan said the registration would allow, amongst others, corporate bodies and microfinance stakeholders to contribute to the fund which would also attract offshore funding from foreign investors.

He stated that trustees for the Fund would be made public after the association’s upcoming general elections.
“All I can say for now is that we have five trustee members, with one member chosen from each of the three senatorial districts. The technical committee would also bring in one member while the chairman of the association is entitled to one membership.”

Pointing out that the contributions of member banks toward the fund may not be enough to make meaningful impact, Adenekan added that the association is planning to mobilise funds from outside the country as well as from private individuals. “Some people and organisations have already shown interest but they want us to register the fund first.”

Upon registration from CAC, Adenekan he said the microfinance trust fund is going to have its own secretariat which will be headed by a managing director. He added that the ‘fund’ would have its own official website where people from around the world can interact, make contributions and suggestions, among others to the fund.

“We are working seriously with our partner, Partiz Integrated Nigeria Limited, to ensure that the Fund is commissioned to commence operations.”

The Fund would be used to assist distressed member banks when the need arises. This will restore confidence in the sector and ensure the safety of depositors’ funds.


Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.