Stories by PROVIDENCE OBUH

The first Women Microfinance Bank (WMfB) will make its debut soon, said Association of Professional Women Bankers (APWB), while announcing plans to hold its 2014 annual dinner.

President of the association, Mrs. Tinuola Thompson-Ajayi, made the announcement at a press briefing in Lagos, stating that the women bank would further enhance access of women to finance and the drive for financial inclusion, encouraging investment.

Thompson-Ajayi said, “This is to address some critical factors which affect this sector in particular, access to financial services is a core challenge; it has been a cog in the wheel of development in general and SME development. Several reasons are adduced from low education, gender, dearth of access points, unemployment to mention a few.

“In Nigeria about 47 percent of adult population are said to be financially excluded, for as long as this state of affairs subsists naturally most of our low income economically active adults would continue to be excluded.

“The financial exclusion level of Nigeria is amongst the highest in Africa, this result in lack of opportunities to maximize income and expand business and resources are often utilized as a result therefore. Of more concern is the fact that a higher proportion of the financially excluded are women and children,” she said.

Meanwhile, the annual dinner of the association is billed for 30th October with theme: “Sustaining Financial Inclusion Through Micro Enterprise Development.” Deputy Governor, Economic Policy, Central Bank of Nigeria, Mrs. Sarah Alade, is the keynote speaker, Lagos Deputy Governor, Mrs. Adejoke Adefulire, guest of honour, other guests expected at the occasion include: Ms. Modupe Ladipo, Chief Executive officer, EfInA; Mrs. Debola Osibogun, President, CIBN, among others.