By Providence Obuh

Microfinance Banks (MfBs) across the country have accessed only N5.8 billion out of the N140 billion available for them from the N220 billion Micro Small and Medium Enterprises Development Fund (MSMEDF).

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National President, National Association of Microfinance Bank (NAMB) Mr. Valentine Whensu, disclosed this during the NAMB, Lagos State (NAMBLAG) Chapter election held in Lagos.

Whensu said that there are many opportunities open for MfBs that are yet to be tapped into, stating, “There are a lot of products that MfBs are not tapping into; micro insurance, micro pension, micro housing, micro leasing, we are not touching these products and these are products we can tap into to move forward.

For the MSME fund, he said that his office is available to carry applications to Abuja for approvals, “We are entitled to N140 billion out of N220 billion MSMEDF, but we have just taken N5.8 billion, bring your applications and we will ensure you get it. Those who have accessed the fund are opened to investors, he said.”

He pleaded with the members to take capacity building programmes serious with a view to networking and sharing experiences, “Another thing I want us to take serious and support is the capacity building programme, even the bible says that my people perish for lack of knowledge, there is a wide gap. There are too many challenges and competition in this industry that I don’t think we know where we are supposed to be and where we are supposed to be placed. Networking will help us share experiences, lets share knowledge and drive partnership.”

Meanwhile, Managing Director Ric Microfinance Bank Limited, Mr. Omololu Fatunbi, is now the Chairman NAMBLAG.

In his acceptance speech, Fatunbi said that the newly elected executives will encourage advocacy calls to regulatory institutions like the CBN, NDIC, IFRS and Law enforcement agencies to improve on existing relationship and ease of regulatory constraints on MfBs.