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Recapitalisation: MfBs canvass regulatory support to attract investors

N200m capital base excessive for rural MfBs — Ilutitun-Osoro MfB

Managing Director, Ilutitun-Osoro Microfinance Bank Limited, Ondo State, Mr. Ohizemokhai Mascot, in this interview, commended the recent decision of the Central Bank of Nigeria (CBN) to increase minimum capital base of MfBs. He however averred that the N200 million capital base stipulated for Unit MfBs is far more than what MfBs in rural areas need for their operations, while also calling for ways to curb loan default. Excerpt: 

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•Abiodun Oladipupo

No Unit MFB can operate profitably with N20m capital base — MD Pennywise MfB

The business of microfinance banks is largely focused on supporting the active poor in the economy. When I say the active poor, I mean those engaged in economic activities but lack enough capacity to borrow. The current economic situation has negatively affected the MfBs purely because of this reason, apart from Lagos State where the government is able to pay workers salaries, almost all the other states in the country are hardly able to pay salaries.

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