We’ve saved N185bn into Nigeria’s formal economy– MFIs
Microfinance institutions in Nigeria said on Tuesday they have saved about N185 billion into the country’s formal economy despite the regulatory bottlenecks bedevilling their operations.
The institutions also said that they had rescued no fewer than 100,000 Nigerians from poverty through linkage to finances, sensitization, capacity building and networking.
President, Association of Nonbank Microfinance Institutions of Nigeria (ANMFIN), Hamid Afolabi, said this in Ilorin, the Kwara State capital at the occasion of “Corporate governance and ANMFIN Inclusion Exchange.”
Afolabi explained that the association has been able to weather the storm because it was currently working with over 3,000 informal savings to be linked to microfinance banks in the north, a feat, he said, was about to be replicated across the country with Kwara State as the next focal state.
He urged microfinance practitioners to partner together. “We can achieve more. This inclusion exchange provides us the opportunity to look beyond our fears and perceptions. It is time for us to forge a common front,” he urged.
The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Ibe Kachikwu (right), with President John Mahama (left) of Ghana at the meeting leading to the agreement on payment plan for gas supply debt by the Volta River Authority of Ghana.