We’ve saved N185bn into Nige­ria’s for­mal econ­omy– MFIs

Daily Trust - - BUSINESS - From Romoke W. Ah­mad, Ilorin

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.


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