The Osun State chapter of the National Association of Microfinance Banks has said loan default and high operational cost are some of the challenges facing the banks’ operations.
The Chairman of NAMB in Osun State, Mr. Yemi Adeoye, said this in Osogbo on Friday, during one of the activities lined up for the association’s week in the state.
Adeoye said, “Expectedly, we have our own share of challenges, ranging from loan defaulters, emerging competitors, high operational cost, irregular power supply and security.”
He stated that despite the challenges facing the banks’ operations, they had continued to improve their service delivery with integrity to ensure customers’ satisfaction.
According to him, about 28 microfinance banks in the state have been giving loans to artisans, traders and other categories of people in order to assist in developing their businesses and to boosting the economy of the state.
Source: Financial Watch Ngr
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