By Tunde Olamilekan
The National Secretary of the All Progressives Congress, Senator Ajibola Basiru, has said the party is committed to an inclusive economic development which sees microfinance banks as key partners in achieving the Renewed Hope Agenda of President Bola Ahmed Tinubu.
This was as he urged the National Association of Microfinance Banks (NAMB) to embrace technology and strong corporate governance to support sustainable economic development.
The former Osun Central lawmaker stated this on Saturday at NAMB’s 20th anniversary conference and award night.
Basiru tasked members of the association to work closely with state governments to provide low-cost financing to women and youth entrepreneurs.
The APC National Secretary noted that microfinance banks have played significant roles in assisting private individuals and MSMEs to get loans.
He lauded the leadership and members of NABS for their vision and perseverance over the years, urging them to adopt technologies for banking transactions.
He said, “As the governing political party in Nigeria, the All Progressives Congress (APC) is committed to an inclusive economic development. It sees microfinance as a key partner in achieving the Renewed Hope Agenda of President Bola Ahmed Tinubu for economic diversification, MSME growth, and social empowerment.
“Microfinance has come a long way since its humble beginnings as community banking, to an important tool for financial inclusion, poverty reduction, and the development of Micro, Small, and Medium Enterprises (MSMEs), aligning with the Federal Government’s goal of promoting inclusive economic growth and prosperity.
“Over the years, microfinance banks have been significant in making it easier for private individuals and MSMEs to get loans, especially young people, women, artisans, and vulnerable groups who are the backbone of Nigeria’s informal economy.
“However, as we celebrate these milestones, we need to remind ourselves that challenges lie ahead, such as technological and digital infrastructure, regulatory compliance, and corporate governance. The National Association of Microfinance Banks (NAMB) must therefore embrace digital shifts and strong corporate governance to support sustainable economic development.
“As we look forward to the next decades of microfinance banking in Nigeria, the realisation of achieving a prosperous economy depends on consolidating the gains of the past, adopting technologies for banking transactions, and working more closely with the government, particularly at the state and local government levels, to provide low-cost financing to women and youth entrepreneurs, MSMEs, agro-businesses and creative Industries”.
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