NAMB president seeks more FG support for MFBs

The President of the National Association of Microfinance Banks, Dr. Adenrele Oni, has called on the Federal Government to strengthen support for microfinance banks, saying additional interventions and a more enabling regulatory environment are needed to expand financial inclusion and boost economic growth.

Oni made the appeal while speaking with journalists on the sidelines of the association’s 16th Annual General Meeting in Abuja. The conference was held under the theme, ‘Beyond 20 Years: Engineering Sustainable Microfinance for the Next Generation.’

He acknowledged the efforts of the Presidency, the Central Bank of Nigeria and the Nigeria Deposit Insurance Corporation, noting that recent reforms and policies have provided stability and improved understanding of the microfinance banking industry. However, he stressed that more government backing remains essential.

According to him, increased intervention funds would enable microfinance banks to extend affordable loans to businesses and low-income Nigerians, helping to stimulate economic activity and support the growth of micro, small and medium-sized enterprises.

Oni also urged regulators to adopt policies that make it easier for microfinance banks to operate efficiently, arguing that a more supportive regulatory framework would strengthen the sector’s ability to serve underserved communities.

He expressed confidence that with greater financial and regulatory support from the government and monetary authorities, microfinance banks would be better positioned to deepen financial inclusion, improve livelihoods at the grassroots and contribute more significantly to Nigeria’s economic development.

Reflecting on the evolution of the MFB industry over the years, the new NAMB president, who is also the Managing Director of Richway Microfinance Bank Limited, noted that the micro-lenders had done well despite the micro and macroeconomic challenges they have been contending with over the years.

He explained the MFB industry had done well given how the MFBs started operations, growing the industry’s total balance sheet from less than N300bn five years ago to over N6tn now, reaching out to multiple millions of Nigerians in their operations. The industry’s loan book as at March 2026 was N2.4tn, with total deposits of the sector now standing at about N4.3tn.

He said, “Microfinance banks have contributed so much in terms of supporting the Federal Government’s reforms targeted at transforming the economy, financial inclusion and poverty alleviation. You can now see that from where we are coming from and where we are now, we have done very well.”

To improve public confidence in the MFB ecosystem in the years ahead, Oni hinted that the leadership would intensify advocacy campaigns with a view to enlightening more Nigerians on the critical roles of MFBs in national development.

Earlier in his address of welcome, the outgoing president of the association, Alhaji Abubakar Ahmad, said the achievements of the NAMB over the past years had been possible due to the unwavering commitment of the CBN and the NDIC.