MICROFINANCE BANKS CALL FOR STRONGER GOVERNMENT SUPPORT TO EXPAND FINANCIAL INCLUSION

The President of the National Association of Microfinance Banks (NAMB) has urged the Federal Government to provide greater support for microfinance banks (MFBs) to strengthen financial inclusion and improve access to credit for small businesses and underserved communities.

Speaking on the challenges facing the sector, the NAMB president said enhanced policy support, improved access to funding, and a more enabling regulatory environment would help microfinance institutions better serve entrepreneurs, farmers, and low-income households.

He noted that microfinance banks play a critical role in driving grassroots economic development by providing financial services to individuals and businesses that are often excluded from traditional banking. However, he stressed that the sector requires additional government backing to expand its reach and remain sustainable.

Industry stakeholders believe stronger collaboration between the government and microfinance institutions could accelerate job creation, boost small business growth, and deepen financial inclusion across the country.

NAMB reaffirmed its commitment to supporting economic development while calling for policies that will strengthen the capacity of microfinance banks to contribute more effectively to Nigeria's growth.