The National Association of Microfinance Banks (NAMB) has renewed its call on the Central Bank of Nigeria (CBN) to always Involve MfBs in the formulation and implementation of key policies.

The association also urged the apex bank to involve microfinance banks in other measures targeted at enhancing the nation’s financial system stability and sustainable growth.

It made the call in the communiqué issued at the end of its emergency Board of Trustees (BOT) meeting recently in Abuja, signed by the Chairman, Malam Ibrahim Bamalli, and Secretary, Dr Dan Ogun.

The NAMB BOT called on the CBN to help in improving public confidence in the microfinance banking subsector and to position the MfBs for improved contributions to the nation’s Gross Domestic Product (GDP).

It also tasked MfBs and other relevant stakeholders to get involved in the implementation of policies of urgent importance to forestall the crisis that recently characterised the implementation of the Naira redesign policy.

It also tasked its member-banks on internal cleansing and self-regulation required to better position them to impact the economy.

It urged MfBs to embrace digitalisation by committing adequate investments to critical e-channel infrastructure for enhanced operations.

“We recall that the implementation of the cashless and Naira redesign policies created some challenges for MfBs that seriously threatened many member-banks, with attendant negative implications.

“CBN’s Naira redesign policy was desirable for the country but non-integration of the MfBs in the policy formulation and implementation caused serious hardships for the banks and their customers,” it said.

Source: News Agency of Nigeria