Microfinance Banks (MfBs) that must stay on doing business in 2017, must tap into the opportunities presented by the economic recession in the country. This is because recession provides ample opportunity for the microfinance industry to grow their income and expand their scope. Managing Director/Chief Executive Officer, Ospoly Microfinance Bank, Mr. Femi Fapohunda, said these in a chat, stating: “The Microfinance sub sector are creative and want to change the turn of event, to do this, they must tap into the opportunities in the recession. “MfBs that want to stay on doing business must tap into the opportunities in recession. In Nigeria, many people are impoverished, that is why MfBs are set up to take care of these people. It is high-time, MfBs in Nigeria tap into the opportunities in recession to grow their income and grow their liquidity and asset base. The Development Financial Institution such as Bank of Industry, Bank of Agriculture and Rural Finance Institution Department (RuFin) have also provided opportunities and MfBs ought to tap into these opportunities to be able to expand the more. “Recession provides ample opportunity for microfinance industry to to grow their income and expand their scope. that is just the summary. If they do not want to seat on the fence they must take advantage of this opportunity. Erstwhile Managing Director of King Solomon’s Microfinance Bank, Mr. Olajide Zaccheus, added that MfBs wishing to survive the year must reduce expenditure, profiling their business to affect the cash flow that would give them opportunity to repay back any think given in form of loan and advances. According to Zaccheus who is now the Managing Director of New Beginning Services: “One of the beauties of the opportunity that recession presents is that one must be able to think out of the box in terms of diversification.
by ROTMANLUV 2023-07-08, 17:34
