The Vice-President and Treasurer, International Finance Corporation, Jindong Hua, says the financial institution is ready to work with microfinance banks in Nigeria to deepen financial inclusion.
He said microfinance banks were crucial to achieving the Sustainable Development Goals of the United Nations, adding that MFBs were closer to the grassroots.
This, Hua said, informed the IFC’s decision to collaborate with Accion Microfinance Bank.
He also stressed the importance of financial technology to achieving financial inclusion, disclosing that the IFC had invested over $4bn in 100 countries to boost its support for micro financing institutions.
Hua spoke alongside other experts at the Accion Microfinance Bank’s 10th anniversary and an inaugural annual seminar on financial inclusion.
The theme of the event, which was attended by financial and industry experts, was, “Making financial inclusion a certainty in Nigeria by 2020.”
The IFC VP stressed the need for Nigeria to develop entrepreneurship spirit and make funds available to deepen it, in line with what is done in Asia and Latin America countries.
Hua said, “For the World Bank Group, micro financing is critical because this is where we can eventually achieve our sustainable development goals.
The Governor, Central Bank of Nigeria, Godwin Emefiele, said financial inclusion remained the important tool to reducing poverty and boosting prosperity.
Emefiele, who was represented by the Director, Development Finance, Dr. Mudashiru Olaitan, said that given the staggering figure of the financially excluded and challenges confronting the scheme, a well-functioning financial system would attract financially excluded into banking sector.
The Chairman, Accion Microfinance Bank, Mr. Patrick Akinwuntan, said efforts to deepen financial inclusion would not only help individuals or communities to enter the financial system, but also drive economic growth.
The outgoing Managing Director/Chief Executive Officer, Accion Microfinance Bank, Ms. Bunmi Lawson, said she was delighted with the achievement of the bank in the past 10 years, saying the lender was formed to bridge the long existing gap in the financial landscape.
The board and management of the bank announced Mr. Taiwo Joda as Lawson’s successor.
