The newly elected President of the National Association of Microfinance Banks (NAMB), Dr. Adenrele Oni, has called on the Federal Government to provide more intervention funds and adopt a more business-friendly regulatory framework to enable microfinance banks (MFBs) better support financial inclusion and economic growth.
Oni made the appeal during an interactive session with journalists on the sidelines of the 16th Annual General Meeting (AGM) of the association held in Abuja. The meeting was themed, “Beyond 20 Years: Engineering Sustainable Microfinance for the Next Generation.”
While commending the Presidency, the Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) for their continued support of the microfinance banking industry, Oni said additional government intervention would enhance the capacity of MFBs to provide affordable credit to Nigerians and small businesses.
“I think so far, the current administration, both at the Central Bank of Nigeria and at the Presidency, has been giving us the needed support. They understand our industry better and have proactively introduced policies and guidelines that support and protect the sector,” he said.
“However, we need more support, especially in terms of intervention funds. When such funds are made available through the CBN and other government agencies, microfinance banks can lend at lower interest rates to businesses and individuals, thereby stimulating economic growth.
“We also need regulations that are more friendly to make microfinance banks easier to manage and more efficient in their operations. With greater support from the government and monetary authorities, the industry will be better positioned to deepen financial inclusion, improve livelihoods at the grassroots and support the sustainable growth of micro, small and medium-sized enterprises (MSMEs),” Oni added.
Reflecting on the growth of the sector, the NAMB President, who is also the Managing Director of Richway Microfinance Bank Limited, said the industry had recorded remarkable progress despite prevailing economic challenges.
According to him, the industry’s total balance sheet has grown from less than ₦300 billion five years ago to over ₦6 trillion, while the sector’s loan portfolio stood at ₦2.4 trillion as of March 2026. Total deposits, he added, have also risen to about ₦4.3 trillion, with millions of Nigerians benefiting from the services of microfinance banks.
“Microfinance banks have contributed significantly to the Federal Government’s economic reforms, financial inclusion agenda and poverty reduction efforts. Looking at where the industry started and where it is today, we have made considerable progress,” he said.
Oni also disclosed that the new leadership would intensify public awareness campaigns to educate Nigerians on the role of microfinance banks in driving economic development and supporting underserved communities.
Earlier, the outgoing NAMB President, Alhaji Abubakar Ahmad, attributed the association’s achievements over the years to the regulatory guidance and support of the CBN and the NDIC.
He said the association strengthened partnerships with development organisations, including WASH and Atmosfair, during his tenure, creating new opportunities for capacity building and industry development.
Although he acknowledged the progress made under his leadership, Ahmad stressed that more work remained to strengthen the sector.
“The future demands stronger institutions, improved corporate governance, digital transformation, better risk management, increased capitalisation and sustained advocacy for policies that will strengthen the industry,” he said.
He urged members of the association to support the new leadership and preserve the unity of the organisation.
“As I hand over the mantle of leadership, I do so with confidence and optimism. I urge every member to extend the same cooperation and support to the incoming administration. Our association will only grow stronger when leadership transitions are peaceful, united and focused on continuity rather than division,” Ahmad said
