NIBSS Says Microfinance Banks To Integrate With BVN By 2018

Yemisi Izuora

The Lagos State Chapter of National Association of Microfinance Banks, NAMBLag,  has assured that going with its partnership with the Nigerian Inter-Bank Settlement System, NIBSS, full integration of member-banks with the Bank Verification Number, BVN, will commence January 2018.

Speaking at the NAMBLag’s seventh Annual General Meeting for the financial year ended December 31, 2016 and June 30, 2017, in Lagos, Chairman, NAMBLag, Mr. Omololu Fatunbi, said that a number of its member-banks have procured the data capturing machines to further demonstrate its resolve to support the objective of the BVN registration.

Fatunbi who urged other members to endeavour to acquire same, commended the NIBSS for supporting the chapter with five data capturing machines to kick-start the exercise in the state, disclosing that the company deployed 15 machines nationwide, dedicating five to Lagos state. “We have taken it above board to sensitize the public especially our customers on the importance of enrolling for BVN. It is on record that we initiated the first contact with NIBSS on BVN registration of our customers, which further escalated countrywide,” he said.

On the financial year, he said that mobilization of members in paying annual dues have improved compared to previous years. He stated: “When we came in about 70 members were paying dues, we now have over 100 members paying their dues. This is the reason we can take an additional office space and equip our secretariat to standard.

“In terms of member strength, NAMBLag is about 200 strong and the number keeps increasing on regular basis. This perhaps is a pointer to the strategic importance of Lagos state in the delivery of sustainable financial inclusion to the under-banked and the active poor..”

National President, NAMB, Mr. Rogers Nwoke, commended the chapter for the AGM, advising that they continue to maintain momentum and stability as a leading chapter in the industry.

Nwoke stated: “As long as people remain committed to one basic and simple understanding that we are not here for any other thing other than for the interest of our investment, we will good return. NAMB is a platform of our commonwealth, so in whatever we do, we should be driven by the fact that if it works well everybody will have good return for his investment, that is what should drive everything that we do.

“For me and my team at the NAMB level, we will continue to ensure that whatever it demands for our member-banks to do well, we will do it. Lagos is where all the positives happen so take advantage.”

Also speaking, Managing Director, NIBSS, Mr. Adebisi Shonubi, said that the system have a team that was specifically set up to serve the microfinance industry, being a segment that supports the retail space.

Shonubi, who was represented by Dapo Adeosun, Senior Manager, Customer Relations Management (South) NIBSS, said that the grass root bank is where the retail banking is and that no other industry can do it better than the microfinance industry. “NIBSS partnered with the association to ensure BVN enrolment is seamless. We observed that a number of the customers that you have one way or the other have BVN in banks, what that means is that we are struggling with customers within the banking space which is less than 31 million Nigerians. The market is still large enough for everybody especially microfinance banks. “There are a lot of market women in the business space that have not done their BVN capture and we are available to partner with you to ensure they get their BVN captured to do transactions.”

He urged the sub sector to take advantage of the ongoing revolution in the financial system using mobile devices.

“People come to you majorly for micro loans but they don’t do transactions, deposit, and with where we are going today, transaction becomes very important, particularly transaction on the go. Financial system has revolutionalized in the last one year using mobile devices. Businesses have grown by over 300 percent, people have moved doing their businesses using mobile, as you gather, it is imperative that you look at how you can play in that transaction space within the mobile space,” he said. – Vanguard.

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