BVN: We are working ahead of deadline – NAMBLAG

By Providence Emmanuel

Ahead of the July 31 deadline for the  use of Bank Verification Number (BVN) for customers of Microfinance banks in the country, National Association of Microfinance Banks Lagos State Chapter, NAMBLAG, has said that the subsector is ready.

Chairman NAMBLAG, Mr. Omololu Fatunbi, in this interview said  it would be substantially achieved by July 31. Excerpt:

HOW prepared is the MfB subsector ahead of the BVN deadline on July 31

We are working on it, there is a committee being set up involving Central Bank of Nigeria (CBN)  Nigeria Inter-Bank Settlement System (NIBBS)  and NAMB, as at today we are doing revalidation of existing customers and there and then we are making machine available to complete it and to write to all commercial banks to register our customers without any condition. The memo would be out a few days from now. We expect that compliance will be possible and if there would be hindrances we should be able to achieve our aim before the end, if we cannot even conclude. But we are working ahead of the deadline.

So you are saying it is realistic

Quote me from my words, it would be substantially achieved by July 31, if there is need for extension, we should have made some landmark improvement.

What can you say are the challenges of MfBs in the last two years

We are closer to the people, we serve the under-banked, our drive is to continue to promote financial inclusion and that is our primary assignment. Those people that cannot be fully accommodated by the apex money bank, we have that strength, they are many and we are in the strategic areas where we have an outreach to service them.

There would always be challenges, I wouldn’t deny that, a lot of MfBs need more money, there are regulatory challenges and of course the micro small and medium enterprises development fund, CBN’s intervention fund which has been given out to quite a number of firms, the process is a little bit slow.

 

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