Managing Director, Accion Microfinance Bank, Mr Taiwo Joda, has been inaugurated as one of the elected members of the Governing Council of Chartered Institute of Bankers of Nigeria (CIBN).
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This was at the 24th presidential investiture and swearing in of newly elected members of the association’s Governing council yesterday in Lagos.
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Joda who was inaugurated alongside five others, acknowledging that the new role is a call to service, noting that there are st least 850 microfinance banks in Nigeria’s ecosystem with a total asset of N16.13 trillion and shareholders funds totals N63 billion, so before such an investment becomes a systemic risk it’s time to draw attention of the institute to enhance industry inclusion.
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“We want to drive more microfinance inclusion and to ensure there is self governance. Again with the numbers earlier mentioned, we run a systemic risk if such an industry should fail. So we need to drive high level of advocacy. Also, with the intention of the Central Bank of Nigeria (CBN) to recapitalise, it would lead to increase in shareholders funds availability,” he said.
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According to him, the governing council role, which is elective, is for the duration of two years and one can apply for reelection if one desires to continue serving.
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Joda reiterated that Accion MfB has always been a pioneer of advocacy, training and uplifting the industry, so this role gives Accion MfB a platform to strengthen these areas, adding that it is a furtherance of the objective of the MfB.
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Nigeria is focusing on translating financial health into productive regional economic growth.
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Giving his acceptance speech, The 24th President, CIBN, Dr Dele Alabi, said inclusion remains critical to ensuring broad participation in the national financial system and equitable economic growth. He stressed the need to sustain economic activity while addressing the growing convergence of technology and finance.
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‎He noted that recent developments in Nigeria have further highlighted the importance of reviewing financial information and strengthening systems that can support national growth. According to him, the focus is on building an inclusive and forward-looking system capable of addressing emerging challenges in the country.
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‎He also emphasised the importance of spending ethics and institutional revenue generation in shaping Nigeria’s strategic direction, adding that there is a need to celebrate global impact while enhancing competencies that drive financial growth and development.