Egbemode seeks creation of PR units in microfinance banks

The Nigerian Guild of Editors (NGE) President, Mrs. Funke Egbemode, has tasked the Central Bank of Nigeria (CBN) to direct microfinance banks to establish Public Relations/Media unit in view of getting customers’ trust in the sector.

She said the absence of media unit in microfinance banks was a major factor responsible for failure of the banks to effectively discharge their mandate and getting customers’ trust.

Egbemode, who is also the Managing Director/Editor-in-Chief of the New Telegraph, gave the advice at the weekend in Gombe State while delivering a paper on the “Role of the media in the promotion of grassroots finance” at Central Bank of Nigeria’s 27th seminar for finance correspondents and business editors.

She noted that most Nigerians whom the microfinance banks are meant to serve are ignorant of the banks’ responsibilities and therefore do not have confidence in their day-to-day services.

The NGE president, who stated that people have the misconception that microfinance banks hypnotise clients using strange spiritual powers to make loan repayment impossible for depositors, said a lot of media enlightenment campaigns are required to disabuse the mindset.

She, therefore, stressed that constant interface between the public and the microfinance banks using business desk of media outlets would restore better relationships.

She said most microfinance banks in Nigeria do not understand their concept and functions.

“They are established to provide micro-credit finances. They are institutions funded by non-profit organisations, NGOs, individuals and large financial institutions. Are our microfinance banks doing what they were set up to do?” she said.