But an official of a microfinance bank in Osogbo, who spoke under condition of anonymity said the refusal of the Central Bank of Nigeria to include microfinance banks in its plan for the replacement of old naira notes with new ones was responsible for the collapse of operations of the banks.
He said, “In the last three weeks, commercial banks that are giving us money to run have stopped doing that. Each of us operators of microfinance banks has commercial banks working with us to ensure that we have smooth operations. “But in the last three weeks, those commercial banks have not been giving us money. They told us that the CBN had directed them to stop giving us money. In Osun here, we have 22 microfinance banks and our officials met CBN officials in the Osogbo branch of the Apex Bank and they told us we can’t get money.
“They said we can only get money through some super PoS operators that they have assembled. Imagine licensed microfinance banks getting money through PoS operators that are not licensed or regulated by anyone. Many of our officials did not come to work to avoid being attacked by our customers. That is the situation we have found ourselves in.”
When contacted for a reaction, the chairman of the National Association of Microfinance Banks, Osun state chapter, Mr. Tunde Lawal, confirmed the collapse in operations of many of the banks which he blamed on a lack of cash to pay customers.“It is true operations in most of our microfinance banks in Osun have collapsed over lack of cash to pay customers. But I will not want to comment further. You can contact our national body for more reaction,” Lawal said.All rights reserved.
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