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Microfinance official tasks on grassroots training

21 July 2014, 06:52

Lagos - Angela Adegboyega, Chairperson, King Solomon Microfinance Bank, on Sunday appealed to microfinance bank operators to intensify grassroots training for the unbanked and small-scale entrepreneurs in the country.

Adegboyega told the media on Sunday in Lagos that the Microfinance banking sector would become more active if they could train such entrepreneurs on what could sustain their businesses and make them to flourish.

The media reports that the Federal Government, through the Central Bank of Nigeria (CBN), established the microfinance banking policy in December 2005.

“The CBN is to grant microfinance banking licenses to institutions to enable them to provide banking services to the unbanked and those that are not attended to by the conventional banks,” the policy statement said.

“The need to improve the businesses of micro entrepreneurs is not only through financial empowerment but also by training the entrepreneurs themselves on what could make such businesses to succeed and remain sustainable.”

“The knowledge and awareness will grow and expand their businesses, revenues, improve the social and economic well being of the entrepreneurs and stem the huge bad debts confronting the sector,” she said.

Adegboyega advised the adoption of a practical and day-to-day language to explain and show the basic things required in setting up and progressing such businesses.

According to her, topics like how to start your business, basic book keeping, managing personal finances and simple business operations, should be taught to the entrepreneurs.

“Other areas include Market information gathering, growing your businesses, reinvestment policies, positioning your businesses for bank lending and other areas, should also be taught to the small business owners,” she said.

Adegboyega urged the banks to operate an open door policy towards the investors, to enable them to ask questions and seek clarifications on grey areas, as their businesses developed.

-    NAN


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