AVA @ CBN Organized Workshop for NGO MFI
Accessing the MSME Development fund, Agent banking services and Developing Appropriate Microfinance Products were the themes presented at Central Bank of Nigeria organized 2 days workshops hosted at the Westtown Hotels, Lagos , Nigeria on the 11th to 12th September, 2014.
In participation at the workshop was the AVA Director Olaiya Gbenga Bukola.The welcome address was brief and straight to the point; it was given by the Branch controller, Central Bank Lagos. The lead papers were educative and inspiring; it was delivered by Mrs Aminat Umaru of Central Bank.
We saw the great resources within the Central bank as she pointed out way of accessing these resources to help reduce poverty within the society. The firm and enterprise that are eligible to access the fund are; Artisanship, Agricultural value characteristics firm, service enterprise etc.
The fund will be administered to PFI’s at 3% p.a by the central Bank and onward to beneficiaries at 9% p.a. The PFI’s responsibilities include but not limited to the creation of awareness to prospecting client, collation of MSMED fund request from client and client appraisal and approval of qualified credit request.
The lead paper was followed by a paper titled Accessing the the MSME Development fund, which was presented by Adedeji Adesinmoye, deputy Director in the research department of CBN, the paper was informative and educative,
it explain in details how MSME development fund can be accessed from the CBN. Agent banking an interactive paper delivered by Mr. Jimoh, which explain CBN policy on taking banking to departmental stores and having agent within the remote area.
The second day was short and direct to the point. Developing appropriate micro finance Product in Nigeria was delivered and we were given characteristic of a good microfinance product as a quide for us to produce a good product in our organization. The features of a good product include; Client focus, Resilience, Flexibility, inbuilt social component, Value creation, fair and transparent pricing mechanism, motivation for product development, environmental consideration, enhancing social impact etc.