News Column

FG Urged to Resuscitate Board for Community Banks

May 26, 2014

Usman A. Bello

The Managing Director, Kogi Savings and Loans, Abdulaziz Otohinoyi Suberu, has appealed to the federal government to resuscitate the scrapped National Board for Community Banks for effective service delivery of micro finance institutions in the country.

Suberu made the appeal at the weekend in an interaction with journalists in Lokoja, the state capital.

According to him, for micro finance banks to function properly and effectively, federal government should bring back the board whose statutory responsibility was to control the activities of the community banks in terms of regulation and legislation.

Suberu said the scrapping of the board and the merging of all the activities of community banks with the mega banks in the country under the supervision of Central Bank of Nigeria department of other financial institutions weakened the activities of the micro finance banks, thereby rendering them ineffective.

He explained that the current legislation did not favour community banks because of its uniformity.

Suberu called on individual and corporate organisations to partner with Kogi Savings and Loans in the area of mortgage for the benefit of the people.

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Source: AllAfrica

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