MFBs launch liquidity platform | Dailytrust

MFBs launch liquidity platform

Owners of microfinance banks in the country have launched an Inter-member Liquidity Placement Platform (ILPP), which enables microfinance institutions to place liquidity among themselves.

The platform was launched during a high-impact business forum for key stakeholders in the microfinance industry, organised by the Microfinance Development Company Ltd (MDCL), in Lagos, a statement from MDCL said on Monday.  Also launched was a digital lending platform for microloans, built in partnership with Migo, the statement issued by the Chief Executive Officer of MDCL, Obinna Onunkwo, added.

It said in line with its objective of creating a shared services platform for the industry, microfinance banks operators had entered into strategic partnerships with other companies to help them achieve their business goals.

“It is important for all MFBs to unite and speak with one voice, so we can have a voice in the bankers’ committee meetings and be able to dictate policies that affect us as an industry’’, the statement said.

The President of Nigeria Association of Microfinance Banks (NAMB), Alhaji Yusuf Ahmad Gyallesu, was quoted in the statement as saying the ILPP would provide them an opportunity to look inwards for liquidity, instead of looking outside.

He then encouraged all microfinance banks to cash in on the solution to move their businesses forward.