The Managing Director of Accion Microfinance Bank, Mr Taiwo Joda, has been officially inaugurated as one of the elected members of the Governing Council of the Chartered Institute of Bankers of Nigeria (CIBN). The ceremony took place during the 24th presidential investiture and swearing-in of newly elected council members held yesterday in Lagos.
New Role a Call to Service
Joda, who was inaugurated alongside five other members, described his new position as a call to service. He highlighted that Nigeria's ecosystem hosts at least 850 microfinance banks with total assets of N16.13 trillion and shareholders' funds amounting to N63 billion. He emphasized the importance of drawing the institute's attention to enhance industry inclusion before such investments become a systemic risk.
Driving Microfinance Inclusion
“We want to drive more microfinance inclusion and ensure there is self-governance. Given the numbers mentioned, the industry poses a systemic risk if it fails. Therefore, we need to drive high-level advocacy. Additionally, with the Central Bank of Nigeria’s intention to recapitalize, it will lead to an increase in shareholders' funds availability,” Joda stated.
He explained that the governing council role is elective and lasts for a duration of two years, with the possibility of re-election for those wishing to continue serving.
Accion MfB’s Commitment to Advocacy
Joda reiterated that Accion MfB has always been a pioneer in advocacy, training, and uplifting the industry. This new role provides the bank with a platform to strengthen these areas, furthering its core objectives. He noted that Nigeria is currently focusing on translating financial health into productive regional economic growth.
CIBN President’s Acceptance Speech
In his acceptance speech, the 24th President of CIBN, Dr Dele Alabi, emphasized that inclusion remains critical to ensuring broad participation in the national financial system and equitable economic growth. He stressed the need to sustain economic activity while addressing the growing convergence of technology and finance.
Dr Alabi noted that recent developments in Nigeria have highlighted the importance of reviewing financial information and strengthening systems that support national growth. He said the focus is on building an inclusive and forward-looking system capable of addressing emerging challenges in the country.
He also emphasized the importance of spending ethics and institutional revenue generation in shaping Nigeria’s strategic direction. He added that there is a need to celebrate global impact while enhancing competencies that drive financial growth and development.
