The Chartered Institute of Bankers of Nigeria (CIBN) has inaugurated new members of its Governing Council during the 24th presidential investiture and swearing-in ceremony held in Lagos. Among the newly elected members is Mr. Taiwo Joda, Managing Director of Accion Microfinance Bank, who was sworn in alongside five other individuals.
Focus on Microfinance Inclusion
Joda described his new role as a call to service, emphasizing the importance of microfinance in Nigeria's banking ecosystem. He noted that there are at least 850 microfinance banks in the country, with total assets amounting to N16.13 trillion and shareholders' funds totaling N63 billion. He stressed that before such investments become a systemic risk, it is crucial to draw the institute's attention to enhancing industry inclusion.
"We want to drive more microfinance inclusion and ensure there is self-governance. With the numbers mentioned earlier, we face systemic risk if such an industry were to fail. So we need to drive a high level of advocacy. Also, with the intention of the Central Bank of Nigeria (CBN) to recapitalize, it would lead to an increase in shareholders' funds availability," he said.
Council Term and Reelection
Joda explained that the elected governing council serves for a two-year term, with the possibility of applying for reelection if one wishes to continue serving. He reiterated that Accion Microfinance Bank has always been a pioneer in advocacy, training, and uplifting the industry, and this role provides a platform to strengthen those areas, further advancing the microfinance bank's objectives.
Nigeria is currently focused on translating financial health into productive regional economic growth, he added.
New CIBN President's Vision
Delivering his acceptance speech, the 24th President of CIBN, Dr. Dele Alabi, stated 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.
Alabi noted that recent developments in Nigeria have further underscored the importance of reviewing financial information and strengthening systems to support national growth. According to him, 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, adding that there is a need to celebrate global impact while enhancing competencies that drive financial growth and development.
