Business: Liquidity platform launched to accelerate Microfinance industry

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The Microfinance Development Company Ltd has launched the Inter-member Liquidity Placement platform to enable microfinance banks place liquidity among themselves.

During a business forum for stakeholders in the microfinance industry, the Chief Executive Officer of MDCL, Obinna Onunkwo, said it was put together to address some of the critical challenges the microfinance industry was facing.

According to a statement issued by the company on Thursday, he pointed out that in line with its objective of creating a shared services platform for the industry, MDCL had entered into strategic partnerships with other companies to help them achieve their business goals.

Onunkwo said the company partnered with the software company, InfoWARE, to build the platform, and with Stanbic IBTC to provide on-lending facility to its members.

He added that they had also created a digital lending platform for microloans, built in partnership with Migo.

“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,” Onunkwo admonished.

Corroborating Onunkwo’s position, the Board Chairman of MDCL, Rogers Nwoke, opined that financial inclusion had been a struggle for a long time, adding that they were yet to meet the targets set by the CBN in that regard.

SOURCE: PUNCH NIGERIA

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