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Nigerian Guild of Editors tasks MFBs on communication strategy

The Nigerian Guild of Editors (NGE) has advised Micro-finance Banks (MFBs) to concentrate on improving their communication strategy to have the biggest impact in achieving their mandate of lending to the poor.

The President, NGE, Mrs Funke Egbemode, in an interview with the News Agency of Nigeria (NAN), said MFBs will become more successful if they spend more in sensitising the public on what micro-financing is all about.

Egbemode, who is also the Managing Director, New Telegraph Newspapers, said though MFBs have been in existence for about 19 years, people still prefer the “big banks” because they do not understand what MFB is all about.

“Microfinance banks are supposed to be catering for the disadvantaged, the less educated and street traders among others.

“People at the market places and in the rural areas are already doing ‘esusu,’ and they already know how to access credit facility from that man that comes to collect money each day from them.

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“When you look at it, Microfinance banks should not have a hard time of it, yet many of them are not doing very well.

“They need to talk more, they need to strategise, and talk to the media because the media can take their story to every nook and cranny of the country,” she said.

Egbemode advised MFBs to befriend the media, as part of their communication strategy, to reach its target audience.

“They make it sound like when they send press statements, we will charge money for it.

“They just need to have a relationship with the media. Everything is not about money. You can draft a press statement and send it to the media and it will be used,” she said.

Egbemode also urged the Central Bank of Nigeria to join forces with the National Orientation Agency to sensitise people on MFBs and teach them how to distinguish between MFBs and Wonder Banks.

The CBN in September 2018, revoked the licence of 154 Microfinance Banks.

The revocation in some cases was as a result of insufficient capital, mismanagement and lack of patronage. (NAN)