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General News of Thursday, 2 February 2023

Source: punchng.com

Microfinance banks’ officials flee as customers threaten protest in Osun

Osun State Osun State

Customers have threatened to storm some microfinance banks operating in Osun to protest their inability to withdraw money from their accounts.

In some of the microfinance banks visited in Osogbo by Punch on Wednesday, many officials of the banks, were not on seat, as many of the customers waited endlessly to withdraw from their accounts.

Some of the customers claimed to be salary earners, who get paid their monthly salaries through their accounts domiciled in the microfinance banks.

The customers who mostly bank with Olubasiri Microfinance, Ibuaje Microfinance and Osogbo Microfinance Banks, all located within Osogbo metropolis threatened to embark on protest if the situation persisted.

In all the banks visited, a handful of the officials met refused to comment on the situation and referred to the publication the leadership of the National Association of Microfinance Banks in Osun state.

But an official of a microfinance bank in Osogbo, who spoke under condition of anonymity said the refusal of the Central Bank of Nigeria to include microfinance banks in its plan for the replacement of old naira notes with new ones was responsible for the collapse of operations of the banks.

When contacted for a reaction, the chairman of the National Association of Microfinance Banks, Osun state chapter, Mr. Tunde Lawal, confirmed the collapse in operations of many of the banks which he blamed on a lack of cash to pay customers.

He however referred our the publication to the national leadership of the group for further comment.