Following the conclusion of the third in series of meetings held with Microfinance Banks (MFB) on the recovery of the N1.5Billion SME Development Fund Director General, Microfinance and Enterprise Development Agency (MEDA), Otunba Kayode Fasae has said that the agency will officially commence the deduction of loans collected by beneficiaries starting from the end of September, 2019.
Speaking at the meeting while addressing representatives of MFBs present at the meeting, the DG said MEDA is reaffirming its position on strategic recovery of unpaid loans.
“We maintain our position on the means adopted to recover unpaid loans from our debtors. Starting from Monday, September 9, 2019, we are sending out letters to all Ministries, Departments and Agencies of these guarantors, directing them to effect the deduction of these dues from their various salaries. Thereafter, we are sending out text messages to all guarantors to this effect.
“We believe that through this means, more loans will be recouped back to the government’s treasury.
“We will be holding a meeting with officials of the Central Bank of Nigeria, Abuja in the coming week to give account of loans recovered so far and see how we can reconcile our account with the institution. This move is on the directives of the Governor, Dr. Kayode Fayemi and we are certain we will make a good representation in the interest of Ekiti state,” he said.
While giving rendition of loans recovered so far, Managing Director/Chief Executive Officer of EK Reliable Microfinance Bank who is also the Zonal Chairman, National Association of MFB South West, Mr. Oluwatoyin Famoroti commended the efforts of the DG on recouping the SME Development Fund loan.
“This Agency has been proactive in taking serious measures as regarding the recovery of loans collected by beneficiaries. This meeting is the third in series of meetings we have been holding with the agency on this issue. As representatives of Microfinance Banks, we are here to give account of loans recovered so far and I can assure that we have made tremendous progress. I am certain the DG will adopt other vital measures in resolving the loan issue,” he said.
Other stakeholders at the meeting include; Director, SME/Secretary SPV, Mr. Ayo Ilesanmi; Director of Admins and Supplies MEDA, Mr. Alabi J.A.; Technical Adviser, MEDA, Mrs. Adegboye Gbemisola; Chief Internal Auditor, MEDA, Mr. Olutayo A.O.; Head Planning Unit, MEDA, Mr. Ijitola Sunday; Deputy Director, Loans, Mr. Adegbuyi I.; MD Amoye MFB, Ikere, Mr. Adekunle Tolu; E.K. Reliable, Ikole-Ekiti, Mr. Famoroti Oluwatoyin; Aramoko MFB, Mr. Olujobi Lola; Omiye MFB, Ilupeju-Ekiti, Mr. Gbenga Adegun; SunBeam MFB, Efon, J.S.T. Oluwaranti; Consistent Trust MFB, Mr. Aribisala Kayode and Mr. Victor Olowokere.