Babatunde Komolafe
1 September 2008
Managing Director/Chief Executive, Oceanic Bank International PLC, Dr. (Mrs) Cecilia Ibru, has called for the creation of a social stock market as well as concerted efforts to eradicate poverty in the country.
Meanwhile, as part of strategies to strengthen its depth and skill in micro finance banking and poverty alleviation, Oceanic Bank is partnering Grameen Bank of Bangladesh on the training of its staff.
Speaking on Financial Sector Deepening through microfinance at the International Conference on Micro Finance, Ibru averred that there is need to create a social stock market where only the shares of social businesses will be traded, adding that an investor will come to this stock exchange with a clear intention of finding a social business, which has a mission of his liking. Anyone who wants to make money will go to the existing stock market.
She also called for concerted efforts towards the eradication of poverty, stressing that no government or a single person can win the fight alone.
She disclosed that Oceanic Bank in furtherance of its desire to uplift the well-being of Nigerians living in poverty, will partner Grameen Bank, especially in the area of training, to boost the skills and depth of Oceanic Bank staff in micro finance. While noting the experience of Grameen Bank has shown that it is possible to fight and reduce poverty given the right skills, funds and mindset, the bank intends to tap from the rich experience of Grameen Bank in micro finance banking and poverty alleviation to drive its vision of building a stronger Nigeria.
Commenting on the state of micro finance in the country, Ibru argued that the Nigerian economy cannot be buoyant if the micro finance banks or institutions operate in a manner that low income earners and the poor find it difficult to access credits from them.
"There are many challenges, despite efforts put together. The level of poverty remains high and prosperity cannot be addressed by sidelining the issue of those below the poverty line. I think there should be a welfare status and securities for these people."
She added that Oceanic Bank has come up with different products which include Oceanic micro savings accounts; Oceanic micro asset leasing and oceanic group financing that can meet the demands of low income people.
Meanwhile, the founder of Grameen Bank, Prof. Mohammad Yunus speaking at a special interview session with Dr (Mrs.) Ibru said the Bangladesh Microfinance Bank is ready to help train Nigerian institutions on how to employ micro credits to fight poverty.
He said Grameen Bank is ready to partner Oceanic Bank in the training of its staff in micro finance banking in order to enable the bank develop expertise and strength in micro finance.
He added that the Bangladesh bank is ready to send some of its staff to train Oceanic Bank staff on microfinance. Prof Yunus said he established Grameen Bank in 1974 as a micro-credit institution for the purposes of helping the poor. Today, the bank has about 2,500 branches, and staff strength of 27,000.
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