…Expanding your coast!
NAMB Delta State Chapter Seeks Collaboration with State Government
Microfinance Banks (MFBs) have been recognized as pivotal actors in driving economic growth and empowerment, particularly at the grassroots level. On 20th March 2024, members of the National Association of Microfinance Banks (NAMB), Delta State Chapter, paid a courtesy visit to the Executive Governor of Delta State, Rt. Hon. Sheriff Francis O. Oborevwori, and His Excellency, Sir Monday Onyeme, the deputy Governor of Delta. The meeting aimed to foster collaboration between the MFBs and the state government to overcome challenges and further empower communities across the state.
During the meeting, The Chairman of NAMB Delta State Chapter, Mrs Ugute Evelyn Oghenefejiro, FICA , MCIB, who is also the MD/CEO of Coastline Microfinance Bank Limited, expressed gratitude for the opportunity to engage with the state leadership. She highlighted the significant contributions of MFBs to Delta State’s economy, emphasizing their role in youth empowerment, employment generation, entrepreneurship support, and agricultural development. Over 16 MFBs in the state have been instrumental in disbursing loans, facilitating access to financial services, and stimulating economic growth in various sectors.
One of the major challenges discussed during the meeting was the issue of multiple taxation, which impedes business operations and investment growth. His Excellency, Sir Monday Onyeme, the deputy Governor of Delta, acknowledged the concerns raised by the MFBs regarding multiple taxation. He reassured the delegation that the state government had initiated the process of harmonizing tax laws to streamline taxation procedures and alleviate the burden of multiple levies on businesses. This move, once passed into law, aims to provide clarity and reduce the complexities associated with taxation, ensuring that businesses receive a single demand notice per annum.
The proposed tax harmonization aligns with the state government’s commitment to creating an enabling environment for businesses to thrive. By addressing the issue of multiple taxation, the government aims to enhance the ease of doing business, promote sustainability, and foster economic growth in Delta State. Furthermore, the collaboration between NAMB Delta State Chapter and the state government underscores the importance of public-private partnerships in driving inclusive development and prosperity across communities.
In conclusion, the visit of NAMB Delta State Chapter to the Executive Governor’s office signifies a proactive step towards forging synergies between the microfinance sector and the government for the benefit of Delta State’s residents. By working together to address challenges such as multiple taxation and leveraging opportunities for collaboration, stakeholders aim to create a conducive environment for entrepreneurship, innovation, and socio-economic advancement in the state.
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