As CIBN proposes amendment to the Act establishing the Institute.
The Senate President, David Mark, on Tuesday charged the banking sector to review the high interest rates charged on loans in order to create conducive environment for business to thrive in the country.
Mr. Mark said this when he played host to the Chairman and members of the Board of the Chartered Institute of Bankers, CIBN, in Abuja that the high interest rates and unwillingness of the institution to lend to small scale entrepreneurs was unhealthy for the economy.
“This is not healthy for a developing economy like ours. Even the famers who should be encouraged through such facilities are worst hit,” he stated.
“We cannot claim to be promoting the economy when small scale entrepreneurs cannot access loan on account of high interest rates or other impossible conditions.
“I cannot rationalise a situation where banks reel out statistics of an improved economy when lives of the ordinary man or petty traders have not improved.
“Such wonderful statistics of improved economy should reflect on the lives and businesses of the people otherwise such figures makes no meaning.”
The Senate President also told the bankers to create a favourable business environment that would make businesses thrive and ultimately transform the lives of the citizenry.
He promised that the National Assembly would give priority attention to the amendment proposed by the CIBN to its establishing Act; needed to correct the grey areas in the operations of the sector.
Earlier, the CIBN President, Segun Aina, requested the National Assembly to consider the proposal for the amendment of the Act establishing the Institute in order to harmonize the various organs of the sector and make it much more professional and effective.
Mr. Aina said the crisis in the banking sector was necessitated by the dearth of professionals, a development the proposed amendment seeks to correct.
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