BENIN-CITY– The 8th edition of the Conference on Microfinance and Enterprise Development (CMED) organized annually by LAPO Institute for Microfinance and Management Studies has ended in Benin City.

The 2-day event held at the premises of LAPO Institute, S&T Barracks Road, Opposite Uselu Market, Uselu, Benin City, critically focused on Strategies to overcome the myriad of issues affecting the growth and Sustainability of Microfinance Practice In Nigeria.

The Conference which commenced on Wednesday, September 21, 2022 had as its theme: “Microfinance: Evolution, Barriers to Growth and Sustainability In A Digitalized Economy”.

It featured issue-based keynote address delivered by Dr. Michael A. Adebiyi, Research Director, Central Bank of Nigeria,(CBN); Lead papers, Panel discussions, Research paper presentations and interactive discussions, by experts and critical stakeholders , all of which were reduced to a Communique for policy makers, Participants, relevant Government agencies among others.

Delivering his welcome address, the Chief host and Founder of LAPO, Dr. Godwin Ehigiamusoe, who doubles as Chairman, Governing Council, LAPO Institute, affirmed that since inception in 2015, the Conference has served as a veritable platform for Microfinance Practitioners, the Academia, Researchers and Scholars, Regulators and relevant Stakeholders to hold robust discussions on key issues and trends in Microfinance and Enterprise development practice in Nigeria, noting that so far, over 2,000 participants have attended the Conference.

Dr. Ehigiamusoe, whose address was delivered by Prof. Hassan Oaikhenan , posited that LAPO Institute was fast emerging as a Centre of excellence in Microfinance and Enterprise development, running accredited National Diploma (ND) Courses in Accounting; Business Administration; Banking and Finance and Microfinance and Enterprise Development.

The Microfinance Expert disclosed that LAPO Institute has been rated by NBTE as the first specialised Institution to mount the Open Distance and Flexible e-learning, ODFel programme, having organized a number of sessions of Advanced Management Programme(AMP) and Senior Management Programmes(SMP).

On her part, Provost, LAPO Institute, Dr. ( Mrs) Gladys Nwokoye, an Associate Prof., while welcoming participants to the event, remarked that over the years, the Conference had been forthcoming with workable solutions to the challenges affecting the Sustainability of Microfinance Practice In the country.

She however asserted that, the 8th edition was hopefully going to be more insightful and far-reaching as it was expected to come up with practicable and sustainable strategies that will assist in moving the Microfinance sub-sector to the next level in Nigeria.

In his remarks, Chairman of the occasion and retired Professor of Economics at the University of Benin, UNIBEN, Prof. Mike Idi Obadan, who is currently ña Consultant to the National Institute for Legislative Studies, National Assembly, Abuja and Chairman, Goldmark Education Academy (GEA), Benin City, drew attention to the several challenges and serious concerns which have become prominent with digitalisation, especially of financial services, and proffered workable solutions thereof.

According to the erudite Professor, while digitalisation increases efficiency and productivity and reduces operational costs, especially in the financial industry, issues of cyber threats and attacks have continued to elicit deep concerns due to their negative impacts including financial and system losses.

The major implication, he said, was for financial institutions including Microfinance banks to strengthen their cyber defences and share critical cyber intelligence with the industry and develop appropriate remediation measures.

Earlier, the Conference Planning Committee (CPC)Chairperson, Prof. (Mrs) Christiana Okojie and the Special Guest of Honour and Vice Chancellor, University of Delta, Agbor, Prof. Stella Chinye Chiemeke, represented by the Provost, LAPO Institute, appreciated guests and refreshed on the essence of the Conference.

They maintained that the Conference promotes synergy building and cross-fertilisation of ideas in the areas of financial inclusion, Microfinance and enterprise-related activities with concomitant socio-economic impact on the country and beyond.

The Conference ended on Thursday, September 22, 2022, after several paper presentations by Scholars and Researchers had been distilled into an all-embracing Communique.