The Imo State Chapter of the National Association of Microfinance Banks (NAMB) visited the Chairman of the Imo State Internal Revenue Service (IIRS) on Friday, 18th October 2024 to strengthen ties and discuss key sector challenges. The association extended their heartfelt congratulations to the Chairman on his reappointment, expressing their optimism for a continued cordial relationship, similar to the one enjoyed during his first tenure.
During the visit, the association highlighted several pressing challenges currently crippling the microfinance banking sector. These include recapitalization, the gradual drift of civil servants to commercial banks, and the impact of the cashless policy, among others.
In his response, the Chairman appreciated the association’s visit. He encouraged the microfinance banks to re-engage Local Government Area (LGA) chairmen, emphasizing the importance of strengthening the widespread presence of microfinance banks in LGAs, especially in light of competition with commercial banks.
The Chairman also reaffirmed his commitment to maintaining a productive working relationship with the Microfinance Banks (MFBs) in Imo State. As part of his administration’s efforts to streamline tax processes, he announced the introduction of a new digital tax management system which promises to be highly seamless, efficient, and user-friendly for both businesses and individuals.
The Chairman further requested a comprehensive list of the association’s members, including details of their main branches and cash points, to ensure proper engagement and tax compliance.
He charged the association to sensitise their members on the importance of voluntary tax compliance, urging them to take full advantage of the new digital system.