Labour crisis looms in kwara as operators of microfbanks raise alarm 2000 workers will lose their jobs

LABOUR CRISIS LOOMS IN KWARA AS OPERATORS OF MICROFINANCE BANKS RAISE ALARM OVER 2000 JOB LOSSES

A looming labour crisis is unfolding in Kwara State as operators of microfinance banks in the state have raised the alarm over the impending loss of over 2000 jobs. The crisis is attributed to the harsh economic conditions and regulatory challenges facing the microfinance sector in the state.

According to reports, the microfinance banks in Kwara State are struggling to stay afloat due to the economic downturn, which has led to a significant decline in deposits and loan repayments. The situation has been exacerbated by the recent regulatory changes introduced by the Central Bank of Nigeria (CBN), which have increased the minimum capital requirement for microfinance banks.

The operators of the microfinance banks have expressed concern that if the situation is not addressed, over 2000 workers in the sector will lose their jobs. They have appealed to the state government and relevant authorities to intervene and find a lasting solution to the crisis.

"We are facing a serious crisis in the microfinance sector in Kwara State. The economic downturn and regulatory challenges have made it difficult for us to operate profitably. If we do not get support, we will be forced to lay off over 2000 workers," said a spokesperson for the microfinance banks.

The crisis has also raised concerns about the impact on the local economy, as the microfinance banks play a crucial role in providing financial services to small-scale businesses and low-income households.

The Kwara State government has been urged to intervene and find a solution to the crisis to prevent the loss of jobs and the negative impact on the local economy.

Sources: