Microfinance banks repositioned for efficient service delivery – NAMB

The National Association of Microfinance Banks (NAMB) says the sub-sector has been repositioned to ensure efficient service delivery to Nigerians. Mr Mathias Omeh, the President of NAMB, told newsmen in Lagos that the sub- sector had focused on advocacy, capacity building and information sharing through ICT in the last one year. The president stated that the association had undertaken exposure tours to Germany, Bangladesh and India in order to improve the sector.

According to him, more tours will be planned for members at all levels to Ghana, Kenya and other countries that have recorded successes in their micro-finance banking industry. Omeh said the sub-sector would continue to collaborate with other stakeholders, especially development partners, in order to attract more funds into the sector. He assured Nigerians that the executives of the association would continue to work hard to ensure that the micro-finance banking in Nigeria met international standards.

“There is now better stability, less occurrence of failure and a significant reduction of unethical behaviour in the micro-finance banking industry.”

Omeh urged members to work hard to improve on the standard already set, warning that the Central Bank of Nigeria (CBN) would not hesitate to clamp down on those who failed to comply with the revised micro-finance policy. He said the association was making efforts to establish a stabilisation fund to assist any micro-finance bank that might experience financial problems from going under.

“The stabilisation fund idea being proposed is used in Germany to keep afloat their micro-finance banks for 40 years without any failure.”   Omeh urged the Federal Government, CBN and other agencies to emulate India by channelling funds meant for rural development through the micro-finance banks.

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