Microfinance bank customers get N97bn loans FROM ISAAC ANUMIHE , ABUJA As part of efforts to build customers' confidence in microfinance banking services and strengthen them to contribute to economic growth and development, microfinance banks have given a total loan of N97 billion to customers. Speaking during a courtesy visit to the Managing Director of Nigeria Deposit Insurance Corporation (NDIC), Mallam Umaru Ibrahim , the president of National Association of Microfinance Banks (NAMB), Chief Jethro Aku , said that the association has recorded a total deposits of N125 billion from six million people. Also similarly, over five million people have borrowed from the banks which currently have a total assets of N222 billion employing over 22,000 people. He said, microfinance banks now have a total branch network of 1,732 across the federation. The president also said that the association has been working hard to achieve accountability. "We have set a strict accounting process at the national secretariat which streamlines the financial system, cuts wastages and ensures that accurate financial reports are made available whenever they are requested," he said. NAMB, he said, provides training to its members so as to improve their capacity. "In order to provide quality training to our members, we are presently drawing a memorandum of understanding with Microfinance Association , United Kingdom . We have also conducted training on MIX-Market in conjunction with Blue Ark Konsult and also office etiquete for the staff of the National Secretariat. We are also reviewing our training schedule with CIBN ( Chartered Institute of Bankers , Nigeria ) and while urging it to admit some of our members that have passed very well as faculty members. We appreciate the role played by CBN and NDIC in this regard" he said. In his remarks, Ibrahim enjoined them to ensure strict compliance to the rules to avoid what led to the collapse of 103 microfinance banks in the country.
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