News Column

CBN Calls for Harmony Among MFBs

July 2, 2014

Providence Obuh

The Central Bank of Nigeria (CBN) has called for harmonious relationship among microfinance banks in order to achieve the mandates of the National Association of Microfinance Banks (NAMB).

Speaking at the 2013 AGM of NAMB in Lagos, Director, Other Financial Institutions and Supervision Department (OFISD), Mr. Olufemi Fabanwo, said that there are so many issues that are not yet attended to in the association.

Fabanwo tasked operators on the need for awareness creation on operations of microfinance banks specifically on the utilisation of development funds.

He said, "In the association there are so many issues that are not yet attended to, the secretariat needs to be strong, you need to improve on capacity building, you need to improve on transparency and accountability, you need to improve on information dissemination to have one association that is forging ahead.

"The prospects are very bright, there are reforms that will support the association all over in CBN and for foreign investors, but until we become united and on the part of progress, these reforms will elude us."

Also, immediate past President of NAMB, Mr. Jethro Akum, added that a meeting with NAMB, Managing Directors and Chairmen of MfBs along with other stakeholders is being initiated by the new CBN governor, Godwin Emefiele, revealing

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Source: AllAfrica

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