Dr Ike Abugu, President of the Nigerian Association of Small and Medium Enterprises (NASME), has called the lack of skilled workers employed in microfinance as the reason why he feels microfinance has been unable to impact the economy and fulfill its promise. Dr Abugu commented, “The kind of people that went into microfinance was spillover from the commercial banks so they still had this banking mentality. They did not have the skills, knowledge and expertise to run microfinance banks.”
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MICROCAPITAL BRIEF: Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) Signs “Memorandum of Understanding” with Six Microfinance Banks
The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has signed a “memorandum of understanding” with six microfinance banks in order to facilitate the provision of microcredit for small and medium-sized enterprises across the country. The six microfinance banks that will receive grant money from SMEDAN are Misau Microfinance Bank in Bauchi, Kada Microfinance Bank in Kaduna, Safeline Microfinance in Abuja, KRGY Microfinance Bank in Jigawa, Atlas Microfinance Bank in Abuja, and Fahimata Microfinance Bank in Kaduna.
MICROCAPITAL BRIEF: Lagos State Microfinance Institution (LASMI) in Nigeria Claims Its Loans Have Created Over 200,000 Jobs
According to Mr Bashorun Alabi-Macfoy, the chairman of Lagos State Microfinance Institution (LASMI), the microfinance agency of the Lagos State government in Nigeria, his institution has generated over 200,000 jobs as of May through its support of borrowers via microfinance institutions (MFIs) across the state.
MICROCAPITAL BRIEF: Central Bank of Nigeria (CBN) Organizes Mandatory Certification Training Program for Operators of Microfinance Institutions (MFIs)
The Central Bank of Nigeria (CBN) has organized a mandatory certification training program for microfinance practitioners. According to Emma Okoidegun, the senior manager of the Development Finance Office of CBN, the objective of the certification program, which was held simultaneously in 24 centers in the country, was to provide guidelines for microfinance operations across the nation. This training program is in response to the deteriorating condition of the microfinance sector in Nigeria.