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. According to Kingsley Muoghalu, the Deputy Governor in charge of financial sector stability, most of the MFIs in Nigeria no longer serve the poor, but rather are now solely focused on “high profile lending.” He attributed the collapse of many MFIs to poor corporate governance and non-adherence to best practice [1].
By Conner Brannen, Research Assistant
Sources and Additional Resources:
[1] Businessday: “Why 65% of Nigerians Cannot Access Credit,” By Hope Moses-Ashike, May 31, 2010: http://microfinanceafrica.net/news/why-65-of-nigerians-cannot-access-credit/
[2] MicroCapital Universe Profile: Central Bank of Nigeria (CBN): https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Central+Bank+of+Nigeria+%28CBN%29
[3] MICROCAPITAL BRIEF: President of the Nigerian Association of Small and Medium Enterprises (NASME) Cites Lack of Skilled Workers as Reason for Failure of Microfinance Institutions (MFIs) in Nigeria, May 25, 2010: https://www.microcapital.org/microcapital-brief-president-of-the-nigerian-association-of-small-and-medium-enterprises-nasme-cites-lack-of-skilled-workers-as-reason-for-failure-of-microfinance-institutions-mfis-in-nigeria/
[4] MICROCAPITAL BRIEF: Nigerian National Association of Microfinance Banks (NAMB) Announces 10-Point Plan to Revitalize Microfinance Banks, May 19, 2010: https://www.microcapital.org/microcapital-brief-nigerian-national-association-of-microfinance-banks-namb-announces-10-point-plan-to-revitalize-microfinance-banks/
[5] MICROCAPITAL BRIEF: Plan for New Law to Regulate Microfinance Sector in Uganda Announced, May 14, 2010: https://www.microcapital.org/microcapital-brief-plan-for-new-law-to-regulate-microfinance-sector-in-uganda-announced/
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