MICROCAPITAL BRIEF: Microfinance Accounts for 3% of Nigeria’s GDP, says National Association of Microfinance Banks (NAMB)

The National Association of Microfinance Banks (NAMB), a trade group of microfinance banks in Nigeria, reportedly has announced that microfinance banks accounted for 3 percent of Nigeria’s gross domestic product (GDP) in 2011, which was USD 413 billion. NAMB stated that its goal is for the industry to contribute 20 percent of the country’s GDP. Among challenges facing the industry, NAMB identified mistrust of microfinance by the public.

As of April 2011, NAMB has 820 member MFIs. For the year 2010, 24 microfinance institutions (MFIs) in Nigeria report to the US-based nonprofit Microfinance Information Exchange (MIX) aggregate gross loan portfolio of USD 84.4 million outstanding to approximately 482,000 borrowers.

By Brendan Millan, Research Associate

About National Association of Microfinance Banks of Nigeria (NAMB): The National Association of Microfinance Banks of Nigeria (NAMB) is a trade group of microfinance banks (MFBs) that merged with the Association of Microfinance Banks in Nigeria (AMBN) in 2009. As of April 2011, NAMB has 820 member MFIs.

Sources and Resources:

[1] Leadership: “Micro Finance Banks Account For 3 Per Cent Of Nigeria’s GDP Growth In 2011, Says Association”, http://leadership.ng/nga/articles/24185/2012/05/09/micro_finance_banks_account_3_cent_nigerias_gdp_growth_2011_says_association.html

MicroCapital.org story, April 2, 2012, “MICROCAPITAL BRIEF: Nigerian Microfinance Banks to Adopt International Financial Reporting Standard (IFRS) by March 2013”, https://www.microcapital.org/microcapital-brief-nigerian-microfinance-banks-to-adopt-international-financial-reporting-standard-ifrs-by-march-2013/

MicroCapital.org story, March 19, 2012, “MICROCAPITAL BRIEF: Nigeria’s National Association of Microfinance Banks (NAMB) Aims to Lower Cost of Borrowing for Microfinance Institutions (MFIs)”, https://www.microcapital.org/microcapital-brief-nigerias-national-associa

MicroCapital.org story, June 28, 2011, “MICROCAPITAL BRIEF: Central Bank of Nigeria (CBN) Looking to Set New Capital Base Requirements for Microfinance Banks (MFBs)”, https://www.microcapital.org/microcapital-brief-central-bank-of-nigeria-c

MicroCapital Universe Profile: National Association of Microfinance Banks of Nigeria (NAMB), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=National+Association+of+Microfinance+Banks+of+Nigeria+%28NAMB%29

Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/

Similar Posts: