The National Association of Microfinance Banks (NAMB), a trade group of 900 microfinance banks in Nigeria, recently reported on the progress of microfinance in the country from 2005 to 2012. The president of the association, Mr Valentine Whensu, stated that the organization’s members generated NGN 125 billion (USD 770 million) in revenue for a total of NGN 97 billion (USD 600 million) in disbursed microloans.
Mr Whensu said that in addition to providing loans, the banks have also created advisory programs to help clients maintain their financial independence. He argued that “…many of our customers were not accountable before; they did not know the amount of money to spend or to save but now, the story is different.” He also stated that for microfinance to grow, the members of NAMB would like “to start seeing government patronage and support from the media.”
By Emily Teleposky, Research Associate
About National Association for Microfinance Banks:
The National Association of Microfinance Banks (NAMB) is a trade group of Nigerian microfinance banks (MFBs) that merged with the Association of Microfinance Banks in Nigeria (AMBN) in 2009. As of the end of 2012, there are approximately 900 member banks in NAMB. Altogether, the banks boast a client list of approximately 6 million members.
Additional Sources and Resources:
[1] Microfinance banks Generate N125bn http://nigerianobservernews.com/09092014/business/business2.html#.VBAQpVYtvdt
[2] National Association of Microfinance Banks http://www.nambnigeria.net
[3] MICROCAPITAL BRIEF: National Association of Microfinance Banks (NAMB), Central Bank of Nigeria (CBN) Propose Unified Software System for Microfinance Banks (MFB) in Nigeria, August 5, 2013, https://www.microcapital.org/microcapital-brief-national-association-of-microfinance-banks-namb-central-bank-of-nigeria-cbn-propose-unified-software-system-for-microfinance-banks-mfb-in-nigeria/
[4] MICROCAPITAL BRIEF: Central Bank of Nigeria (CBN), National Association of Microfinance Banks to Establish Technical Committee to Address Implication of Microfinance Policy, Including Recapitalization of MFBs, February 19, 2013, https://www.microcapital.org/microcapital-brief-central-bank-of-nigeria-cbn-national-association-of-microfinance-banks-to-establish-technical-committee-to-address-implication-of-microfinance-policy-including-recapitalization/
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MicroCapital Universe, National Association of Microfinance Banks of Nigeria, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=National+Association+of+Microfinance+Banks+of+Nigeria+%28NAMB%29
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