Mathias Omeh, National President of the Nigerian National Association of Microfinance Banks (NAMB), announced the release of a ten-point plan to revitalize his country’s microfinance sector [1]. Omeh was elected to the position less than a month ago on promises of increased scrutiny and public microfinance education [2].
One of the keystones of the plan is strategic partnerships with key governmental entities, such as the Central Bank of Nigeria (CBN), Economic and Financial Crimes Commission (EFCC) and Independent Corrupt Practices Commission (ICPC). Omeh stated that these partnerships are being established to increase transparency of microfinance in Nigeria [3].
Another central component entails strengthening ties with developmental institutions, donor agencies and foreign microfinance banks. Omeh stated this relationship would take the form of bilateral visits, meetings, conferences and exchange programs [3].
The plan also set goals on staff training and record keeping on existing microfinance banks. The final piece is the creation of an emergency endowment fund for banks to use during critical emergencies [3].
By Matthew Castner, Research Assistant
Additional Resources:
[1] The Tide: “Microfinance Banks Move To Revitalise Self,” May 7, 2010, http://www.thetidenewsonline.com/?p=11416
[2] MicroCapital: “MICROCAPITAL BRIEF: Nigerian National Association of Microfinance Banks (NAMB) Elects New Leaders,” by Matthew Castner, April 27, 2010, https://www.microcapital.org/microcapital-brief-nigerian-national-association-of-microfinance-banks-namb-elects-new-leaders/
[3] Microfinance Africa: “Sanitisation: Microfinance Banks to Partner EFCC, ICPC,” by Bamidele Ogunwusi, May 4, 2010, http://microfinanceafrica.net/news/sanitisation-microfinance-banks-to-partner-efcc-icpc/
MicroCapital’s Microfinance Universe profile: National Assiciation of Microfinance Banks of Nigeria (NAMB): https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=National+Association+of+Microfinance+Banks+of+Nigeria+%28NAMB%29
MicroCapital’s Microfinance Universe profile: Central Bank of Nigeria (CBN): https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Central+Bank+of+Nigeria+%28CBN%29
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/
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