Nigeria: 10 Microfinance Banks Account for 40 Percent of Industry Loan
THE Central Bank of Nigeria (CBN) has said the ten microfinance banks account for 40 percent of total loans in the subsector.
Director, Other Financial Institution and Supervisory Department (OFISD) Central Bank of Nigeria (CBN) Mrs. Tokunbo Martins, disclosed this at the just concluded second annual two-day professional seminar organized by the National Association of Microfinance Banks, Lagos State Chapter (NAMBLag) in conjunction with CA Compuconsult &Associates with the theme: ‘Strategic Options for Sustainability of Microfinance Operations in a Challenging Environment.’
The underlying objective behind the seminar theme is the low adoption of the Nigerian Sustainable Banking Principle by the MfBs compared to the Deposit Money Bank who have fully embraced the principle.
Tokunbo added that a recent in-house report point to a sub-optimal performance of the different players in the Other Financial Institutions, OFIs, subsector relative to their potential, expectedly their impact had been muted and below par.