news - Microfinance Banks:Association wants self-regulatory framework, ethics code

2013 Annual Conference and General Assembly

from 15/10/2013 to 18/10/2013

Addis Ababa, Ethiopia

The Africa Microfinance Network (AFMIN) will organize its 12th Annual Conference and General Assembly at African Union Conference Center, Addis Ababa, Ethiopia on...

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Microfinance Banks:Association wants self-regulatory framework, ethics code
June 4, 2010

Abuja, June 04, 2010 (Microfinance Africa) - The National Association of Microfinance Banks (NAMB) has called for an institutional framework for self-regulation of the industry.

The President of the association, Mathais Omeh, also advocated the creation and enforcement of a code of ethics for microfinance banks to eliminate charlatans and promote global best practices Omeh, who made the call while speaking with the news Agency of Nigeria (NAN) in Benin on Monday, decried the bad image of microfinance banks, resulting from the activities of illegal operators and scammers. He said the association would fish out illegal operators and members of the association who engaged in fraudulent activites with a view to sanitizing the industry.

“The association would undertake to fish out and report illegal operators of microfinance banks and members of the association who engage in fraudulent, unethical or below-the counter services that are not approved by the Central Bank of Nigeria (CBN) and major regulatory authorities.

“The association is embarking on a strategic partnership with the CBN and other security operatives such as Economic and Financial Crimes Commission (EFCC) and Independent Corrupt Practices Commission (ICPC). “The National Executive Committee (NEC), behind close doors has held several strategic planning meetings to develop a cushion for sustainable microfinance banks to meet the objectives of poverty alleviation in the country,” Omeh said

In his contribution, Jude Nosagie, the first Vice President of the association, said:“The association is in a hurry to enthrone best practices in the industry; to gain high visibility on global network of microfinance bank associations and stakeholders.

“NAMB will not be a hiding place for dishonest practitioners, appropriate committees would be set up to monitor the activities of microfinance banks.

“The present leadership in Microfinance banking Industry must do everything possible to control the bad image the public has about microfinance banks.

“However, NAN reports that the Nigerian Deposits Insurance Corporation (NDIC) is currently conducting an existence check on microfinance banks in the country and would soon emerge with existence checks report.(NAN)

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