The National Association of Microfinance Banks (NAMB) has reaffirmed its commitment to enshrine corporate governance at the core of members’ operation. Chairman of NAMB, FCT Chapter, Francis Akie, said without corporate governance in the microfinance ecosystem, operators will be unable to comply with basic rules and regulations of the Central Bank of Nigeria (CBN).
He spoke at a specialised training on corporate governance for managing directors, chairmen and non- executive directors of MFBs in Abuja over the weekend.
He said the capacity building was particularly important given that the CBN is considering an increase in the minimum share capital of MFBs any moment from now.
He told THISDAY, “It is very important because if you are conversant with the system, you will know that central bank is even talking about increment in share capital.
“And for people to gather their money and then trust it into the hands of various individuals as directors to manage those funds, you must build your capacity well in order to manage those finances effectively.”
