Expert tasks NAMB on better representation for MFBs

By Amaka Agwuegbo
The leadership of the National Association of Microfinance Banks, NAMB,has been asked to live up to their responsibilities by ensuring that the  microfinance sector is well represented before the Central Bank of Nigeria, CBN, so as to propel the sector to greater heights.

Speaking with Vanguard, the chairman of a northern based microfinance bank who pleaded anonimisty, said though the leadership are just 3 months into their tenure, but nothing tangible has been achieved to move the sector forward.

“I don’t have any personal grudge against the president nor any executive member but I am of the belief that Chief Olutayo Adenekan would have been a better leader because they have not been living  up to expection.

“They are somewhat complacant and have not been able to penetrate the CBN, thus making the regulatory body not to take us serious. We don’t have a functional secreteriat where people can reach us through mail or in person. This is of great importance because no one would want to do serious business with someone that can’t be reached.”

Continuing, the MFB chairman tasked the executives to always act as checks and balances to each other so as to achieve the aims of the association.

“They are to monitor each other such that if the president is not doing well,
other members of the executives should be able to prod him to action. This will make them wake up to their responsibilities because time is not on our side.”

Though the chairman pointed out that he is not instigating a revolution against the leadership, he said unsatisfied members have the right to call for their removal during the coming AGM.

In his reaction, the chairman of the South-South Zone, Mr. Ubokutom Nyah, said  it is too early to criticise the present national leadership as it’s only a matter of time before the results become glaring for all to see.

“The reason why people are saying that nothing is happening is because  more of undergroung work have been going on, but it is expected that the
executives would become more visible and proactive after the innaugural meeting of the National Executive Council, NEC, made up of the national executives, zonal and state chairmen.

Also debunking the allegations, the 2nd VP of NAMB, Barrister Jude Nosagie, said
the leadership is working hard to put things in place but without much publicity.

“This is d first of its kind and many things are being put in place
but without much publicity. It is only a matter of time before the results
are seen because so many structures that were not there are being put in place.

It would be recalled that on April 8th, 2010, the executives were elected to act as a go-between the regulatory bodies and members and charged with the responsibility of ensuring that the institutions are well run and to enthrone transparency and accountability which are key to building the sector.

According to the CBN, “the association must not be left to people who don’t have the clout and capacity to lead members to their destination.”