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CBN approves one microfinance bank association for Nigeria

The Central Bank of Nigeria, CBN, says only one apex microfinance banking organisation is acceptable in the sub-sector of the Nigerian economy. 

To this end, the National Association of Microfinance Banks (NAMB) is now the lawful body to conduct micro finance banking business in the country.  This followed the harmonization in Lagos, recently, of the National Association of Microfinance Banks of Nigeria, (NAMFBIN) and Association of Microfinance Bank in Nigeria (AMBN) into NAMB, by CBN officials

Otunba Olatunde Olowu, FCA, and Mallam Ibrahim Sidi Bamalli, signed for NAMFBIN while, Mrs. Olubunmi Lawson and Mr. Jude Nosagie signed for AMBN, while deputy director and head Microfinance Unit, CBN, Mrs. O.A. Ogunnaike and assistant director in the department, Mr. Ben Oriahi signed for the apex bank.

A five-man caretaker committee was appointed to look after the affairs of the new association until Friday, January 29, 2010, when an electoral committee would have been put in place to conduct elections for a new executive.  The committee has Chief Matthias Omeh as chairman, with the other four signatories as members.


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