BY PROVIDENCE OBUH

Total assets of Microfinance Banks (MfBs) in the country increased by 25.2 per cent, said Central Bank of Nigeria (CBN) in its Stability Report for the financial year ended June 2013.

According to the report,  “Total assets of the MfBs increased by 25.2 per cent to N278.9 billion at end-June 2013, from N222.8 billion as at December 2012. The paid up share capital and loans/advances also increased by 14.0 and 46.1 per cent to N69.2 billion and N141.7 billion, respectively, in 2013.”

Access s to finance t h r o u g h the MfBs improved during the period, even as aggregate reserves increased to N5.8 billion in June 2013, from a negative N7.4 billion as at December, 2012, reflecting a significant tun around in their operational performance.

CBN explained that t h e Microfinance Certification Programme (MCP), designed to bridge the observed skill gap of operators of microfinance banks, entered its third year in 2013.

“In the period under review, 650 and 439 participants attended the Levels one and two of the programme, respectively, with 238 completing the Certification Programme by passing the Level two programme. As at June 30, 2013, a total of 8,182 operators had participated in the training sessions designed to prepare them for the 2-level examinations of the Chartered Institute of Bankers of Nigeria (CIBN).

“Out of the 5,100 candidates that had sat for the examinations,1,657 successfully passed at both levels, which qualified them for induction as Certified Microfinance reduction of the current financial exclusion rate of 46.3 percent to 20 percent by 2020 .

“Pursuant to the implementation of the financial inclusion strategy, the CBN launched a pilot financial inclusion project in Borno state in the review period.