President, National Association of Microfinance Banks, NAMB, Mr. Valentine Whensu, at the weekend disclosed plan by the association to empower 15 million Nigerians before the end of 2018.
Whensu explained that the empowerment would be carried out through the association’s 931 Microfinance Banks, MfBs.
He said that the association would employ urban lending, community investment and entrepreneurship through small business development and ending to empower people.
“Other means of empowerment will include dynamic social networking which involves sharing of resources, local and global interdependence and mobilisation of social network”, he told the News Agency of Nigeria, NAN in an interview.
Whensu said that the association was already empowering five million Nigerians through its banks to eliminate extreme poverty.
He said that his administration was committed to repositioning and rebuilding the association to be on the list of the first 10 MFBs network in the world by 2020.
He said that the NAMB was working with the Central Bank of Nigeria, CBN to begin self monitoring functions by 2016 aimed at becoming a Self Regulated Organisation, SRO by 2018.
He said that NAMB was also partnering with a selected Information Technology, IT provider that would customise and install a Performance Monitoring System, PMS for members of the association.
He said that the provider would also customise an electronic reporting template for NAMB members to foster its aim of being self regulated.
“This will be complimented with the development of a set of industry performance standards and reporting benchmarks.
“We will put in place a code of practice and establish complaint handling system that will include whistle blowing reporting to track and redress infractions.
“Meanwhile, we will continue to pursue the parliamentary process for the ultimate enactment of a Micro Finance Act that will give us stronger teeth to bite and further enhance our legal status,’’ he said.
Whensu said that the association had resolved to equip its members to build capacity with modern knowledge and skills for more professional and ethical operations.
He said that NAMB had established Institute of Microfinance Administration, NIMA to assist it in achieving its mandates.
He added that the institute was already being incorporated with a board.
According to him, the Nigeria Deposit Insurance Corporation, NDIC has promised to provide the take off grant for the institute.

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