By Nana Musa
The National Association of Microfinance Banks (NAMB) has organised a specialised training on corporate governance for managing directors, chairman an non- executive directors of Micro-Finance Banks (MFBs),
The Chairman of the Federal Capital Territory (FCT) Chapter of NAMB,
Mr Francis Akie, said that the training was geared towards deepening financial inclusion.
Akie said that sound corporate governance remained central to building a resilient and impact-driven microfinance industry.
“Sound corporate governance is a critical component in actualising active, virile and impact-driven microfinance subsector in the country.
“This is why the association have invested significantly in organising this session.
“It is the first in a series of strategic trainings designed for key operators within the microfinance ecosystem,” he said.
Akie said that over the past two decades, the microfinance subsector had played a pivotal role in empowering Small and Medium Enterprises (SMEs).
He said that the subsector also empowered Micro, Small and Medium Enterprises (MSMEs), as well as nano enterprises, thereby contributing to grassroots economic development.
He said that strengthening governance frameworks would help scale impact, improve institutional stability and restore investor confidence in the sector.
The chairman said that microfinance banks contributed 95 per cent of the total lending in the industry.
The facilitator of the training, Dr Victor Dare, urged directors to regard their positions as a public trust.
Dare, who is also the General Managing Director (GMD) Better Ways Group, said that institutions without strong governance structures are prone to systemic failure.
“Without sound corporate governance, institutions become mere roadside businesses programmed for failure.
“Directors must see their responsibilities as patriotic and transgenerational, ensuring that the institutions they lead outlive their tenure through sound and honest practices,” he said.
Also speaking, the Public Relations Officer of NAMB FCT, Mr Joe Onyeabor, said that knowledge gained from the session would position microfinance banks to align with country’s broader economic goals.
He listed such goals to include efforts to expand financial inclusion and reduce poverty.
He said that strengthening governance structures would enhance operational efficiency and widen access to financial services for millions of Nigerians currently excluded from the formal financial system. (NAN)
Edited by Kadiri Abdulrahman
