Disturbed by the revocation of 179 microfinance banks’ (MFB’s) licences by the monetary authorities penultimate week, the National Association of Microfinance Banks (NAMB) has directed all licensed MFBs nationwide to update it on their recapitalisation status for assessment and follow up actions with the regulatory authorities.
The decision of the umbrella body was sequel to vigorous deliberations on the latest licence revocation action of many MFBs at an emergency meeting of the leaders of the association held in Abuja.
The meeting, which had in attendance Board of Trustors (BoD) members, past presidents and members of the National Working Committee (NWC) of the association, reviewed and deliberated on the licence revocation matter.
The top leaders of NAMB directed that the various state chapters should categorise the affected micro lenders into MFBs that have fully re-capitalised but are yet to be approved by CBN; MFBs that have not been fully re-capitalised but have ongoing discussions for funding; MFBs that are yet to re-capitalise and MFBs that have long closed shop.
In a statement issued by the Executive Secretary of NAMB, Mr Shikir Nuhu Caleb, on the decisions taken at the emergency meeting, the leaders further advised any MFB that had fully re-capitalised but was yet to be approved by CBN to present its submissions to the secretariat with a summary of its recapitalisation status as at date.
Commenting on the licence revocation saga during a post-meeting chat with journalists in Abuja, the NAMB National President, Mr Joshua Ukute, rued the ugly development and promised that the “leadership of the association will continue to intensify its self-regulation activities in all MFBs nationwide to forestall this type of occurrence.”
