Abuja: The National Association of Microfinance Banks (NAMB) has organised a specialised training on corporate governance for managing directors, chairmen, and non-executive directors of Micro-Finance Banks (MFBs). The initiative aims to deepen financial inclusion across the sector.
According to News Agency of Nigeria, Mr Francis Akie, Chairman of the Federal Capital Territory (FCT) Chapter of NAMB, highlighted that the training is crucial for enhancing sound corporate governance within the microfinance industry. Akie emphasized that robust governance is fundamental to building a resilient and impact-driven microfinance sector. “Sound corporate governance is a critical component in actualising active, virile and impact-driven microfinance subsector in the country. This is why the association has 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 stated.
Mr Akie noted that over the past two decades, the microfinance subsector has significantly empowered Small and Medium Enterprises (SMEs), as well as Micro, Small and Medium Enterprises (MSMEs) and nano enterprises, thereby fostering grassroots economic development. Strengthening governance frameworks, he added, would help scale impact, enhance institutional stability, and restore investor confidence in the sector. Notably, microfinance banks contribute 95 percent of the total lending in the industry.
Dr Victor Dare, the facilitator of the training and General Managing Director (GMD) of Better Ways Group, urged directors to view their roles as a public trust. He warned that institutions lacking strong governance structures are susceptible 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,” Dare remarked.
Additionally, Mr Joe Onyeabor, Public Relations Officer of NAMB FCT, stated that knowledge gained from the session would enable microfinance banks to align with the country’s broader economic goals. These goals include expanding financial inclusion and reducing poverty. Strengthening governance structures, he concluded, would enhance operational efficiency and broaden access to financial services for millions of Nigerians currently excluded from the formal financial system.