NAMB to conduct MFBs’ audit to deepen financial inclusion

The National Association of Microfinance Banks (NAMB) is set to conduct a nationwide audit of all licensed Microfinance Banks in the country with a view to identifying their operational challenges and providing necessary support to the ailing ones as part of its renewed efforts to sanitize the sector and deepen financial inclusion in the country.

The National President of the association, Alhaji Yusuf Gyallesu, gave this hint during his chat with journalists after the inaugural meeting of the new National Executive Council (NEC), comprising the National Working Committee, Zonal and State Chairmen of the association in Abuja.

Gyallesu, who restated the strategic roles of microfinance banks in the nation’s socio-economic development globally, said his team would get all licensed MFBs involved in the activities of the association in order to strengthen the micro-lending institutions and by so doing, restore public confidence in them and make them fulfil their statutory mandate in grassroots development.

The NAMB President said: “So, the first major important thing my administration will do is to immediately conduct membership census or audit and to see that out of these 913 licensed MFBs, we must know, state by state, which of the MFBs are alive and functional, because we can only achieve this financial inclusion goal through banks that are

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