Having obtained formal consent for the project from the Corporate Affairs Commission (CAC), a Nigerian regulatory agency, the National Association of Microfinance Banks (NAMB), a trade group of 820 Nigerian microfinance institutions (MFIs), is expected to form a trust fund before the end of May to protect members from liquidity shocks.
Olufemi Babajide, chairman of NAMB’s Lagos chapter, reportedly has said that creation of the fund had been delayed by CAC protocols. Optimistic that the fund would be established before the end of May, Babajide noted that the trust fund had already secured a legal name and met with shareholders. The amount of the fund’s assets remains undisclosed.
By Rick Altieri, Research Associate
About the National Association of Microfinance Banks of Nigeria: The National Association of Microfinance Banks of Nigeria (NAMB) is a trade group of microfinance institutions (MFIs) that merged with the Association of Microfinance Banks in Nigeria (AMBN) in 2009. As of April 2011, NAMB had 820 member MFIs.
Sources and Additional Resources:
Business Day: “Access to MFB trust fund looks certain,” by Hope Moses-Ashike, May 9th, 2011. http://www.businessdayonline.com/NG/index.php/microfinance/21078-access-…
The News: “Repositioning Microfinance Banks,” April 11th, 2011. http://thenewsafrica.com/2011/04/11/repositioning-microfinance-banks/
MicroCapital’s Microfinance Universe profile: National Association of Microfinance Banks of Nigeria (NAMB), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Nat…
MicroCapital.org Brief, May 19th, 2010?Nigerian National Association of Microfinance Banks (NAMB) Announces 10-Point Plan to Revitalize Microfinance Banks”, https://www.microcapital.org/microcapital-brief-nigerian-national-associa…
MicroCapital.org Brief, April 27th, 2010, “Nigerian National Association of Microfinance Banks (NAMB) Elects New Leaders”, https://www.microcapital.org/microcapital-brief-nigerian-national-associa…
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/
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