662 Micro-finance Institutions Registered In Nigeria – Association

The Executive Secretary, non-bank Micro Finance Institutions Apex Association (MFIs), Edwin Uche, said on Sunday in Abuja that only 662 MFIs were registered nationwide.

He said at the second quarter meeting of the Micro finance Advisory Board (MAB) that the figure was based on the returns received from 22 out of the 36 states and the FCT, as part of an ongoing registration of the institutions by the apex body.

Uche said the institutions had a capital base of N4.86 billion, a savings mobilisation of N7.4 billion and a gross loan portfolio of N7.8 billion.

He advised the apex body to ensure the commitment of its members to executing their mandates so that they could become virile and attractive to other sources of finance.

The executive secretary urged stakeholders in the sector to visit the CBN website to access the new Microfinance Policy containing new provisions on capitalisation requirements for MFBs.

The MAB meeting is held quarterly under the auspices of the CBN to discuss progress by various key stakeholders that include MFBs, MFIs and some donor agencies.