CBN Trains 680 Microfinance Bankers

The Central Bank of Ni
geria of Nigeria (CBN) has trained more than 680 certified microfinance bankers to enhance service delivery in microfinance banking sector.
Deputy Director, Other Financial Institutions Supervisory Department (OFISD), Mr Kola Durojaiye, in CBN told journalists in an interview on Wednesday in Lagos.
Durojaiye said that the practitioners undertook extensive courses on microfinance.
He said the gesture would also ensure genuine microfinance banking practice as it is obtainable internationally.
“The apex body also trained the practitioners to achieve its 80 per cent financial inclusion as provided in Vision 2020”, he said.
He criticised the practice of some microfinance bankers who see themselves as operators of commercial banks.
“Unfortunately, most microfinance banks compare themselves to commercial banks and this should not be so” he said.
He said the certified microfinance bankers are expected to bring the sector’s Non-performing Loans (NPL) to decline.
“According to the 2013 annual report of National Association of Microfinance Bank, the NPL hit 47.50 per cent, this is still high for the sector, because the sector is just developing.
“Moreover, some Nigerians believed microfinance banks are part of the national cake, they collected loans and disappeared.
Durojaiye said the apex bank was vigorously making efforts to achieve 80 per cent financial inclusion by 2020, through advocacy and enlightenment.
“The Federal government through the Central Bank of Nigeria (CBN) has made available funds through several means to tackle the issue of financial inclusion and micro enterprise development.
“Fresh in our memories is N220 billion intervention fund released through microfinance banks on nine per cent interest rate.
“This fund is very dear to my heart because 60 per cent is targeted to reach women, who have been described as engine blocks for speedy economic growth”, he said.