By Agency Reporter

Wednesday, 27 Oct 2010

The CBN said it would organise a two-day workshop for microfinance banks’ employees on the use of electronic method for their monthly returns. 

The Director of Other Financial Institutions Supervision Department, Mr Olufemi Fabamwo, said in a statement that the step would further enhance effective supervision of the microfinance banks. 

According to the statement the workshop will hold between November 1 and 2, in Abuja, in Owerri from November 3 to 4; and in Lagos from November 5 to 6. 

It said that the workshop was designed to familiarise operators with the new application designed to capture and enhance accuracy of data received from MFBs. 

It said that each licensed MFB was required to send two members of staff, especially those responsible for the preparation and sending of returns, to the workshop. 

Meanwhile, the CBN has said that it will facilitate the establishment of the National Association of Microfinance Banks to provide a platform for the stakeholders. 

It said that the platform would also enable microfinance banks to expand financial services to the poor, particularly those in the rural areas. 

The CBN said that it would collaborate with the Rural Finance Institution Building Programme (RUFIN), to make the launch a success. 

“The CBN, in collaboration with the RUFIN, will be convening a meeting of officials of the zonal associations of unlicensed Microfinance Institutions (MFIs) from the six geo-political zones of Nigeria”, it said. 

Source: Punch