Chairman of the FCT chapter of the Association of Micro Finance Banks (AMFB), Sir Francis Akie, has revealed that Microfinance banks in the country contribute 95 per cent of the total lending in the banking industry.
He also disclosed that the MFBs account for 85 per cent point of sale terminals in the country.
Akie made the disclosure in Abuja on during a specialised training on Corporate governance for managing directors, chairmen and non-executive directors of Microfinance banks, with the theme “Corporate Governance: Frameworks for Growth and Sustainability.”
Speaking on the role of microfinance banks in financial inclusion and MSME growth, he said, “If you read what the CBN published in the year 2024, microfinance banks alone contribute 95% of the total lending in the industry.”
“And as we speak, we have over 85% of the point of sales terminal in this country and microfinance banks are in the forefront of financial inclusion drive in this country. Because we deal with the people at the bottom of the pyramid. We are the people who know where they are and what they need from us,” added.
He said the training is to enhance our knowledge by teaching us basically what corporate governance is all about.
“Without corporate governance in our microfinance ecosystem, we will not be able to comply with basic rules and regulations of the Central Bank of Nigeria.”
