In line with the abolition of branches and cash centres for Unit Microfinance Banks (MfBs), the National Association of Microfinance Bank (NAMB) is awaiting the approval of recommendations of a committee set up on the matter.
Recall that the revised policy framework for Unit Microfinance banks, stipulates that it operate in one location and prohibited from having branches/cash centres.
The Nigeria Deposit Insurance Corporation, NDIC, advised the association to await recommendations of the committee, assuring that the association request for Unit MfBs to have multiple branches and operate cash centres in local government areas of their operations was before a joint Committee to be critically analysed and judged based on its merit.
Managing Director / Chief Executive, NDIC, Alhaji Umaru Ibrahim, noted that only satisfied depositors could guarantee the much needed public confidence in the banking system, restating that the corporation had put in place 24 hours Help Desk to respond to all enquiries from depositors across the country.
To promote confidence and stability in the subsector, he emphasized the need for adequate risk management framework and sound corporate governance practices as well as self regulation and market discipline.
However, he solicited for the incorporation of Women Microfinance Bank (MfB), owned by Women NGOs to protect the interest of small depositors and boost public confidence in the sub sector.