The National Association of Microfinance Banks (NAMB) recently conducted a targeted corporate governance training session for managing directors, chairmen, and non-executive directors of licensed Microfinance Banks (MFBs) across the country.
The Chairman of the Federal Capital Territory (FCT) Chapter of the National Association of Microfinance Banks (NAMB), Mr. Francis Akie, stated that the training was designed to deepen financial inclusion in Nigeria.
He emphasized that sound corporate governance is essential to building a resilient and high-impact microfinance industry.
“Sound corporate governance remains a critical component in creating an active, vibrant, and impact-driven microfinance subsector across the country,” Akie said.
“This is why the association has invested significantly in organizing this session.
“It’s the first in a series of strategic trainings aimed at key operators in the microfinance ecosystem,” he said.
Akie highlighted that over the past two decades, the microfinance subsector has been crucial in empowering Small and Medium Enterprises (SMEs), Micro, Small and Medium Enterprises (MSMEs), and nano enterprises, driving grassroots economic growth.
He emphasised that strengthening governance frameworks would help scale impact, enhance institutional stability, and restore investor confidence in the sector.
The chairman noted that microfinance banks account for 95 per cent of total lending in the industry.
Training facilitator Dr Victor Dare urged directors to view their positions as a public trust.
Dare, also the Group Managing Director of Better Ways Group, warned that institutions lacking strong governance structures are vulnerable to systemic failure.
“Without sound corporate governance, institutions become mere roadside businesses programmed for failure.
“Directors must view their responsibilities as patriotic and transgenerational ensuring the institutions they lead outlive their tenure through sound and honest practices,” he said.
Also speaking, the Public Relations Officer of NAMB FCT, Mr Joe Onyeabor, said the knowledge gained from the session would position microfinance banks to better align with Nigeria’s broader economic goals.
He outlined key goals of the training, including expanding financial inclusion and reducing poverty.
Akie explained that strengthening governance structures would improve operational efficiency and extend access to formal financial services for millions of Nigerians currently excluded from the system.
