Abuja – Mr Hamid Afolabi, President, Association of Non-Bank Micro Finance Institutions of Nigeria (ANMFIN ), has said that the association recorded an income of N106. 62 million in 2015 as against N44.73 million in 2014.
Afolabi made the statement at the association’s Annual General Meeting (AGM) held in Abuja on Friday.
He said the association recorded an increased net asset of N2. 38 million in 2015 compared to N2. 34 million recorded in 2014.
He commended the ANMFIN Secretariat for demonstrating competence and capability in 2015 which made the association to attain great heights within the period under review.
He explained that through the efforts of the secretariat, ANMFIN innovative Micro Finance business application for operators was running and receiving accolades from regulators, operators and members alike.
Afolabi said “ANMFIN has recorded tremendous inroad in advocacy’’ to ensure access to CBN’s MSME Development Fund.
“For instance, the CBN reduced the collateral for accessing the fund from 75 per cent to 30 per cent and this has increased members’ access to the fund to over 200 per cent.
“However, a further reduction in the fund to the collateral requirement from 39 per cent to 15 per cent will further increase access to finance by the rural populace,’’ he said.
Afolabi commended Rural Finance Institutions Building (RUFIN) Programme and International Fund for Agricultural Development (IFAD) in their efforts toward increasing members’ access to finance through their 255 guarantee window.
“As at date, 13 MFIs have secured the Nigeria Incentive Based Risk Sharing System for Agricultural Lending guarantee cover and we are grateful to RUFIN and IFAD initiative, ‘’ he said.
He said ANMFIN’s mandate was to stimulate innovative and sustainable Micro finance best practices, influence policy direction of government and assist in capacity building of operators and stakeholders in the sub-sector.
Afolabi said that micro finance had proven to be the tool that could sustain families and businesses within micro and rural settings irrespective of tribe, race or religion.
He, however, urged the members to rise to their responsibilities to drive the subsection and increase its contribution to the growth of the economy.
He further said that there was a need for the State Executive Committees of ANMFIN to synergise with the various State MDAS to further entrench the rural finance agenda of the association at the state level.
Mr Daniel Ugbama, Chairman Board of Trustees, ANMFIN, said membership of ANMFIN was only open to micro finance institutions engaged in inclusive financing.
Ugbama called for the review of the association’s constitution in order to bring it to the practical realities of running a world class network that could compete with those in other climes. (NAN)