Be innovative in this trying times, ANMFIN tells members

Association of Non-Bank Micro-Finance Institutions of Nigeria (ANMFIN), has called on its members to be innovative in its service delivery as it seeks to navigate the current economic realities in the country.

ANMFIN President, Usman Buhari, said this during his welcome address at the 2024 Annual Summit/Awards & Annual General Meeting, Thursday in Abuja.

According to the ANMFIN President, who was represented by the Executive Secretary of ANMFIN, Oita Emmanuel, noted that despite the economic challenges confronting the Association it is working to get new funding sources.

“As players in the lowest ebb of the financial sub-sector of the economy, we are undoubtedly, worst hit, with shrink availability of funds and funding outlets and attendants, low loan recovery rate, high labour turnover flowing from inability to cope with salary bills by most member MFIs. The list of emerging challenges is endless.

However, we implore and urge members to encourage ourselves, and try to evolve innovations in our service delivery and embrace streams of activities, and in no distant time the challenges will become a thing of the past.

“Meanwhile, ANMFIN Board is working out some initiatives to reach out to some targeted development partners with a view to seeking some interventions for members.

In his remarks, Chairman Board of Trustee (BOT) of ANMFIN, Chief Oscar Angus Okorie, said the Association has set up a committee to address the deviant behaviour of some members.

The ANMFIN BOT Chairman rallied members on the need to ensure a sound corporate governance code that would meet international best practice.

He said, “At this juncture, it is my honour and pleasure to let our esteemed members know that the board is not by any means oblivious of some of the operational, structure, administrative and relational challenges bedeviling the Association across board, but glad to re-assure members that concerted efforts are being made to address these malaise. In this regard, the Board is making haste slowly so as to get it right once and for all and plead with members to show continuous understanding and patience as the members’ challenges will eventually be a thing of strengthening a large network like ANMFIN.