Regulatory Alerts2013-12-23 | OFI/DIR/GEN/CIR/01/05Membership And Annual Subscription To The National Association Of Microfinance Banks (NAMB)
The Central Bank of Nigeria (CBN) has made membership in the National Association of Microfinance Banks (NAMB) compulsory for all licensed microfinance banks operating in Nigeria. All such institutions are required to register with the association and pay the annual subscription due in January each year, which fell due for 2010 by December 31st, 2010. Failure to comply may result in sanctions during routine examinations of MFBs commencing in January 2011. Additionally, evidence of payment will be checked as a condition for issuing new licenses to the recently provisional approved 121 MFBs. All directors and staff are encouraged to cooperate with NAMB officials to foster a strong, self-regulating association that represents the collective interests of all MFBs.
Central Bank Of Nigeria Cbn Website: Www.Cbn.Gov.Ng
Ref: OFI/DIR/GEN/CIR/01/05 11 th November, 2010
Circular
TO ALL CHAIRMEN AND MANAGING DIRECTORS OF MICROFINANCE BANKS
MEMBERSHIP AND ANNUAL SUBSCRIPTION TO THE NATIONAL ASSOCIATION OF MICROFINANCE BANKS (NAMB) Further to the CBN Circular No. OFI/DIR/GEN/CIR/01/04 dated 16th March, 2010 on the inauguration of the National Association of Microfinance Banks (NAMB), it has become necessary to reiterate that membership of the umbrella association is compulsory for all licensed microfinance banks (MFBs) operating in Nigeria.
Accordingly, in order to ensure its smooth functioning at the national, zonal and state levels and to enable the Association to effectively play its role of advocacy, information dissemination, capacity building, promotion of uniform standards, ethics and professionalism, all MFBs are required to register with the Association and pay the annual subscription prescribed by the Association, which falls due in January every year. Consequently, all MFBs that are yet to pay their annual subscription for 2010 are required to do so on or before 31st December, 2010 to avoid any unsavoury consequence or sanction. For the avoidance of doubt, evidence of payment of the annual subscription for 2010 and 2011 will be checked during the Routine Examination of all MFBs commencing in January 2011 and defaulters will be appropriately sanctioned. It will also be a condition for issuance of new licences to the 121 MFBs recently granted provisional approvals. All directors and staff of MFBs are also hereby enjoined to co-operate with the officials of the Association to foster a virile, self-regulating umbrella association that will represent the collective interest of all MFBs. O. A. Fabamwo Director, Other Financial Institutions Supervision Dept.