Regulatory Alerts2007-02-02 | TED-AD-119-2006Minimum Requirements and Standards for a Suitable Management Information System (MIS) in Microfinance Banks (MFBs)
The Central Bank of Nigeria (CBN) has issued a circular to guide the operators of Microfinance Banks (MFBs) on minimum requirements and standards for an appropriate Management Information System (MIS). This is due to the desire that a sound and adequate MIS will provide a platform for quick decision-making processes. The types of information expected to be generated by MIS include financial statements, portfolio monitoring, performance ratings/indicators, customer information, non-financial performance, and market trends and comparisons. The CBN will consider functionality and flexibility, usability, administration and support when reviewing the installed management information systems in every MFB. An appropriate MIS is crucial for generating accurate, convenient access, and timely reports that help guide decision making within these institutions.