The total assets of microfinance banks (MFBs) increased to N300.73 billion at end-December 2014, from N280.76 billion at end-June 2014, reflecting an increase of 7.11 per cent, Central Bank of Nigeria (CBN) Deputy Governor, Financial Sector Stability, Dr. O.J. Nnanna has said.
In a report posted on CBN website, Dr. Nnanna said the paid-up capital and shareholders’ funds of MFBs increased by 13.48 and 7.37 per cent to N82.44 billion and N91.01 billion at end-December 2014, from N72.65 billion and N84.76 billion, at end-June last year, respectively.
The increase in capital, he said, was due largely to the recapitalisation of MfBs that upgraded from unit to state MFBs and state to national MFBs.
He said total deposit liabilities and net loans/advances also increased by 0.99 and 25.80 per cent to N145.83 billion and N162.91 billion, compared with N144.4 billion and N129.5 billion, at end-June 2014, respectively.
“The relative improvement in the operations of MFBS was attributed to the impact of the CBN initiated Microfinance Certification Programme (MCP) for the boards and management of MFBs and the growing acceptance of the microfinance banking model. Reserves, however, decreased by N3.5 billion to N8.6 billion at end-December 2014, from N12.1 billion at end-June 2014, owing to increased loan provisioning,” he said.
The bank chief said the apex bank collaborated with development partners and other stakeholders to establish a unified application (Core Banking System) for the MFB sub-sector. The proposed unified platform, together with the Rural Financial Institutions (RUFIN) project for online rendition of electronic returns by MFBs, he added, is expected to facilitate accurate and prompt rendition of statutory returns.
He said in the review period, 289 candidates completed the Microfinance Certification Programme (MCP), bringing the total certified operators to 2,882 at end-December 2014. The certified operators were spread over 632 microfinance banks, representing 71.5 per cent of the sub-sector.
The number of primary mortgage banks (PMBs) in operation increased to 42 at end-December 2014, from 40 at end-June 2014, as two dormant PMBs were reactivated following their recapitalisation. “National PMBs remained at 10 at end of December 2014, while State PMBs increased to 32 from 30 at end-June 2014,” he said.
ceremony of the workshop, the President of NIQS, Alhaji Murtala Aliyu who was the former Minister of Mines and Power stated that the essence of this year’s workshop was to wake up the sensitivity of Quantity Surveyors in the country so as to sustain the business, adding it was not proper that most of the surveyors’ operations have been on partnership level.
“There is the need to prioritize and there is the need to grow so that we can now compete favourably with our international partners, Our competitors do not come in small firm but come as a huge firms and because from the NIPP National integrated planning- such master plans a lot of money comes the outside whether through direct investment or from the banks.
“So now all we require is the kind of expertise, so I m confident that if we do not grow ,and if we do not integrate, our services, that means if we do not grow in size we won’t be able to compete with those foreigners from outside.
“It is not time of competence but capacity saying if you are five in a company and others come in a volume of fifty so you cannot compete no matter how competent you are because they have outnumbered you. It is not the issue of competence but the issue of trading capacity,” he stated.
Governor Rabi’u Musa Kwankwaso who was represented by the Head of Service, Alhaji Umar Shehu Minjibir described the workshop as timely, adding that the state government will continue to give maximum support to NIQS so as to exploit best ways of growing the profession, not only in Kano, but in the country at large.
SOURCE: The Nation (Nigeria)
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