The Lagos Chapter of the National Association of Microfinance Banks (NAMB) is set to rejuvenate the Microfinance Money Market Association of Nigeria (MMAN) in two weeks to enable the body play its role adequately, Valentine Whensu, the Chairman of the chapter, said on Monday in Lagos.

Whensu said that NAMB would ensure that operators in the sub-sector contributed to a pool to be managed by the association.

According to him, the pool is necessary to enable operators of microfinance banks to draw from it whenever they are in distress.

“We all know that the major challenge of the sub-sector is funding. So this administration will encourage the rejuvenation of MMAN to help the operators,” he said.

Whensu noted that inability of most operators to access funds whenever in distress had led to the withdraw of their licences by the Central Bank of Nigeria.

He said there was need to make the sub-sector buoyant to restore the confidence of Nigerians in the sector, noting that that MMAN had been weak because of a lack of proper structures and dedication, among other factors.

“But under the new MMAN, MFBs will contribute into a common pool, which will be drawn by using treasury bills as collateral, to guide against the misappropriation of the fund,” he said.

He said that in the next two weeks, the leadership of NAMB would begin to sensitise operators on the plan and the take off date of the scheme.

“We will use Lagos Island axis to test run the plan, before it goes to other states.

“NAMB will also ensure that the staffers of MFBs and our customers are tutored on simple book-keeping as a form of capacity building,” he said.

SOURCE: Business Day Online