ASSOCIATION OF NON-BANK MICRO-FINANCE INSTITUTIONS OF NIGERIA (ANMFIN)
Motto: Promoting Microfinancing for Sustainable Development
The Association of Non-Bank Microfinance Institutions of Nigeria has emerged as a major player in the microfinance sub-sector, it units independent MFIs under a common umbrella to build credibility and promote development of the microfinance sub-sector with a special focus on the informal sector in order to achieve financial inclusion.
In exercising the powers conferred on it by the statutory Acts of Parliament and the BOFIA Act (as amended), the Central
Bank of Nigeria (CBN) established the Nigeria’s Micro-finance Policy in 2005. The policy recognizes the existence of credit only, membership-based micro finance organizations in existence prior to the policy but cannot be required to come under the supervisory purview of the CBN.
However, in order to promote uniform standards, transparency, good corporate practices and full disclosures in the
conduct of micro-finance businesses, the policy uniquely delineated the micro-finance sector in Nigeria by creating
the bank and non-bank sub-sectors, signalling the formation and formalization of the Association of Non-Bank Micro-finance Institutions of Nigeria (ANMFIN) as the apex network for all non-bank micro-finance institutions operating in Nigeria.
The ANMFIN is envisioned to be the best non-bank micro-finance institutions network in Africa providing affordable and technology driven services to its members.
With 36 state offices across the length and breadth of the largest economy in Africa, ANMFIN has challenged the status quo in terms of promoting financial inclusion in Africa.
Notable amongst the many initiatives of the apex network, in addition to the Rural Business Plan training, to aid MFIs
in running a sustainable micro-finance business in the rural areas – sponsored by Rural Finance Building Institutions
(RUFIN/IFAD), are the bio-metric capturing of individuals and institutions operating in the micro-finance space, and
the deployment of the micro-finance business application software.
Biometric Capturing Implemented in partnership with the National Identity Management Commission, is aimed at reducing the individual and reputational risk in the sub-sector. According to a baseline survey, MFIs in Nigeria suffer series of loan repayment default owing to lack of unified identity system.
This loophole is been exploited by discredited customers by taking loan from other MFIs other than their debtor MFI
Microfinance Business Software Globally, technology is proven to remain as the next frontier in promoting transparency,
good corporate practices, etc… it plays the role of bridging the gap between the rural people and the financial services. In order to ensure that ANMFIN members grow rapidly, ANMFIN has introduced the ANMFIN Cloud aka, FlexSy. FlexSy is a Unified Microfinance Business Management Application that is designed with affordability, accessibility and efficiency in mind and developed as an answer to the need for an application with a clear cut understanding of the non-bank microfinance institutions structure, and operational ethos.
Currently, with head office in Abuja, ANMFIN has 4,141 affiliated member institutions serving over 6 million
customers across the country with assets worth more than ₦100 billion.
ANMFIN is open for partnership in its projects; contact the Executive Secretary, Suite 3.03 – 9, BM House, Ladoke
Akintola Boulevard, Garki 2, Abuja. 08036048403. email@example.com and www.anmfinigeria.org.