FUNDAMENTALS OF MICROFINANCE BANKING
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1 FUNDAMENTALS OF MICROFINANCE BANKING GENERAL COMMENTS The questions were standard, simple and within the syllabus. A total of 913 candidates attempted this paper, 379 candidates (42%) passed, which include 13 distinctions, while 534 candidates (58%) failed as follows: F1-36; F2-216; F A number of papers were lucidly written and to the point, evidence of careful study. A lot of those who failed did partly because they were not prepared for the examination while some failed because they did not care to read the question well before putting their pens to paper. Candidates are advised to prepare adequately and to always update their knowledge through reading of monetary authorities circulars, journals and other educative newsprint. Question-by-Question Analysis SECTION A Question Write out the following acronyms in full: (i) SEC (ii) NIBSS (iii) MCP EFCC (v) MDGs 1.2 Microfinance services must fit the needs and preferences of clients. Name two (2) samples of such needs. 1.3 Name two other financial services, apart from loans, needed by poor households and communities. 1.4 Credit is not always appropriate for everyone or every situation. Give four (4) other reasons why credit may not be an appropriate tool for poverty alleviation. 1.5 List four (4) critical aspects of outreach for achieving the social mandate of microfinance. 1.6 Name three (3) policy objectives of the Microfinance Policy, Regulatory and Supervisory Framework for Nigeria. This is a compulsory question which tested the general knowledge of the candidate. All the candidates attempted the question which carried 30 marks. The performance in the question is encouraging and one expected this to be reflected in the other six questions but this was not the case. A total of 913 candidates attempted the question out of which 646 (71%) passed. It ranked 1st in popularity and 1st in pass scale. 1.1 (i) Securities and Exchange Commission (ii) Nigeria Interbank Settlement System (iii) Microfinance Certification Programme. Economic and Financial Crimes Commission (v) Millennium Development Goals. 1.2 (i) Loan sizes, terms and repayment should be affordable to the clients. (ii) Facilities for deposit collection and withdrawal should be accessible and convenient. 1.3 (i) Access to savings (ii) Access to cash transfer (iii) Access to remittances, guarantees and insurance. 1.4 (i) Small grants (ii) Community infrastructure improvement (iii) Health and education services Employment and training programme. 1 2
2 1.5 (i) Cost to clients (ii) Depth (iii) Breadth Worth to clients (v) Length (vi) Scope. 1.6 (i) Make financial services accessible to a large segment of the potentially productive Nigerian Population. (ii) Promote synergy and mainstreaming of the informal financial sub-sector into the national financial system. (iii) Contribute to rural transformation. SECTION B Question 2 (a) What factors led to the failure of poverty alleviation programmes in Nigeria in the past? (b) Discuss the factors responsible for the emergence of Microfinance Banks in Nigeria. (b) (iii) (v) Paucity of loanable funds required to meet the needs of clients Absence of support institutions in the sector; Weak internal capacity of the microfinance institutions displayed in the following areas; - Incompetent management, - Poor corporate governance, - Insider abuse, - Weak internal control, - Poor credit administration, and - Poor asset quality. Factors responsible for the emergence of modern microfinance banks: (i) Global economic recession in the 1980s; (ii) Failure of government programmes to reach the poor; (iii) Failure of banks to serve small businesses; Shift in microfinance lending approaches from poverty alleviation lending approaches to sustainable commercial microfinance. This simple and direct textbook question was not popular among the candidates. The question is in two parts, (a) and (b). Although there were some good answers from a few serious candidates, a lot of the unprepared candidates gave the same answer to the two parts. Some others wrote volumes of out-of-point answers which attracted no marks. only 446 candidates (49%) out of 913 attempted the question, only of which less than a quarter (102) candidates (22%) passed. It ranked 6th in both popularity and pass grade. (a) Factors responsible for failure of past poverty alleviation initiatives are the following; (i) Inadequacy of skilled manpower required by the operators to deliver services effectively; (ii) Unwillingness of conventional banks to support micro enterprises; 3 Question 3 Identify four main reasons for the global growth of microfinance. This question is one of the cheapest in this diet which could have been a bonus to any hardworking candidate. Unfortunately, it was badly answered. A lot of candidates avoided it while some of those that answered it misinterpreted the question. Instead of giving reasons for global growth, they wrote on the history of microfinance. Candidates are always advised to read the question well and understand what is required of them by the examiner before putting their pen to paper. The question was attempted by 597 (65%) candidates, out of the 913 that sat for the examination. only 266(44%) passed. It ranked 5th in popularity and 2nd in the pass scale. 4
3 Microfinance is growing for the following reasons (i) The Promise of Reaching the Poor: Microfinance activities can support income generation for enterprises operated by lowincome households. (ii) The Promise of Financial Sustainability: Microfinance activities can help to build financially self-sufficient, subsidy-free, often locally managed institutions. (iii) The Potential to Build on Traditional System: Microfinance activities sometimes mimic traditional systems (such as ROSCAs). They provide the same services in similar ways but with greater flexibility at a more affordable price to micro enterprises on a more sustainable basis. This has made microfinance services very attractive to a large number of lowincome clients. The contribution of microfinance to strengthening and expanding existing formal financial system. Microfinance activities can strengthen existing formal financial institutions, such as savings and loan co-operatives. Question 4 What are the requirements for the establishment of Microfinance Banks? The question is popular among the candidates but the performance was very poor. Majority of the scripts by the candidates showed that most of them never prepared for this examination. The candidates should study properly the study manual of the Microfinance Certification Programme as well as update on Microfinance banking circulars from the CBN if they hope to pass this examination. A total of 758 (83%) candidates attempted the question, out of which 160 (21%) passed. It thus ranked 4th in popularity and 7th in the pass scale. The requirements for the establishment of Microfinance Banks are the following: (i) Statement showing type to be established; (ii) Feasibility report; (iii) Capital requirement; 5 (v) (vi) Proposed name of MFB; Draft memo and Articles of Association; List of the members of the board of directors in line with minimum qualifications and experience prescribed in the Regulatory and Supervisory Guideline for MFBs; (vii) List of management and staff in line with the mandatory minimum qualification and experience prescribed in the Regulatory and Supervisory Guideline for MFBs; (viii) That the MFB shall put in place the following before the commencement of operations: Appropriate management information system, Internal control and risk management procedure, Manual of operation, That the manager of the institution shall possess the requisite certificate on Microfinance Management practices from the certification institute. SECTION C Question 5 Enumerate five (5) policy strategies and five policy targets of the Microfinance Policy, Regulatory and Supervisory Framework for Nigeria. This question on policy strategies and policy targets is a direct textbook question that could have been a bonus for any hardworking candidate. It was avoided by many. Only 200 (22%) out of 913 candidates that sat for the paper attempted the question, 77 (38%) of whom passed. It ranked 7th in popularity and 3rd in the pass scale. (a) Policy Strategies i) Licensing and Supervision; ii) Continuous Professional Development; iii) Savings Mobilisation; iv) Government Participation; v) NGO- based Microfinance Institution; vi) Collaboration with Development Partners; 6
4 (b) vii) Definition of Stakeholders Role; viii) Submission of Disaggregated Data; ix) Institutional linkages. Policy Targets i) To increase access to financial services of the economically active poor by 10 per cent annually; ii) To increase the shares of micro-credit as percentage of total credit to the economy from 0.9 per cent in 2005 to at least 20 per cent in 2020 and the share of micro-credit as percentage of GDP from 0.2 per cent in 2005 to at least 5 per cent in 2020; iii) To ensure the participation of all States and the FCT as well as at least two-thirds of all the Local Government Areas (LGAs) in microfinance activities by 2015; iv) To eliminate gender disparity by ensuring that women s access to financial services increase by 15% annually, that is 5% above the stipulated minimum of 10% across the board; v) To increase the number of linkages among universal banks, development banks, specialised finance institutions and microfinance banks by 10% annually. Question 6 Discuss the regulatory functions of the Nigeria Deposit Insurance Corporation (NDIC) in the operation and development of Nigerian Financial Institutions. This simple textbook question was aimed at testing candidates understanding of key functions of one of Nigeria s financial institutions regulatory bodies. Unfortunately majority of the candidates who attempted this question could not satisfy the examiner, hence, the mass failure. Out of 782 (86%) candidates that attempted this question, only 226 (29%) passed. It ranked 3rd in popularity and 4th on the pass scale. The Nigeria Deposit Insurance Corporation (NDIC) is an agent of the Federal Government established by Decree 22 of June It is charged 7 with the responsibility of ensuring a safe and sound financial system. Its main aim is to insure all the licensed banks and other deposit-taking institutions in Nigeria. The regulatory functions of the NDIC are as follows: i) Assisting monetary authorities in the formulation and implementation of banking policy to ensure safe and sound financial banking practice. ii) Granting of loans to the insured banks; iii) Insuring deposit liabilities of licensed banks in Nigeria; iv) Direct management of the bank or arrange a merger with another bank or outright purchases, take-over bids, liquidation etc; v) Guaranteeing payment up to a minimum of N200, 000 per depositor; vi) Supervision of banks in consonance with relevant regulations and provisions. Question 7 What are the goals for the establishment of microfinance banks? This is the 2nd most popular question among candidates after the compulsory Question 1, It was also poorly answered. A review of the script revealed that some candidates were ill-prepared for the question while others misinterpreted the question and ended up giving wrong answer to the question asked. A total of 820 (90%) candidates attempted the question, out of which 226 (28%) passed. It ranked 2nd in popularity and 5th on the pass scale. The goals for the establishment of microfinance banks are as follows: i) To provide diversified, affordable and dependable financial services to the active poor, in a timely and competitive manner that would enable them to undertake and develop long-term sustainable entrepreneurial activities. ii) To mobilize savings for intermediation; iii) To create employment opportunities and increase the productivity of the active poor in the country, thereby increasing their individual household income and uplifting their standard of living; 8
5 iv) To enhance organized, systematic and focused participation of the poor in the Socio Economic Development and resource allocation process; v) To provide veritable avenues for the administration of the microcredit programmes of government and high net worth individuals on a non-recourse case basis; vi) To render payment services such as salaries gratuities and pensions for various tiers of government. 9
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