The National Association of Micro Finance Banks on Monday said that nine out of the 34 micro finance banks in Niger have lost their operational banking licenses.
Similarly, Hajia Hajara Mohammed, a representative of the CBN in Minna, said that insider abuse was another huge factor that contributed to the failure of micro-finance banks across the country.
Mohammed urged business people to stop diverting loans collected from banks to other purposes such as marriage among other things different from what the loan was meant for.
According to her, “until we stop using business money and loans to get married and buy clothes, businesses in the country will not progress.’’
She called on the people to work toward ensuring that all loans collected were paid back to enable them to benefit more.
“If you don’t return your loans there is no way you will benefit from loans being made available by the Federal Government through the CBN,’’ she said.