At the recently held CBN annual microfinance conference, the CBN governor Charles Soludo reported that 12 state governments had established Microfinance development initiatives with only one state; Lagos State having made a disbursement of N620m for microfinance. Many state governments support, and are interested in setting up, microfinance institutions but lack the know how on how to go about it. In addition there is a lack of depth in Microfinance knowledge and skills in the country. While no institution currently exist with capacity to help monitor and evaluate the respective impact of all poverty alleviation schemes.
In fact, Commercial microfinance has only recently been introduced into the country and while there is significant interest in this area, most are still grappling with acquiring the prerequisite skills to enable them set up and run profitable microfinance banking.