Introduction of new recruitment pattern for microfinance banks aimed at raising the standards of the sub-sector in 2021 and beyond
Knowledgepool Consulting Limited provides employers with human capital solutions that results in measurably improved employee and organizational performance while minimizing employment practice risk. We can help organizations (both large and small) establish, outsource and troubleshoot any and all essential Human Resource functions.
KCL, as a pathfinder in the industry, our prime role is to assist our clients to identify needs, develop an action plan and facilitate changes where necessary to enhance the success of their respective organization in no small measure.
Since the advent of microfinance banking in Bangladesh in the mid 1970’s, several countries have copied this financing model. The seeming popularity of this model among developing countries is predicated on poverty reduction prospect it offers. The Nigerian government cued into this popular thinking in 2005 when it inaugurated the microfinance banking scheme. This was founded to provide finance to economically active poor, excluded from financing by conventional banks, provide employment, engender rural development and reduce poverty.
Microfinance is considered the provision of financial services to the poor who are traditionally not served by the conventional banks. These financial services include credit, savings, micro-leasing and money transfer and payment services. As it is commonly known the features that distinguish microfinance from other forms of formal financial products are as follows:
- smallness of loans advanced
- savings collected
- near absence of assets–based collateral
- simplicity of operations.
It can be deduced from the foregoing that microfinance is a poverty alleviation strategy which operates by providing credit and other financial services to economically active and low income households and their businesses. To achieve this poverty alleviation objective, microfinance helps in the following ways:
- increase the income of the poor
- build viable business
- reduce vulnerability to shocks
- create employment
- contribute immensely to national development
Considering the fact that the Federal and State governments of Nigeria have recognized that for sustainable growth and development, the financial empowerment of the rural areas is vital, being the repository of the predominantly poor in society and in particular the SMEs. If this growth strategy is adopted and the latent entrepreneurial capabilities of this large segment of people is sufficiently stimulated and sustained, then positive multipliers will be felt throughout the economy.
In view of this, the impact of microfinance bank in economic growth and development of Nigeria started showcasing itself. With the initiative of microfinance, rural areas are opportune to grow and develop as loan and fund are easily given to rural dwellers and entrepreneur. This effort will automatically translate into job opportunities since there is avenue for lending and investing.
Challenges of Microfinance Banks
We discovered that there are quite a lot of challenges bedeviling the sub-sector which needs be holistically enumerated and addressed without hesitation. It will be observed that the sector has the tendency to change the face of the economy if given due attention and properly nurtured for better operations.
As a result of the national research conducted late last year, Knowledgepool Consulting Limited has taking a decision aimed at taking this sub-sector to the next level through myriad of programs with the view to addressing the identified challenges in 2017 through different lined up strategies.
Microfinance Business School (MBS)
KCL established the MBS which is the first of its kind in Nigeria with the view to “clinically” research and solve the challenges affecting Microfinance operations in Nigeria and the world as a whole. The Microfinance Business School made deliberate effort researching into Microfinance banking operations since the last quarter of 2016. The MBS was saddled with the responsibility on how to make microfinance operations in Nigeria more impactful and a dependable sector worthy of contributing meaningfully to the annual Gross Domestic Growth of Nigeria (GDP). The following areas were touched with long lasting solutions proffered:
New Recruitment Process& Approach
It was observed that the foundation of every business is important and the major factor that will largely determine the level of success or achievement of any organization is the quality of the manpower.
KCL as part of our effort to help create and maintain a sustainable Microfinance business operation in Nigeria, we established a pre-recruitment training program designed to bring all applicants to a level where they all have similar basic skills and knowledge that will equip them in working together towards meeting the organization’s goals and objectives. This noble exercise was also born out of necessity due to the high level of sharp practices that some of the existing staff of Microfinance Banks are used to and this unpatriotic act has led to the collapse of many MFBs in Nigeria. The pre-employment programme is also meant to discourage the minds of the ready-made candidate through our Business School from engaging in any form of fraudulent practices and focus on building a profitable future career in Microfinance Banks.
It becomes important to note that organizational growth and expansion plan is a function of the quality of employees at workplace that are saddled with the responsibilities of driving the set strategies towards attaining set goals and objectives.
We have been able to put in place a model for GRADUATE RECRUITMENT INTAKE PROGRAMME that will enable MFIs and MFBs across the country recruit from our well processed and prepared graduates willing to unleash their potentials in Microfinance space from the comprehensive knowledge they have acquired through our Microfinance Business School. Employers of labour can reach out to us for this well-prepared candidates. Our two weeks intensive class in Microfinance operations is in line with CBN’s laid down courses for Microfinance Banks and they are as follows:
- Fundamentals of Microfinance Banking
- Delinquency Management
- Managing Microfinance Banks
- Customer Service Excellence
- Financial Analysis, Financial Performance Monitoring & Reporting of Microfinance Banks
- Savings Mobilisation
- Product Development & Marketing in MFBs
- Management for New Managers
- Risk Management by Microfinance Banks
- Internal Control & Management Information System
- Compliance, Governance & Regulations
Enrolment of Graduates: MBS Graduate Recruitment Programme
We operate in an economy where graduates from our higher institution of learnings are exposed to high level of frustrations due to unemployment resulting in their involvement in several social vices. Employers of labour can still afford to engage an intelligent graduate that has been well trained on how to handle job roles, operate in a corporate environment and can compete favourably with experienced hands.
Going by our track records, we’ve helped candidates and organizations immensely based on our wealth of experience with the support of our seasoned team members in modelling and re-shaping applicant’s focus towards becoming an asset of immeasurable value to their respective organizations.
This programme offers graduates the opportunity to acquire the needed exposure and experience that can enable them get their dream jobs in any MFIs, MFBs or any Financial Institutions.
Interested participants in this program can contact us through our Customer Service lines 08106871518, 09049153793 for their forms.
This recruitment solution is to help inject strong and viral manpower into Microfinance Banks is a way of raising the standard in terms of recruitment from the point of entry. Another benefit of this effort is to eliminate unnecessary workflows involved during recruitment to a more qualitative stage where the knowledge of the candidates that has gone through our MBS is practically put to test at the point of interview with the view to recruiting the best hands.
We would gladly wish to practically partner and work with the Human Resource Department of any financial institution as we implore your synergetic support in the effort to changing the face of the sector positively with innovative ideas. We are ready to make these ready-made candidates available for interview in any part of the country where they will be needed.
We can be reached through our email email@example.com or firstname.lastname@example.org for quick response or through letters addressed directly to our office.
You can further reach us on these phone numbers for inquiry 08106871518, 09049153793.
Kind regard,Yours faithfully ,