In Section 2 we discuss the legal framework on money laundering, with emphasis on the recent amendment to the Banks and Other Financial Institutions Act (BOFIA). While Section 3 focuses on the areas of concern for the CBN. In Section four we make some recommendations and concluding remarks. 2.
Networks such as bank associations and cooperative federations also play unique roles in providing support to their MFI members. The role of media is also important – you raise public awareness of microfinance, prompt discussions about its promise and opportunities, and even make microfinance a “trending” topic.