Matthias Omeh, president, National Association of Microfinance Banks (NAMB), on Monday advised microfinance banks to partner with credit bureaux to ascertain the status of their customers.

Mr. Omeh told the News Agency of Nigeria (NAN) in Lagos that the advice had become necessary because of the frequent closure of microfinance banks, adding that credit bureaux is a credit scoring institution that provides information about credit worthiness of a customer.

“Although the total outstanding debts of all licensed microfinance banks cannot be ascertained, the rate at which they close shops depict that majority had fallen victims of fraudulent customers,” he said.