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Abstract:
The paper assessed the level of compliance with statutory roles of the Prncipal and the Agents of Microfinance banks in Southwestern Nigeria. It utilized primary data and the population of the study consisted of respondents in 332 microfinance banks in Southwestern Nigeria as at 2015 (CBN,2015), of which a proportionally stratified sample of 300 was taken. A total of 200 unit microfinance banks, 95 state microfinance banks and five national microfinance banks were selected as samples from the population. The respondents selected were the directors, top level managers, middle level managers and other categories of workers. Structured questionnaire was employed to gather information from Microfinance banks in the Southwestern states (Lagos, Ogun, Osun, Oyo, Ekiti and Ondo States). Information on the regulatory roles and extent of compliance were elicited from the respondents. Data was analyzed using Descriptive statistics. The findings showed that the level of performance of statutory roles by principal and agents of the banks was very high and significant (89.7%). The study concluded that principal and agents of Microfinance Banks in Southwestern Nigeria complied significantly with the statutory roles and standards set Central Bank and Deposit Insurance Corporation.
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