CBN Extends Deadline For Microfinance Banks Recapitalisation   The Central Bank of Nigeria in consideration of the impact of the COVID-19 pandemic on economic activities has revised the deadline for compliance with the minimum capital requirements for microfinance banks in Nigeria. The banking regulator communicated this in...

CBN Gives 15 Microfinance Banks New Licences   No fewer than 15 microfinance banks commenced operations in the country after getting new licences from the banking regulator between February 13, 2019 and December 2019, findings have revealed. The Central Bank of Nigeria had earlier disclosed that the...

CBN Reinforces Sanctions In Draft Guidelines For MFBs   The Central Bank of Nigeria has issued the revised supervisory and regulatory guidelines for micro finance banks in Nigeria to support the development and sustainability of the sector. In a circular on Wednesday, it stated that, “The need...

CBN To Disburse Lower Currencies To Microfinance Banks   To stem the scarcity and hawking of the currency, the Central Bank of Nigeria (CBN), has released guidelines for the disbursement of lower denominations of the naira through microfinance banks (MFBs), across the country. A circular issued by...

CBN Condemns Low Deposit Mobilisation Among MFBs The Central Bank of Nigeria (CBN) has decried low deposit mobilisation by microfinance banks (MFBs) in the country. The Director, Other Financial Institution Supervision Department (OFIS), CBN, Mrs. Agnes Martins, said this Thursday at the ongoing 27th seminar for...

CBN Increases MFBs’ Capital Base To N5bn   The Central Bank of Nigeria (CBN) has raised the minimum capital base of microfinance banks (MFBs) in the country, giving them up to April 2020 to recapitalise. The CBN in a circular issued and signed by the Director, Financial...