Tag: Microfinance Banks
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CBN revokes licences of 132 MfBs, others
The Central Bank of Nigeria (CBN) has announced revocation the licences of 132 Microfinance Banks, three Finance Companies and four Primary Mortgage Banks across the country. The revocation is contained in a gazetted circular signed by the CBN Governor, Mr Godwin Emefiele, in Abuja. According to Emefiele, the Microfinance Banks, Finance Companies and Primary Mortgage…
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CBN bars microfinance banks from FOREX transactions
The Central Bank of Nigeria (CBN) has cautioned microfinance banks in the country to stop engaging in foreign exchange transactions and other unauthorised dealings. The apex bank stated this on Friday in a circular titled ‘Cessation of Non-Permissible Activities by Microfinance Banks’ issued by Ibrahim Tukur from the CBN’s Financial Policy and Regulation Department. “The…
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![NDIC Commences Closure Of 42 Microfinance Banks After CBN’s Directive [Full list]](https://thenewsguru.ng/wp-content/uploads/2020/12/NDIC-Office.jpg)
NDIC Commences Closure Of 42 Microfinance Banks After CBN’s Directive [Full list]
The Nigeria Deposit Insurance Corporation (NDIC) has commenced the closure of 42 microfinance banks after a directive from the Central Bank of Nigeria (CBN). The NDIC had earlier on Friday announced on its website that the CBN has revoked the operating licences of 42 microfinance banks. “This is to inform the depositors, creditors, shareholders, and…
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CBN withdraws operating licences of 42 microfinance banks [Full list]
The Central Bank of Nigeria (CBN) has withdrawn the operating licenses of 42 microfinance banks (MfBs). The affected banks have been shut down. The Nigeria Deposit Insurance Corporation (NDIC) has stepped in to wind down the banks. In a statement, the NDIC said it would promptly commence the verification of claims of depositors from today.…
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COVID-19: CBN announces new deadline for MfBs’ N200m recapitalisation
Central Bank of Nigeria (CBN) has set April 2022 deadline for tier-1 Microfinance Banks (MfBs) to achieve N200 million minimum capital base. The announcement was contained in a CBN circular, signed by Director, Financial Policy and Regulations department, Kelvin Amugo. It said: “The Central Bank of Nigeria in consideration of the impact of the coronavirus…
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TNG Special Report: Microfinance Banks and the challenges of inclusive financial services in Nigeria
By Gabriel Okoro and Adebayo Animasaun The importance of microfinance banking (MFBs) subsector to the development of any country cannot be overemphasised. The subsector’s importance in developing economies is seen in its contributions to Micro, Small and Medium Scale Enterprises (MSMEs). The microfinance banking model was introduced in Bangladesh in the mid 1970s and several…
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CBN announces new minimum capital base for Microfinance Banks
The Central Bank of Nigeria (CBN) has announced N5 billion as the minimum capital requirement for national microfinance bank in the country. In a circular released and signed by the CBN Director of Financial Policy and Regulation Department, Mr Kevin Amugo, it was disclosed that the capital base for unit microfinance bank is N200 million,…
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CBN orders DMBs, Microfinance institutions to open 7.6m new savings accounts
The Central Bank of Nigeria (CBN) has ordered all Deposit Money Banks (DMBs) and Microfinance banks to open 7,608,180 new savings accounts to meet its financial Inclusion target. Financial institutions in all the states and the Federal Capital Territory (FCT) were given different targets. Lagos banks have the highest target of 2,293,080 while banks in…
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Microfinance banks loans to MSMEs hit N214b in Dec 2016 — CBN
The Central Bank of Nigeria (CBN) on Friday said that total credit granted by Microfinance banks to Micro Small and Medium Enterprises (MSMEs) has hit N214.32 billion as at December 31, 2016 The Director of Other Financial Institutions Supervision Department (OFISD),Mrs Tokunbo Martins made this known at the 2nd Annual Professional Training organised for Lagos…