Regulatory Alerts2007-12-18 | OFID-12-2007Notice to Microfinance Banks on Brand Name and Display of Licence
The Central Bank of Nigeria has issued a notice to all microfinance banks in Nigeria regarding the use of their approved names, specifically emphasizing the inclusion of "Microfinance" in the same font style, size, and color as "Bank." All signboards, letter-headed papers, banking instruments, branded documents, and signages must display this proper nomenclature. A copy of each microfinance bank's CBN license should also be prominently displayed at the head office and all branches. Noncompliance may result in sanctions, including licence revocation as stated under Section 12(e) of the Bank and Other Financial Institutions Act (BOFIA), 1991.
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