Regulatory Alerts2010-09-08 | BSD/DIR/SBG/2010/06CBN Scope, Conditions & Minimum Standards for Specialised Institutions Regulations No. 03, 2010
The Central Bank of Nigeria (CBN) is reviewing its guidelines for licensing specialized institutions, including non-interest banks, primary mortgage institutions, microfinance banks, development banks, and discount houses. As part of the reforms, the minimum paid-up capital requirements for these institutions are being revised. For instance, regional non-interest banks will require a minimum paid-up capital of N5 billion, while national non-interest banks need at least N10 billion. Transitional guidelines for existing specialised institutions affected by increased minimum capital requirements are also being developed. CBN is finalizing the draft framework for regulating and supervising non-interest banks based on stakeholder feedback, and it is in the process of reviewing and finalizing the primary mortgage institution framework. All specialized institutions will continue to operate within existing guidelines until new ones are issued.