Regulatory Alerts2015-04-15 | BSD/DIR/GEN/MCF/08/20Cessation of Rendition of Returns on Micro Credit Fund
The letter informs banks that the Micro Credit Fund (MCF) has been discontinued since March 15, 2010, due to low contributions from deposit money banks and a lack of response from states. Despite this, some banks have continued to render returns on MCF to the Central Bank of Nigeria. Banks are directed to stop submitting these returns immediately.
09-462-36401 BSD/DIR/GEN/MCF/08/20 www.cenbank.gov.ng April 14, 2015 LETTER TO ALL BANKS CESSATION OF RENDITION OF RETURNS ON MICRO CREDIT FUND You may recall that the Micro Credit Fund (MCF) which had been in operation since February 8, 2008 was discontinued through the decision reached at the 298th Bankers' Committee Meeting of March 15, 2010. This decision was borne out of the fact that after two years of its existence, deposit money banks were not forthcoming in their contributions to the fund and in the same vein, only few states responded to the programme. Consequently, the Bankers' Committee decided to discontinue its operations. We however, observed that some banks still render returns on MCF to the Central Bank of Nigeria more than five years after the discontinuation of the scheme. Banks are hereby directed to stop forthwith, the rendition of this return to the CBN Thank you. TOKUNBO MARTINS (MRS) DIRECTOR OF BANKING SUPERVISION