Regulatory Alerts2013-12-23 | OFI/DIR/GEN/CIR/01/05Membership And Annual Subscription To The National Association Of Microfinance Banks (NAMB)
The Central Bank of Nigeria (CBN) has made membership in the National Association of Microfinance Banks (NAMB) compulsory for all licensed microfinance banks operating in Nigeria. All such institutions are required to register with the association and pay the annual subscription due in January each year, which fell due for 2010 by December 31st, 2010. Failure to comply may result in sanctions during routine examinations of MFBs commencing in January 2011. Additionally, evidence of payment will be checked as a condition for issuing new licenses to the recently provisional approved 121 MFBs. All directors and staff are encouraged to cooperate with NAMB officials to foster a strong, self-regulating association that represents the collective interests of all MFBs.