2011-11-14 | OFISD-02-2011

Cicular Letter-Revised Microfinance Policy Regulatory and Supervisory Framework for Nigeria

The Central Bank of Nigeria (CBN) has revised its Microfinance Policy Framework, dividing microfinance banks into three categories: Unit MFBs authorized to operate in one location with a minimum capital of N20 million; State MFBs operating within one state or FCT with a minimum capital of N100 million; and National MFBs operating across the country with a minimum capital of ₦2 billion. Existing microfinance banks have eighteen months to comply with these changes, and they must submit a Compliance Plan indicating their preferred category and plans for raising additional capital or closing branches by December 31st, 2011. Failure to comply will result in license revocation."

Nigeria

Central Bank of Nigeria

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