2013-12-23 | OFI/DIR/CIR/GEN/01/012

Unit MFBs can have One branch in the same Local Government Area

The Central Bank of Nigeria (CBN) has approved amendments to the Revised Regulatory and Supervisory Guidelines for Microfinance Banks in Nigeria. This allows Unit MFBs to have one branch or cash centre within the same local government area (LGA), with a Free Fund requirement of at least N20 million and maintaining prescribed minimum prudential requirements. Existing unauthorized branches must be closed by 31st December 2013, while MFBs that emerged from consolidated Community Banks should meet the Shareholders' Funds unimpaired by losses to de-consolidate if they want to open a branch within the same LGA. These changes have been reflected in the relevant sections of the guidelines.

Nigeria

Central Bank of Nigeria

Show thumbnail