2012-12-20 | OFI/DIR/CIR/GEN/01/09

RE: Circular on the Revised Microfinance Policy Regulatory and Supervisory Framework for Nigeria

This circular serves as a reminder to directors and shareholders of Nigerian microfinance banks (MFBs) that the deadline for compliance with the Revised Microfinance Policy Framework is December 31st, 2012. MFBs must adhere to the specified capital requirements for each category and close any unauthorized branches/cash centers without prior CBN approval. Failure to do so will result in fines and potential license revocation. Appeals for waivers or extensions are not permitted.

Nigeria

Central Bank of Nigeria

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