2013-03-25 | OFI/DIR/CIR/GEN/01/010

Extension of the Deadline for Compliance with The Revised Microfinance Policy Regulatory and Supervisory Framework for Nigeria

The Central Bank of Nigeria (CBN) has extended the deadline for compliance with the revised Microfinance Policy Regulatory and Supervisory Framework for Nigeria from December 31, 2012 to December 31, 2013. This extension allows more time for microfinance banks (MFBs) to raise capital and explore business combination options to meet the new capital requirements for each category of MFB, as well as rationalize their existing branches/cash centers if necessary. All directors and shareholders of MFBs are advised to ensure compliance by the new deadline of December 31, 2013.

Nigeria

Central Bank of Nigeria

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