Regulatory Alerts2013-03-25 | OFI/DIR/CIR/GEN/01/010Extension 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.
Central Bank Of Nigeria Cbn Website: Www.Cbn.Gov.Ng
Ref: OFI/DIR/CIR/GEN/01/010 20th March, 2013 CIRCULAR LETTER TO ALL DIRECTORS AND SHAREHOLDERS OF MICROFINANCE BANKS
EXTENSION OF THE DEADLINE FOR COMPLIANCE WITH THE REVISED MICROFINANCE POLICY REGULATORY AND SUPERVISORY FRAMEWORK FOR NIGERIA Further to the CBN Circulars Ref: OFI/DIR/GEN/CIR/01/06 of 11 th August, 2011 and OFI/DIR/GEN/CIR/01/09 of 17th December, 2012 titled "Revised Microfinance Policy Regulatory and Supervisory Framework for Nigeria", this is to convey the decision of the Management of the Central Bank of Nigeria to extend the deadline for compliance by microfinance banks (MFBs) with the Revised Microfinance Policy, Regulatory and Supervisory Framework for Nigeria from 31st December. 2012 to 31st December, 2013.
This is to allow more time for capital raising and business combination options towards meeting the capital requirements for each category of MFB and for rationalizing the existing branches/cash centres, etc., where necessary.
All directors and shareholders of MFBs are therefore strongly advised to ensure compliance on or before the new deadline of 31st December, 2013.
Olufemi Fabamwo
Director, Other Financial Institutions Supervision Dept. Central Bank of Nigeria, Abuja.