Regulatory Alerts2021-08-06 | FPR/DIR/PUB/CIR/01/012Added · Updated
Exposure Draft of Guidelines for Regulation and Supervision of Credit Guarantee Companies in Nigeria
The Central Bank of Nigeria (CBN) has released draft guidelines for licensing and regulating Credit Guarantee Companies (CGCs) to improve MSMEs' access to lending. The guidelines outline CGC operations, permissible and non-permissible activities, licensing procedures, financial and corporate governance requirements, and prudential standards. CGCs will provide third-party credit risk mitigation to lenders by absorbing a portion of lender losses on loans to Nigerian MSMEs in case of default. The CBN will supervise CGCs, with a focus on yearly examinations and unrestricted access to their databases and records.
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