2006-11-16 | TED-FEM-GEN-FPC-01-02

Further Requirements and Procedures for the Conversion of Community Banks to Microfinance Banks (Removal of the Requirement to deposit the Shortfall in Capital)

The Central Bank of Nigeria has issued a circular to community banks regarding the conversion to microfinance banks, removing the requirement to deposit a bank draft for capital shortfalls. Converting community banks must now deposit the capital shortfall with their correspondent bank and provide supporting documentation, with CBN examiners verifying the institution's capital position. This measure ensures seamless access to increased capital during the conversion process.

Nigeria

Central Bank of Nigeria

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