2007-12-18 | OFID-11-2007

Final Notice on the Deadline for the Conversion of Existing Community Banks to Microfinance Banks

The Central Bank of Nigeria (CBN) issues a final notice to community banks, urging them to recapitalize and convert to microfinance banks by December 31, 2007, or face license revocation. CBN will publish a list of CBs that have successfully converted and obtained licenses, and only those on the list will continue to be supervised by CBN. Any CB failing to meet the requirements and not appearing on the list will have its license revoked and must cease operations.

Nigeria

Central Bank of Nigeria

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