Economic Weekly 02nd April 2013 - Access Bank

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VOLUME 3 NO 12 April 02, 2013 CBN Extends Deadline for MFBs, Mortgage Institutions NEXIM Bank to Execute $60m Regional Sea-link Project. Update on Commodity Market Ivory Coast: IMF ups Ivory Coast 2013 growth forecast to 8% Burundi: Inflation Quickens to Near Double Digits in February U.K: UK Banks Facing Capital Shortfall of £25 Billion, BoE Says U.S: U.S. Durable Goods Orders Jump 5.7% amid Surge in Aircraft Demand China: China and Brazil sign $30bn currency swap agreement Catch-up effect
VOLUME 3 NO 12 April 02, 2013 CBN Extends Deadline for MFBs, Mortgage Institutions The Central Bank of Nigeria extended the deadline for compliance with the revised policy on regulation and supervisory framework for Microfinance Banks (MFBs) to December 31, 2013. The deadline was initially set at December 31, 2012. The revision allows MFBs more time to raise capital or decide on the business combination options towards meeting the capital requirements for each category of MFB. Contained in the revised framework is capital requirement of N20 million for a unit Microfinance Bank authorized to operate in only one location. For a State Microfinance Bank authorized to operate in one State or the Federal Capital Territory (FCT) the capital requirement shall be a minimum paid-up capital of N100 million while National Microfinance Bank authorized to operate in more than one State including the FCT will have a minimum paid-up capital of N2 billion. MFBs are advised to conclude the processes of exercising options to meet the new capital requirement before the new deadline in order to allow sufficient time for capital verification and necessary regulatory approvals.
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Economic Weekly 02nd April 2013 - Access Bank

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