Economic Weekly 02nd April 2013 - Access Bank
Economic Weekly 02nd April 2013 - Access Bank
Economic Weekly 02nd April 2013 - Access Bank
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VOLUME 3 NO 12 <strong>April</strong> 02, <strong>2013</strong><br />
CBN Extends Deadline for MFBs,<br />
Mortgage Institutions<br />
The Central <strong>Bank</strong> of Nigeria extended the deadline for compliance with the revised policy<br />
on regulation and supervisory framework for Microfinance <strong>Bank</strong>s (MFBs) to December<br />
31, <strong>2013</strong>. The deadline was initially set at December 31, 2012. The revision allows MFBs<br />
more time to raise capital or decide on the business combination options towards<br />
meeting the capital requirements for each category of MFB. Contained in the revised<br />
framework is capital requirement of N20 million for a unit Microfinance <strong>Bank</strong> authorized<br />
to operate in only one location. For a State Microfinance <strong>Bank</strong> authorized to operate in<br />
one State or the Federal Capital Territory (FCT) the capital requirement shall be a<br />
minimum paid-up capital of N100 million while National Microfinance <strong>Bank</strong> authorized<br />
to operate in more than one State including the FCT will have a minimum paid-up capital<br />
of N2 billion. MFBs are advised to conclude the processes of exercising options to meet<br />
the new capital requirement before the new deadline in order to allow sufficient time for<br />
capital verification and necessary regulatory approvals.
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