CBN begins audit of micro finance banks
THE Central Bank of Nigeria (CBN) has beamed its searchlight on the operations of Micro Finance Banks (MFB) in the country with a view to ascertaining if their conduct is in tandem with the ethics of the banking profession. The Guardian learnt that to achieve this, the apex bank has sent in teams of examiners to look into the books of all the micro finance banks in the country. Currently, there are 898 licensed MFBs operating in Nigeira. The distinguishing features between MFBs and money deposit banks are that micro finance is about providing financial services to the poor, who are traditionally not served by the conventional financial institutions.
The Guardian Newspapers