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CBN Establish Monthly Target For MFB To Improve Financial Inclusion - Business - Nairaland

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CBN Establish Monthly Target For MFB To Improve Financial Inclusion by postbox: 3:07pm On Jul 03
As part of attempts to reach its financial inclusion target, the Central Bank of Nigeria (CBN) had anchored a goal of 64 new customers per branch every month for microfinance banks (MFBs) in the country.

In a report to all MFBs that was endorsed by the CBN Director, Other Financial Institutions Department, Mrs Tokunbo Martins, posted on the central bank’s website, each branch of MFBs in the country was required to gather 774 new accounts annually.

It stated that in a bid to mobilise stakeholders on the Revised National Financial Inclusion Strategy (NFIS 2.0) and accelerate progress towards the achievement of the target, the CBN had held a stakeholders‘ forum for all financial service providers in the six geopolitical zones in the first and second quarters of 20l9 which was attended by representatives of MFBs.

“The objective of the Forum was to expose stakeholders to the detailed provisions of the Revised Strategy (NFIS 2.0) and their expected roles/responsibilities in the financial inclusion agenda.

“One of the major resolutions reached athletic the event was the setting of a target for each branch of a microfinance bank to acquire 64 new customers per month. This translates to 774 new bank accounts (measured by new BVN registration) per branch per year.

“Given the urgency of this task, it is important to cascade the target to your branches for their information Ind implementation.”

The new accounts must be for individuals who did not previously have a bank account.
The letter added: “All MFBs are hereby requested to implement the above resolution and disseminate same to all their branches (where applicable) to ensure concerted efforts towards achieving the overarching target of 80 per cent financial inclusion by the year 2020.”

SOURCE:https://brandspurng.com/2019/07/03/cbn-establish-monthly-target-for-mfb-to-improve-financial-inclusion/
Re: CBN Establish Monthly Target For MFB To Improve Financial Inclusion by englishmart(m): 6:22pm On Jul 03
Fulani people be like, why did Buhari suspend a whole Ruga settlement implementation?
A whole Fulani project, has he forgotten we own this country?
Re: CBN Establish Monthly Target For MFB To Improve Financial Inclusion by anyimontana(m): 6:22pm On Jul 03
OK oh..so their female staff will start sleeping around with SMEs and farmers to get their target bah??

2 Likes

Re: CBN Establish Monthly Target For MFB To Improve Financial Inclusion by BUSHHUNTER: 6:22pm On Jul 03
Everyday with new fvcked up policies!










Those handling the affairs of this country have nothing to offer.

2 Likes

Re: CBN Establish Monthly Target For MFB To Improve Financial Inclusion by Olanireti(m): 6:22pm On Jul 03
Good

2 Likes

Re: CBN Establish Monthly Target For MFB To Improve Financial Inclusion by MrGreenMavro: 6:23pm On Jul 03
Hmm
Re: CBN Establish Monthly Target For MFB To Improve Financial Inclusion by HumanHairLovers(f): 6:25pm On Jul 03
774 new accounts annually shocked

No be small work be that




Hair lovers check my signature

2 Likes

Re: CBN Establish Monthly Target For MFB To Improve Financial Inclusion by Yussuf06: 6:26pm On Jul 03
Goood

1 Like

Re: CBN Establish Monthly Target For MFB To Improve Financial Inclusion by Yinxies(f): 6:27pm On Jul 03
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2 Likes

Re: CBN Establish Monthly Target For MFB To Improve Financial Inclusion by aku626(m): 6:29pm On Jul 03
I’m not sure about this
Re: CBN Establish Monthly Target For MFB To Improve Financial Inclusion by berbs: 6:31pm On Jul 03
Wow! Salespersons, where una dey ooo? Jobs don land gidigba cheesy
Re: CBN Establish Monthly Target For MFB To Improve Financial Inclusion by Acidosis(m): 6:32pm On Jul 03
How can MFBs get at least 2 or 3 new customers without a pre-owned bank account daily? Sounds funny and impossible for those in the cities.

5 Likes

Re: CBN Establish Monthly Target For MFB To Improve Financial Inclusion by AZeD1(m): 6:33pm On Jul 03
So CBN is now giving banks target?
Re: CBN Establish Monthly Target For MFB To Improve Financial Inclusion by JudgeOGBUNABALI(m): 6:35pm On Jul 03
angry
Bad times for marketers

1 Like

Re: CBN Establish Monthly Target For MFB To Improve Financial Inclusion by OlujobaSamuel: 6:37pm On Jul 03
Hmmmmmmm, a fish would ever be foolish if we test its intelligence by ability to climb a tree.
64 new customers per branch with no previous bank account in any bank is an unrealistic and unreasonable target

8 Likes

Re: CBN Establish Monthly Target For MFB To Improve Financial Inclusion by Johnson5258: 6:39pm On Jul 03
Now there will be flexibility of condition
Re: CBN Establish Monthly Target For MFB To Improve Financial Inclusion by AZeD1(m): 6:41pm On Jul 03
Acidosis:
How can MFBs get at least 2 or 3 new customers without a pre-owned bank account daily? Sounds funny and impossible for those in the cities.
When you have clueless people in positions of power, you would get stupid policies like this.

5 Likes

Re: CBN Establish Monthly Target For MFB To Improve Financial Inclusion by buharitill2023: 6:43pm On Jul 03
BUSHHUNTER:
Everyday with new fvcked up policies!










Those handling the affairs of this country have nothing to offer.
I know you dont know the essence of the policy, pls shift go one corner
Re: CBN Establish Monthly Target For MFB To Improve Financial Inclusion by capitalzero: 7:51pm On Jul 03
Reckless policy. Presently most loan officers/markets in mfbs I know are not meeting up with their targets.
Re: CBN Establish Monthly Target For MFB To Improve Financial Inclusion by bobolistica(m): 7:51pm On Jul 03
what kind of policy is this one? how is this supposed to move the banking sector forward...
or its just a way to bring down the number of micro finance banks in Nigeria.
Re: CBN Establish Monthly Target For MFB To Improve Financial Inclusion by ossaisly(m): 8:03pm On Jul 03
Of which benefits is it to the Nigerian economy? Instead of them to discuss about interest rates and availability of loans with good flexibility.



This is truly a clueless government.

1 Like

Re: CBN Establish Monthly Target For MFB To Improve Financial Inclusion by INTEGRITYA1(m): 8:06pm On Jul 03
Just 64 new accounts, na just one markerter target per month be this; that time wey I still dey Mfb, about 4 years experience with two different Mfb. I don ja pa.
Re: CBN Establish Monthly Target For MFB To Improve Financial Inclusion by otokx(m): 8:44pm On Jul 03
Unbelievable
Re: CBN Establish Monthly Target For MFB To Improve Financial Inclusion by Neurotika: 9:10pm On Jul 03
This is a new low in the history of Banking regulation.
Re: CBN Establish Monthly Target For MFB To Improve Financial Inclusion by sheungeek(m): 9:27pm On Jul 03
On the other hand, marketing jobs go dey plenty for microfinance banks... grin
Re: CBN Establish Monthly Target For MFB To Improve Financial Inclusion by Johnsghana(m): 10:46pm On Jul 03
AZeD1:
So CBN is now giving banks target?



Like, is this not the height of absurdities?

BVN is a government initiative, why should MFBs be the ones using their money to drive it for CBN?

Well maybe CBN will pay them for it.

Somebody should sue them for this rubbish. Lazy people!
Re: CBN Establish Monthly Target For MFB To Improve Financial Inclusion by gwinaB(m): 9:54am On Jul 04
I sorry for the marketers.
Re: CBN Establish Monthly Target For MFB To Improve Financial Inclusion by gwinaB(m): 9:57am On Jul 04
Johnsghana:


Like, is this not the height of absurdities?

BVN is a government initiative, why should MFBs be the ones using their money to drive it for CBN?

Well maybe CBN will pay them for it.

Somebody should sue them for this rubbish. Lazy people!

What they imply is that, the only way to verify accounts opened is when BVN has been captured for those customers. Account opening requires you to have a BVN so it is not a new thing.
Re: CBN Establish Monthly Target For MFB To Improve Financial Inclusion by Johnsghana(m): 9:38pm On Jul 04
gwinaB:


What they imply is that, the only way to verify accounts opened is when BVN has been captured for those customers. Account opening requires you to have a BVN so it is not a new thing.

I have no issue with BVN being a requirement for opening accounts. The issue is CBN giving MFBs targets on NEW BVN registrations. It's not right.

It's not the MFBs business to have to collect NEW BVN registrants. MFBs are running businesses for profit not for BVN registration. The standard requirement should be to ensure every customer has a BVN and asking MFBs to use their hard earned resources to go sign up new BVN registrants is laziness on CBN's part.

It is CBN's duty to go to every nook and cranny of Nigeria to set up BVN offices and run BVN marketing campaigns on TV, radio, press, etc to encourage people to sign up for BVN.

CBN should not pass on the cost of executing a policy to the MFBs. CBN made the policy, CBN should bear the cost of the policy.

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