Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,194,923 members, 7,956,469 topics. Date: Monday, 23 September 2024 at 12:31 PM

MFB Recapitalisation: CBN Extends Deadline For Microfinance Banks - Business - Nairaland

Nairaland Forum / Nairaland / General / Business / MFB Recapitalisation: CBN Extends Deadline For Microfinance Banks (527 Views)

Expedite Action On Recapitalisation, CBN Tells Banks / Bank Recapitalisation: 17 Out Of 24 Banks Might Not Meet CBN Capital Requirement / Naira Devaluation: Nigerian Banks Heading For ‘recapitalisation’ (2) (3) (4)

(1) (Reply)

MFB Recapitalisation: CBN Extends Deadline For Microfinance Banks by Freddyjimoh: 5:54pm On Apr 30, 2020
The Central Bank of Nigeria (CBN) has extended the deadlines issued to Microfinance banks (MFB) to comply with its revised minimum capital requirements.

This was contained in a circular issued to all microfinance banks on April 29, 2020, and signed by the CBN’s Director, Financial Policy and Regulation Department, Kevin Amugo.


In the circular, the apex bank said:

“The Central Bank of Nigeria in consideration of the impact of the coronavirus (COVID-19) pandemic on economic activities has revised the deadlines for compliance with the minimum capital requirements for Microfinance Banks (MFBS) in Nigeria.”

Consequently, the CBN has extended the deadline as follows:

• MFBs operating in rural, unbanked and underbanked areas (Tier 2) shall meet the N35 million capital threshold by April 2021 and N50 million by April 2022.


MFBs operating in urban and high density banked areas (Tier 1) are expected to meet the N100 million capital threshold by April 2021 and N200 million by April 2022.

• State MFBs shall increase their capital to N500 million by April 2021 and N1 billion by April 2022.

• National MFBs are expected to meet the minimum capital of N3.5 by April 2021 and N5 billion by April 2022.

The CBN had in March 2019, reviewed the minimum capital requirement for microfinance banks, with a view to ensuring continued operations of these banks in rural, unbanked and underbanked areas of the economy.


Source:
https://nairametrics.com/2020/04/30/recapitalisation-cbn-extends-deadline-for-microfinance-banks/

Cc: lalasticlala, mynd44

(1) (Reply)

Zenith Bank Records N166.8 Billion Earnings In Q1 2020 / To Get Rich You Must Make Money While You Are Asleep / Opportunity To Learn Big Data Analysis Focusing On Covid-19

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 7
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.