Central Bank of Nigeria, CBN, has extended the deadlines for compliance with the revised minimum capital requirements for Microfinance Banks. 




CBN has considered the impact of the Covid-19 pandemic on general economic activities to extend the deadlines for compliance with the minimum capital requirements for Microfinance Banks (MFBs) in Nigeria.


The circular reads;

Consequently, the CBN has extended the deadlines for compliance with the revised minimum capital requirements for all categories of MFBs by one year as follows:

1) MFBs operating in rural, unbanked and under banked areas (Tier 2) shall meet      the N35 million capital threshold by April 2021 and N50 million by April 2022:

2) MFBs operating in urban and high density banked areas (Tier 1) are expected to meet the N100 million capital threshold by April 2021 and N200million by April 2022;

3) State MFBs shall increase their capital to N500 million by April 2021 and N1billion by April 2022; and

4) National MFBs are expected to meet minimum capital of N3.5 billion capital by April 2021 and N65 billion by April 2022.




Source: https://financenaija.com/cbn-extends-minimum-capital-requirement-deadlines-for-mfbs/

Big relieve for them

now we money no dey