The Central Bank of Nigeria (CBN), an institution that regulates the banking activities in the country via its circular with reference FPRD/DIR/GEN/CIR/07/024 dated 07 March 2019 reviewed the minimum capital requirement for Microfinance Banks in Nigeria in the table below.

The deadlines dates stated above were later changed by the regulator through its circular with reference FPRD/DIR/GEN/CIR/07/054 dated 29 April 2020 to April 2021 and 2022, respectively. This revision of effective dates was predicated on the effect of Corona Virus (Covid-19) pandemic on the economic activities.
A Microfinance Bank that meets the regulatory capital requirement cannot afford to be experiencing any information technology (IT) challenges as it usually results into:
· Customer dissatisfaction due to poor services
· Fraud created from system failure
· Improper reporting
Based on the above challenges, it is imperative for MFBs, Cooperative Societies, MFIs, Credit Unions etc. to automate their business processes.
Our Fastra Microfinance Banking Solution (FMBS) is an application that is user-friendly, robust, scalable, affordable, real-time support and secure.
Some of the basic modules of the FMBS are:
1. CASA (Savings and Currents Accounts)
2. Loans and Credit Facilities
3. Financial Reporting (Trial balance, Profit and loss, General Ledgers) etc.
I will be talking more about this product and the microfinance industry in weeks to come. For more information, kindly visit our website https://bigfixtech.com/ or call/chat me on 07083224066.
#microfinance #financialservices #banking #fintech #informationtechnology.