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Home Business News

Recapitalisation: CBN extends deadline for microfinance banks

Chike OlisahbyChike Olisah
3 years ago
in Business News, Coronavirus
Banks' stakeholders express 4 main concerns bothering the sector right now, CBN, MARKET UPDATE: CBN’s historic agriculture lending; Is it yielding the desired results?Ā 

Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN).

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The Central Bank of Nigeria (CBN) has extended the deadlines issued to Microfinance banksĀ  (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:

ā€œThe 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.ā€

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.

(READ MORE: CBN restarts dollar sales to SMEs, students, PTA)

• 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.

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Comments 1

  1. Hauwa talatu Abdullahi says:
    May 1, 2020 at 12:56 pm

    Hello my name is Hauwa talatu Abdullahi I will appreciate to work with you i heads about you on the media you people are great and wonderful

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