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The CBN outlined the conditions individuals and corporate entities must satisfy before establishing a microfinance bankThe requirements cover minimum capital, source of funds, board composition, and licensing fees across three categories of microfinance banksCBN said obtaining approval does not automatically allow a microfinance bank to begin operations until further conditions are met
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Central Bank of Nigeria (CBN) has released 10 conditions that promoters and corporate entities must satisfy before they can establish and run a microfinance bank (MFB) in Nigeria.
The requirements are contained in the CBN’s Revised Regulatory and Supervisory Guidelines for Microfinance Banks in Nigeria, covering areas such as ownership structure, minimum capital, source of funds, management quality, board composition and the licensing process.
From capital to management: 10 CBN requirements for owning an MFB Photo:
