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CBN to resolve grey areas with Micro Finance Banks

By on February 8, 2013

The Central Bank of Nigeria and the National Association of Micro Finance Banks have agreed to set up a technical committee to resolve “Grey Areas’’ in the recapitalisation of micro finance banks.

The national president of National Association of the Micro Finance Banks Mr Jethro Akun said the two reached the agreement in a meeting, chaired by CBN governor, Malam Sanusi Lamido Sanusi.

The meeting also discussed challenges facing operators of Micro Finance Banks in complying with the revised microfinance policy framework.

The CBN had given MFBs up till December the 31st, 2012 to comply with its new stipulated minimum capital requirements.

The policy provides for three categories of MFBs, namely unit, state and national.