For Microfinance Banks, MfBs, operating in Nigeria, year 2018 would not be forgotten too quickly as it opened with the suspension of their customers’ accounts that are without Bank Verification Number, BVN. The apex regulator, Central Bank of Nigeria, CBN, thereafter, set a state-by-state financial inclusion target for the commercial banks and MfBs to ensure […]
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Less than one percent of Microfinance Banks, MfBs, licenced by the Central Bank of Nigeria, CBN, have national licence to operate in the country. Data obtained from the CBN website showed that out of the 1,028 MfBs licenced by the regulator to operate across the country, only eight have national licence. A further breakdown shows […]
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The Central Bank of Nigeria, CBN, has ordered all Deposit Money Banks, DMBs, and Microfinance banks to open 7,608,180 new savings accounts to meet its financial Inclusion target. Financial institutions in all the states and the Federal Capital Territory (FCT) were given different targets. Lagos banks have the highest target of 2,293,080 while banks in […]
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The Development Bank of Nigeria, which was recently established by the Federal Government, on Monday commenced lending activities to the economy with the release of ₦5 billion to three microfinance banks. The amount is for on-lending by the microfinance banks to 20,000 entrepreneurs operating in Micro, Small and Medium Enterprises sector of the economy. The […]
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The Chairman, Heirs Holding, Mr. Tony Elumelu, says microfinance banks and small businesses are crucial to economic growth He said efforts by the MFBs including Lift Above Poverty Organisation to enhance job creation through lending to small businesses were enhancing economic growth. He therefore said necessary support in terms of ease of doing business, consistent […]
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Microfinance Banks (MfBs) have been urged to consider issuing bonds as an alternative source of raising capital needed to meet their customers’ credit needs. The International Finance Corporation (IFC) Vice President and Treasurer, Jingdong Hua, said MfBs have capacity to issue bonds, raise fresh capital and deepen capital market liquidity. He said Nigeria’s capital market […]
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The Central Bank of Nigeria, CBN, has extended the Bank Verification Number enrolment for Other Financial Institutions customers which includes MfBs to December 31, 2017. Also, the apex bank said that with effect from January 1, 2018, all customers without BVN linked to their account should no longer be entitled to debit operations. Director, Other […]
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