Alert: Central Bank of Nigeria Circular FPRD/DIR/PUB/CIR/01/020
Title: Cessation of Non-Permissible Activities by Microfinance Banks
Summary: Financial institutions are requested to strictly comply with the Revised Regulatory and Supervisory Guidelines for Microfinance Banks in Nigeria 2012. Microfinance Banks (MFBs) are prohibited from engaging in foreign exchange transactions and should focus on providing financial services to retail and/or micro-clients. Micro credit facilities should make up at least 80% of total loan portfolios for MFBs.
Posted on: Thursday, August 19, 2021
Download: FPRD/DIR/PUB/CIR/01/020