The Central Bank of Nigeria (CBN) recently announced the addition of NGN 50 billion (USD 120 million) to its Targeted Credit Facility, a stimulus program for micro-, small and medium-sized enterprises (MSMEs) as well as households affected by the pandemic. The funding will be disbursed through NIRSAL Microfinance Bank, which is minority-owned by CBN’s Nigerian Incentive-based Risk Sha
Search Results for: CBN nigeria
MICROCAPITAL BRIEF: CBN Rescinds Operating Licenses of 42 Microfinance Banks in Nigeria
The Central Bank of Nigeria (CBN) recently revoked the operating licenses of 42 microfinance banks (MFBs) in the country. The Nigeria Deposit Insurance Corporation
MICROCAPITAL BRIEF: CBN Doubts Nigeria will Meet 2020 Financial Inclusion Goal
The Central Bank of Nigeria (CBN) recently reported that the country is not on track to meet the goals it set in the 2012 National Financial Inclusion Strategy (NFIS). According to a CBN statement, “Nigeria has failed to meet its financial inclusion targets due to a variety of factors;
MICROCAPITAL BRIEF: Central Bank of Nigeria (CBN) Releases Categorization System for “Non-interest Islamic Microfinance Banks”
The Central Bank of Nigeria (CBN), the country’s central banking authority, recently released a new categorization system for “Non-Interest Islamic Microfinance Banks” (NIMFBs). Such institutions operate under Islamic principles that prohibit charging interest, instead using arrangements such as the sharing of profit and loss.
MICROCAPITAL BRIEF: Central Bank of Nigeria (CBN) Grants National Microfinance Banking License to Fortis Microfinance Bank (Fortis MFB)
The Central Bank of Nigeria (CBN) recently granted a microfinance banking license to Fortis Microfinance Bank (Fortis MFB), a privately owned microfinance institution in Nigeria [1].
MICROCAPITAL BRIEF: Central Bank of Nigeria (CBN) Issues First Disbursements from $1.36b Micro, Small and Medium Enterprises Development Fund (MSMEDF) After 2 Years of Delay
President Goodwill Jonathan of Nigeria officially launched the Micro, Small and Medium Enterprises (MSME) Development Fund at the eighth MSME finance conference in Abuja, Nigeria, where he announced the provision of NGN 870 million (USD 5.36 million) from the NGN 220 billion (USD 1.36 billion) fund to four beneficiaries
MICROCAPITAL BRIEF: Central Bank of Nigeria (CBN) Implements Bank Verification Number (BVN) Identification System for Customers in Lagos
The Central Bank of Nigeria (CBN), the country’s central banking authority, reportedly has initiated the first phase of a nationwide identification system upgrade for bank branches in Lagos.
MICROCAPITAL BRIEF: Central Bank of Nigeria (CBN) Allocates 60% of $1.3b Micro-, Small, Medium-Sized Enterprises Development Fund to Promote Women’s Empowerment, Gender Equality
In a publication outlining guidelines for the operation of its Micro-, Small, and Medium-Sized Enterprises Development Fund (MSMEDF), the Central Bank of Nigeria (CBN), the country’s central banking authority, included a mandate to allocate 60 percent of the fund, or NGN 132 billion (USD 802 million), for on-lending to women-owned enterprises in an effort to promote the empowerment of women and to reduce gender inequality.
MICROCAPITAL BRIEF: National Association of Microfinance Banks (NAMB), Central Bank of Nigeria (CBN) Propose Unified Software System for Microfinance Banks (MFB) in Nigeria
The National Association of Microfinance Banks (NAMB), a trade group of 820 microfinance banks (MFBs) in Nigeria, recently partnered with the Central Bank of Nigeria (CBN), the country’s main financial regulator, to propose a unified software system for all of NAMB’s member institutions.
MICROCAPITAL BRIEF: Central Bank of Nigeria (CBN), Bill and Melinda Gates Foundation Create “Geospatial Mapping of Financial Institutions” Program in Effort to Boost Inclusion
The Central Bank of Nigeria (CBN), Nigeria’s central bank and main financial regulator, reportedly has partnered with the Bill and Melinda Gates Foundation (BMGF), a US-based nonprofit organization, to form a new initiative called “Geospatial Mapping of Financial Institutions” that aims to increase the financial inclusion of low-income Nigerians [1].
MICROCAPITAL BRIEF: Central Bank of Nigeria (CBN), National Association of Microfinance Banks to Establish Technical Committee to Address Implication of Microfinance Policy, Including Recapitalization of MFBs
The Central Bank of Nigeria (CBN), the country’s central bank, and the National Association of Microfinance Banks (NAMB), a trade group of 820 microfinance banks (MFBs) in Nigeria, recently agreed to establish a technical committee to address the recapitalization and other steps that some MFBs must undertake to comply with the Revised Microfinance Policy Framework that took effect January 1.
MICROCAPITAL BRIEF: Central Bank of Nigeria (CBN): Telecommunications Company May Have Violated Mobile Banking Regulations
A large telecommunications company, which has not been identified, is reportedly under investigation by the Central Bank of Nigeria (CBN) because of its work with two Nigerian banks on establishing mobile banking services.
MICROCAPITAL BRIEF: Central Bank of Nigeria (CBN) to Implement Financial Literacy Framework by March 2013
The Central Bank of Nigeria (CBN), the nation’s financial regulatory authority, recently announced plans to implement a financial literacy framework aimed at enhancing financial inclusion of unbanked people by the first quarter of 2013.
MICROCAPITAL BRIEF: Central Bank of Nigeria (CBN) Financial Inclusion Strategy Includes Goal of 63m Savings Accounts by 2020
The Central Bank of Nigeria (CBN) has released a “National Financial Inclusion Strategy” that includes goals such as growing the number of savings accounts in the country at a 12-percent compound annual growth rate to reach CBN’s target of 63 million. Currently, there are 21 million savings accounts in the country.
MICROCAPITAL BRIEF: Central Bank of Nigeria (CBN): MSME Development Fund Not for Bailing out Microfinance Banks
The Central Bank of Nigeria (CBN), Nigeria’s central banking authority, reportedly has asserted that its Micro-, Small and Medium Enterprises Development fund, which is due to be launched in June, is designed for capacity building and not to bail out distressed microfinance banks (MFBs).
MICROCAPITAL BRIEF: Central Bank of Nigeria (CBN) Bans Minimum Deposit Requirements, Flat-rate Interest
The Central Bank of Nigeria (CBN), Nigeria’s central banking authority, reportedly has ordered all banks in Nigeria “to allow new customers to open account with zero amount to attract more people into the banking system.”
MICROCAPITAL BRIEF: Central Bank of Nigeria (CBN) Reports Microfinance Loan Disbursements Increased 24% in First Half of 2011
The Central Bank of Nigeria (CBN), Nigeria’s banking authority, has released an economic report indicating that microfinance banks (MFBs) have increased their loan distribution volume in the first half of the year by 24 percent to NGN 65.5 billion (USD 411 million) compared to NGN 52.9 billion for the period ending December 2010.
MICROCAPITAL BRIEF: Central Bank of Nigeria (CBN) Governor Mallam Sanusi Lamido Calls Islamic Finance “Dynamic and Competitive”
In a recent seminar aimed at promoting awareness of Islamic banking models, Central Bank of Nigeria (CBN) Governor Mallam Sanusi Lamido reportedly predicted that non-interest banking will make a major impact on the Nigerian economy.