The Central Bank of Nigeria (CBN) recently reported that the total assets held by microfinance banks (MFBs) in the country increased by 3 percent to NGN 196.5 billion (USD 1.3 billion) during the six months ending in June 2012.
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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: Agricultural Sector To Benefit from Central Bank of Nigeria’s $3.9b Loan
The Central Bank of Nigeria (CBN), the country’s apex financial regulator, recently announced plans to disburse the sum of NGN 600 billion (USD 3.9 billion) as loans to small holder farmers.
MICROCAPITAL BRIEF: Central Bank of Nigeria, Nigeria Deposit Insurance Corporation Designing Mobile Payment Insurance Coverage
The Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) are reportedly in the process of designing an insurance mechanism to protect customers of mobile payment operators.
MICROCAPITAL BRIEF: Central Bank of Nigeria to Establish Special Court for Microfinance Debtors
The Central Bank of Nigeria (CBN), Nigeria’s central bank, reportedly is moving to establish a special court to hear cases on loan defaults by customers of microfinance banks. According to a statement attributed to Olufemi Fabanwo, the Director of Other Financial Institutions Department of CBN, the establishment of this court is “vital to the survival of the subsector.” CBN has been working with the Department of Justice to establish these courts.
MICROCAPITAL BRIEF: Central Bank of Nigeria Introduces Plans for Agent Banking, Documentation Requirements Increase as Account Usage Surpasses Multiples of $111
The Central Bank of Nigeria (CBN), Nigeria’s central banking authority, has introduced plans to encourage an agent-banking system in the country.
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 to Endorse Microfinance Development Fund, More Automated Teller Machines (ATMs), Regulation Related to Electronic Statements, Dispute Resolution
According to a statement attributed to Sanusi Lamido Sanusi, governor of the Central Bank of Nigeria (CBN), CBN plans to encourage the National Assembly to approve four bills that would tighten regulation of the financial sector.
MICROCAPITAL BRIEF: Central Bank of Nigeria to Establish Microfinance Loan Fund for Women
The Central Bank of Nigeria (CBN), Nigeria’s central banking authority, announced at the recent sixth Annual Microfinance Conference and Entrepreneurship Awards that it plans to create an investment fund targeting women entrepreneurs.
MICROCAPITAL BRIEF: To Promote Electronic Payments, Central Bank of Nigeria Taxing Cash Transactions
The Central Bank of Nigeria has begun taxing cash withdrawals and deposits that exceed NGN 150,000 (USD 931) per day for individuals and NGN 1,000,000 (USD 6,205) per day for corporations [1].
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.
MICROCAPITAL BRIEF: Central Bank of Nigeria Approves New Capital Base Requirements for Microfinance Banks (MFBs), MFBs Await Capital Verification Results
The Central Bank of Nigeria (CBN), Nigeria’s central banking authority, has approved the new capital base requirements for microfinance banks (MFBs) as per the expectations reported in the MicroCapital story dated June 28.
MICROCAPITAL BRIEF: Central Bank of Nigeria Issues Mobile Money Operating Licenses to Affiliate of Fortis Microfinance Bank, 10 Other Companies
The Central Bank of Nigeria (CBN) recently issued operating licenses to 11 mobile money firms, namely: Fortis Mobile Money, UBA/Afripay, GTBank Mobile Money, Pagatech, eTranzact, Monetise, Eartholeum, Paycom, FET, Ecobank and Kudi. The operating license allows the companies to provide products such as electronic payments through mobile phones.
MICROCAPITAL BRIEF: Central Bank of Nigeria (CBN) Looking to Set New Capital Base Requirements for Microfinance Banks (MFBs)
The Central Bank of Nigeria (CBN), Nigeria’s central banking authority, reportedly plans to announce new capital base minimums for microfinance banks (MFBs) by the end of June. A new capital requirement is expected to be established for those operating at the national level at NGN 2 billion (USD 12.8 million); the minimum for those at the regional level will decrease to NGN 100 million (USD 640,000) from NGN 1 billion (USD 6.4 million); and the minimum for those at the rural level, with one branch, will remain unchanged at NGN 20 million (USD 128,000).
MICROCAPITAL BRIEF: Central Bank of Nigeria’s (CBN’s) Cash Withdrawal Limit Expected to Impact Microfinance Institutions (MFIs)
The Central Bank of Nigeria (CBN) recently issued limits on daily cash withdrawals by individuals and corporate customers of NGN 150,000 (USD 962) and NGN 1 million (USD 6,417), respectively, effective June 1, 2012.