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CBN Extends Minimum Capital Requirement Deadlines For Mfbs

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, , has extended the deadlines for compliance with the revised minimum capital requirements for Microfinance Banks.

CBN has considered the impact of the Covid-19 pandemic on general economic activities to extend the deadlines for compliance with the minimum capital requirements for Microfinance Banks () in Nigeria.

The circular reads;

Consequently, the CBN has extended the deadlines for compliance with the revised minimum capital requirements for all categories of MFBs by one year as follows:

1) MFBs operating in rural, unbanked and under banked areas (Tier 2) shall meet the N35 million capital threshold by April 2021 and N50 million by April 2022:

2) MFBs operating in urban and high density banked areas (Tier 1) are expected to meet the N100 million capital threshold by April 2021 and N200million by April 2022;

3) State MFBs shall increase their capital to N500 million by April 2021 and N1billion by April 2022; and

4) National MFBs are expected to meet minimum capital of N3.5 billion capital by April 2021 and N65 billion by April 2022.

Wole Oduwole
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