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Wednesday, June 29, 2011

CBN launches revised microfinance policy framework for Nigeria

Central Bank of Nigeria (CBN) has launched the much-awaited revised microfinance policy framework for Nigeria.

The Board of Directors (BOD) of the Bank at its 402nd Meeting held on Friday, 29th April,
2011 considered AND APPROVED the revised Microfinance Policy, Regulatory and
Supervisory Framework for Nigeria.

The Microfinance Policy, Supervisory and Regulatory Framework for Nigeria was first
launched in December 2005. Five years after the launch, some issues have emerged in
the course of its implementation necessitating a review of the policy framework.

The review of the policy is in exercise of the powers conferred on the CBN by the
provisions of Section 33 (1) (b) of the CBN Act No. 7 of 2007 and Sections 56-60 (a) of
the Banks and Other Financial Institutions Act [BOFIA] NO 25 of 1991 [as amended).

In carrying out the review, the Bank sent request for inputs to about 900 key stakeholders
in the microfinance sub-sector. The stakeholders comprised: Microfinance Banks (MFBs),
Deposit Money Banks (DMBs), Others; including: Federal, States and Local Government
Agencies, Development Partners and Non-Governmental Agencies etc.

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11 comments: on "CBN launches revised microfinance policy framework for Nigeria"

Ademayowa Adebukunola said...

Good one. A ceiling on chargeable interest, not more than 15% on a loan term should be included.

More so, I'd be glad CBN take adequate measures by ensuring that this framework is implemented properly.

bodunde said...

THE LAST COMMENT ON INTEREST RATES CEILING IS A MANIFESTATION OF THE CRASS IGNORANCE OF THE AVERAGE NIGERIAN PUBLIC ABOUT SUSTAINABILITY OF MFBS.QUESTIONS NEED TO BE ASKED ABOUT THE SOURCE AND COST OF FUNDS FOR MFBS BEFORE THE ISSUE OF HIGH INTEREST RATES IS RAISED.

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