The Central Bank of Nigeria (CBN) has issued a circular (FPR/DIR/GEN/CIR/07/48):
Circular to Microfinance Bank Stakeholders and the General Public dated March 3, 2020 containing draft guidelines for the regulation and supervision of microfinance banks in the country.
The circular signed by Mr. Kevin Amugo, Director, Financial Policy and Regulation at the CBN says the review has become necessary to reposition and strengthen MFBs towards improved performance. It is also designed to complement other on-going reforms in the MFB sub-sector.
The CBN encouraged stakeholders and members of the general public to access the guidelines on the CBN website and make appropriate comments within a period of three (3) weeks.