The Central Bank of Nigeria (CBN) has extended the Nigerian Uniform Bank Account Number (NUBAN) scheme meant for banks to Other Financial Institutions (OFIs) in the country in furtherance of its efforts to enhance the security of the financial system. The apex bank in a circular to banks and OFIs, introduced the Exposure Draft for […]
Tag: Banks and Other Financial Institutions Act (BOFIA)
CBN Reviews MFBs’ Capital Base Requirements
The Central Bank of Nigeria (CBN) has raised the minimum capital base of microfinance banks (MFBs) in the country, giving them up to April 2020 to recapitalise. The apex bank, through a circular issued and signed by the Director, Financial Policy and Regulation Department, Kevin Amugo, raised the minimum capital base of National MFBs to […]