The microfinance banks are competing with online banks which do not have to set up elaborate structures such as offices. Perhaps, all this prompted the CBN, in 2013, to issue the revised regulatory and supervisory guidelines for microfinance banks, to address challenges observed in the ...
In a recently released set of guidelines, the Central Bank of Nigeria (CBN) has stated that Payment Service Banks (PSBs) cannot accept foreign currency deposits or accept any closed scheme electronic value (e.g. airtime) as a form of deposit or payment. The aforementioned and...
“This is to inform the depositors, creditors, shareholders, and the general public that the operating licenses of the under listed Forty-Two (42) Microfinance Banks, MFBs, have been revoked by the Central Bank of Nigeria, CBN, effective 12th November 2020. “The Nigeria Deposit Insurance Corpo...