Transcription of CENTRAL BANK OF NIGERIA
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CENTRAL BANK OF NIGERIA
CENTRAL BANK OF NIGERIA GUIDELINES FOR THE regulation and supervision OF MICROFINANCE BANKS IN NIGERIA JANUARY 2020 2 CONTENTS INTRODUCTION .. 5 PERMISSIBLE AND NON-PERMISSIBLE ACTIVITIES .. 6 Permissible Activities .. 6 Non-Permissible Activities .. 7 CATEGORIES OF MICROFINANCE BANKS .. 9 Tier 1 Unit MFB .. 9 Tier 2 Unit MFB .. 9 State Microfinance Bank .. 9 National Microfinance Bank .. 9 OWNERSHIP AND LICENSING REQUIREMENTS .. 10 Ownership Requirements .. 10 Licensing Requirements .. 12 CORPORATE GOVERNANCE .. 19 Basic Requirements .. 19 Organizational Structure .. 20 Certification .. 20 FUNDING, ACCOUNTING AND RELATED MATTERS .. 21 Sources of Funds .. 21 Books of Account .. 21 Rendition of Returns .. 22 OPERATIONAL REQUIREMENTS FOR CBN INTERVENTION FUNDS .. 23 CBN Interventions and Objectives .. 23 Role of MFBs .. 23 Credit Risk .. 23 Single Obligor Limit .. 23 COMPLIANCE WITH MONEY LAUNDERING (PROHIBITION) ACT, 2011, TERRORISM (PREVENTION) ACT, 2011 AND CBN (ANTI-MONEY LAUNDERING AND COMBATTING THE FINANCING OF TERRORISM IN BANKS AND OTHER FINANCIAL INSTITUTIONS IN NIGERIA ) regulations , 2013 AND CIRCULARS.
FOR THE REGULATION AND SUPERVISION OF MICROFINANCE BANKS IN NIGERIA JANUARY 2020 . 2 CONTENTS ... to address challenges observed in the implementation of the Microfinance Policy of 2005 and emerging developments in the industry. The Guidelines sought to promote rapid and
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