Transcription of REVISED REGULATORY AND SUPERVISORY GUIDELINES FOR ...
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REVISED REGULATORY and SUPERVISORY GUIDELINES for microfinance Banks in Nigeria Page 1 CENTRAL BANK OF NIGERIA REVISED REGULATORY AND SUPERVISORY GUIDELINES FOR microfinance BANKS (MFBs) IN NIGERIA DRAFT: 18th December 2012 REVISED REGULATORY and SUPERVISORY GUIDELINES for microfinance Banks in Nigeria Page 2 Table of Contents INTRODUCTION ..6 Power to Terms and 7 PERMISSIBLE AND PROHIBITED ACTIVITIES .. 9 Permissible 9 Prohibited 10 OWNERSHIP AND LICENSING REQUIREMENTS .. 12 Ownership Licensing Licensing Documentation Application and Licensing 16 Conditions for Grant of Conditions for Final Licence and Commencement of 17 Insurance BOARD AND MANAGEMENT.
The potential of microfinance in poverty reduction, economic growth and development coupled with the emergence of fast growing Microfinance Institutions (MFIs), has effectively put the issue of microfinance on the political agenda of most developing countries. Consequently, the
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