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REVISED REGULATORY AND SUPERVISORY GUIDELINES FOR ...
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 ..19 FUNDING, ACCOUNTING AND RELATED MATTERS ..22 Sources of Books of Rendition of COMPLIANCE WITH MONEY LAUNDERING (PROHIBITION) ACT 2011, TERRORISM (PREVENTION) REVISED REGULATORY and SUPERVISORY GUIDELINES for microfinance Banks in Nigeria Page 3 ACT 2011 AND KNOW YOUR CUSTOMER (KYC) 25 PUBLICATION OF AUDITED FINANCIAL 26 Procedures and Publication.
microfinance objectives of financial inclusion and poverty alleviation. The implementation of the Microfinance Policy over the past six (6) years and the experience gained, underscore the need for the review of the existing Regulatory and Supervisory Guidelines.
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