Transcription of REVISED REGULATORY AND SUPERVISORY GUIDELINES FOR ...
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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.
Revised Regulatory and Supervisory Guidelines for Microfinance Banks in Nigeria Page 8 gestation period, however, a maximum tenure of twelve (12) months is permissible and in housing microfinance, a longer tenure of twenty-four (24) months is permissible. In line with best practice, the maximum principal amount shall not exceed N500,000, or one (1)
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