30 results
- 30 Nov 2020
NAMB to Audit MFBs to Deepen Financial Inclusion
The National Association of Microfinance Banks (NAMB) is set to conduct a nationwide audit of all licensed microfinance banks (MFBs) in the country. The move is to help identify MFBs’ operational…
- 28 Apr 2021
Reps Ask CBN to Halt MFBs Recapitalisation
The House of Representatives wants the Central Bank of Nigeria (CBN) to suspend the recapitalisation of microfinance banks (MFBs) in the country. The lawmakers of the lower chamber of the National…
- 29 Sept 2015
MFBs Lose N4Bn to Poor Management, Overhead Costs
Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) have said that many microfinance banks (MFBs) in Nigeria are undercapitalised and are at risk of being distressed.…
- 15 Aug 2019
Don’t Hoard Lower Currencies, CBN Tells MFBs
Central Bank of Nigeria (CBN) said it has released guidelines for the disbursement of lower denominations of the Naira through microfinance banks (MFBs) across the country. Mr Isaac Okorafor,…
- 1 May 2020
CBN Extends Deadline for Recapitalisation of MfBs to April 2022
Central Bank of Nigeria (CBN) has extended the deadlines issued to Microfinance banks (MfBs) to comply with its revised minimum capital requirements. Mr. Godwin Emefiele, CBN governor This was…
- 10 Jan 2021
CBN Says 874 MFBs have Operational Licences
Central Bank of Nigeria (CBN) has said 874 microfinance banks have licences to operate in the country. Mr. Godwin Emefiele, CBN governor It listed the names of the MfBs in its report titled ‘List of…
- 8 Mar 2012
CBN Grants PMIs, MFBs Waivers on Cash Withdrawal Limit
The Central Bank of Nigeria (CBN) has waived the daily cash withdrawal limit of N1 million for some customer of Primary Mortgage Institutions (PMIs) and Microfinance Banks (MFBs). A circular by Mr…
- 21 Dec 2020
NDIC Begins Verification of Depositors of 42 Failed MFBs
Nigeria Deposit Insurance Corporation (NDIC) has commenced a verification exercise towards settling the claims of depositors of the recently closed 42 Microfinance Banks (MFBs). This action signals…
- 3 May 2021
CBN, Stakeholders Seek Collaboration among MFBs on Micro-insurance
The Central Bank of Nigeria (CBN) and financial sector experts have called for collaborative efforts among microfinance banks (MFBs) in order to promote micro-insurance as a tool for deepening…
- 8 Apr 2022
NDIC Deploys SCV to Fast-Track Depositors’ Reimbursement by MFBs
Nigeria Deposit Insurance Corporation (NDIC) said it has developed a Single Customer View (SCV) platform to be deployed to microfinance banks (MFBs) to eliminate delays often experienced in…
- 14 Nov 2018
Depositors of Failed MFBs, PMBs to Get 100% of their Funds- NDIC
Nigeria Deposit Insurance Corporation (NDIC) has said it will soon commence paying off of depositors of the 154 Microfinance Banks (MFBs) and six Primary Mortgage Banks (PMBs) whose licenses were…
- 25 Oct 2019
CBN Revokes Banking Licenses of 153 MFBs
Central Bank of Nigeria (CBN) has revoked the operating licences of no fewer than 153 Micro-Finance Banks (MFBs) and six Primary Mortgage Banks (PMBs), This was stated by the Nigeria Deposit…
- 29 Nov 2023
NDIC Mulls Increase of Insurance Coverage Payment to Depositors Of DMBs, MFBs, PMIs
Depositors of liquidated Deposit Money Banks ( DMBs), Primary Mortgage Institutions ( PMIs), and Microfinance Banks ( MFBs) are to, enjoy a new threshold of maximum deposit insurance coverage…
- 20 Oct 2023
NDIC Refunds N1.2Bn to MFBs, PMIs, Victims of CBN Liquidation
Nigeria Deposit Insurance Corporation (NDIC) has said it has so far made refunds of N1.2 billion deposits to some of the 189 Microfinance Banks (MFBs) and the four Primary Mortgage Institutions…
- 29 Sept 2019
CBN to Convert Abandoned Offices of NIPOST into MFBs
Abandoned offices of the Nigerian Postal Service (NIPOST) spread across the 774 local government areas in Nigeria will henceforth serve as microfinance banks (MFBs) operated by the Central Bank of…
- 31 Jul 2023
CBN Exempts MfBs, PMBs from Cash Limit Policy
Central Bank of Nigeria (CBN) has exempted Microfinance Banks (MfBs) and Primary Mortgage Banks (PMBs) from the cash withdrawal limit policy compliance. In a circular to banks and other financial…
- 16 Jul 2017
BoI, MFBs Collaborate to Fund SMEs
Bank of Industry (BoI) is expanding its partnership with microfinance banks to increase access of small businesses to micro credit, according to Mr. Olukayode Pitan, managing director, BoI. Pitan…
- 2 May 2022
AfDB Mulls Partnership with MFBs to Boost MSMEs
African Development Bank has said that it will work with microfinance banks to expand support for micro small, medium enterprises, MSMEs and deepen financial inclusion in Nigeria through increased…
- 24 Dec 2012
CBN’s Axe Dangles on MFBs
Microfinance banks in the country have up to Monday next week that is December 31 to shore up their capital bases or risk being thrown out of business. Central Bank of Nigeria (CBN) has microfinance…
- 11 Jan 2018
CBN Orders MFBs, Others to Suspend Accounts Without BVN
Central Bank of Nigeria (CBN) has directed Other Financial Institutions (OFIs) to place all accounts without Biometric Verification Number (BVN) on a ‘post no debit’ status. OFIs operators are those…
- 8 Feb 2023
NDIC Reiterates Commitment to Protecting Mfbs Customers
Mr. Bello Hassan, the Managing Director/ Chief Executive Officer, Nigeria Deposit Insurance Corporation (NDIC), has said the corporation is working assiduously to ensure more Microfinance Banks…
- 8 Sept 2008
Progenics Boss Advocates Technology Approach for MFBs
Mr. Tony Udoh, managing director and chief executive officer of Progenics Corp Limited, a total technology solutions provider for the financial and other sectors of the economy, has advised…
- 31 May 2010
CBN Decries Lack of Proper Understanding of Concept, Best Practice by MFBs
The Central Bank of Nigeria (CBN) has cited a complete lack of understanding of the ideal and methods for operating micro-finance banks, in the process of reviewing the licenses of some micro-finance…
- 8 Oct 2023
NDIC Pays 29,573 Depositors of Closed MFBs, PMBs
Mr Bello Hassan, managing director, Nigeria Deposit Insurance Corporation (NDIC), has said it has paid about N1.084 billion to 29,573 depositors of recently-closed microfinance banks and Primary…
- 15 Jul 2008
Nigerian Firm, Progenics Makes History with Solutions for MFBs
An enigmatic achievement, one that would comprehensively align all facets of microfinance banking operations to produce unparalleled customer service delivery without the attendant operational…
- 13 Apr 2021
CBN Asks Banks to Get on Its Central Credit Management Platform
Central Bank of Nigeria (CBN) has mandated all development finance institutions (DFIs), microfinance banks (MFBs), primary mortgage banks (PMBs) and finance companies (FCs) operating in the country…
- 7 Sept 2009
Panic Withdrawals Hit Microfinance Banks
While the banking halls of the “shaky” banks remain calm, panic withdrawals have hit most microfinance banks (MFBs) in Lagos as depositors besiege their counters for their deposits,…
- 23 May 2023
Closed Banks: NDIC Assures Depositors of Prompt Payment
Nigeria Deposit Insurance Corporation (NDIC) has assured depositors of Microfinance Banks (MFBs) and Primary Mortgage Banks (PMBs) whose licenses were revoked by the Central Bank of Nigeria (CBN)…
- 26 Jan 2026
CBN Upgrades Licences of Opay, Moniepoint, Kuda, Palmpay, Paga to National Status
Central Bank of Nigeria (CBN) has approved the upgrade of operating licences for major FinTech companies and Microfinance Banks (MFBs), including Opay, Moniepoint MFB, Kuda Bank, Palmpay and Paga, to…
- 15 Apr 2026
NDIC Seeks Court Nods to Liquidate 89 Failed Banks
Nigeria Deposit Insurance Corporation (NDIC) said that it has commenced the process of liquidating 89 closed Microfinance Banks (MFBs) and Primary Mortgage Banks (PMBs). This followed their…