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NAMB lauds Reps' position on MFBs' recapitalisation deadline

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THE National Association of Microfinance Banks (NAMB) has described the House of Representatives’ stance urging the Central Bank of Nigeria (CBN) to suspend the April 2021 deadline set for the ongoing recapitalisation drive for microfinance banks based on the lingering COVID-19 pandemic-triggered disruptions of the nation’s economy as a welcomed development.
The lawmakers’ advice was sequel to the adoption of a motion on the ‘Urgent Need for the Central Bank of Nigeria (CBN) to suspend the Deadline for Recapitalisation of Microfinance Banks’ moved by Hon. Saidu Musa Abdullahi (APC – Niger State).
The decision, as the lawmakers maintained, was also not unconnected with the findings of a survey conducted by the NAMB which showed that out of 874 licensed MFBs, about 612 may be adversely affected by the re-capitalization policy. ....

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Suspend microfinance banks recapitalisation, Reps urge CBN

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Published 28 April 2021
The House of Representatives has urged the Central Bank of Nigeria to suspend the ongoing recapitalisation exercise for microfinance banks in the country until the economy gets better.
At the plenary on Wednesday, the House unanimously adopted a motion moved by the Vice Chairman of the House Committee on Finance, Saidu Abdullahi, titled ‘Urgent Need for the Central Bank of Nigeria to Suspend the Deadline for Recapitalisation of Microfinance Banks.’
Consequently, the House urged the CBN to “suspend the planned recapitalisation program until the economy stabilises and considered safe for a new deadline to be fixed.” ....

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