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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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Halt MFBs recapitalisation now, Reps tell CBN

Abdul said: “A survey conducted by the National Association of Microfinance Banks (NAMB), which indicated that out of 874 licensed MFBs, about 612 may be negatively affected by the recapitalisation policy.”
Citing the finding, he said only 30 percent of MFBs will be able to meet the April 2021 timeline while the rest may fold up and could cause more job losses as the 612 MFBs have about 44,800 staff.
CBN had reviewed the minimum share capital requirement of the three categories of MFBs in October 2018: a Unit MFB will raise its capital from N20 million to N200m; State MFB from N100m to N1 billion and a National MFB from N2bn to N5bn. ....

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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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Reps ask CBN to suspend recapitalisation of microfinance banks

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This follows a motion by Saidu Abdullahi, vice-chairman of the house committee on finance, during plenary on Wednesday.
In October 2018, CBN reviewed the minimum share capital requirement of the three categories of MFBs: Unit MFBs from N20 million to N200 million; state MFBs from N100 million to N1 billion; and national MFBs from N2 billion to N5 billion.
The following year, it reviewed the requirement with a view to ensuring continued operations of these banks in rural, unbanked and underbanked areas of the economy.
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In April 2020, the apex bank revised the deadlines for MFBs recapitalisation due to the COVID–19 pandemic impacts. ....

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Pan-African fintech platform Appzone secures $10mn series a funding

Pan-African fintech platform Appzone secures $10mn series a funding
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