By Audrey Lotechukwu
THUR, APRIL 30 2020-theG&BJournal- The Central Bank of Nigeria (CBN) has extended the deadline for compliance with the revised minimum capital requirement for all categories of Micro Finance Banks (MFBs) by one year.
The CBN said in a circular Wednesday that the decision is in consideration of the impact of the coronavirus (COVID-19) pandemic on economic activities. The CBN consequently set new dates for MFBs operating in rural, urban, state and national levels respectively.
MFBs operating in rural areas, unbanked and under banked areas (Tier2 ) now have until April 2021 to meet their N35 million capital threshold and N50 million by April 2022.
Those operating in urban areas (Tier2) are expected to meet the N100 million capital threshold by April 2021 and N200 million by 2022,and those operating in states have until April 2021 to meet the N500 million threshold and April 2022 for N1 billion capital threshold.
MFBs operating on the national level have until April 2021 to meet the N3.5 billion requirement and until April 2022 to meet the N5 billion capital requirement.
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