CBN to issue new policy for micro finance banks
.Approves special intervention funds
By Udeme Clement
The Central Bank of Nigeria, CBN, has said that it will soon introduce a new policy for Micro Finance Banks, MFBs, operating in Nigeria, in order to improve their performance in the financial sector of the economy.
The Director, other Financial Institutions Supervision Department of the apex bank, Tokunbo Martins made this known while addressing Finance Correspondents.
She explained that the apex bank is already reviewing the micro-finance bank policy, with a view to releasing the third aspect of the policy, that was previously introduced in 2005 fiscal year.
Speaking on the topic, ‘Appraisal of new micro-finance policy framework’, She said that the initiative is to improve the performance of MFBs on deposits mobilisation in the financial sector of the economy.
She further disclosed that the apex bank has approved special intervention funds for qualified MFBs in the country, calling on other MFBs to reposition their operations, in order to qualify for accessing such funds.