Central Bank of Nigeria refutes report of imminent shutdown of 600 microfinance banks

Wednesday, February 19, 2014

The Central Bank of Nigeria CBN on Tuesday refuted a recent report that 600 microfinance banks (MFBs) were facing imminent shutdown.

According to a statement by the apex bank, its Director, Other Financial Institutions Supervision Department (OFISD), Mr. Olufemi Fabamwo was quoted as saying that the story was totally untrue and misleading.

Fabamwo reaffirmed unequivocally that the CBN was generally satisfied with the state of the microfinance industry and the financial condition of the MFBs, adding that the story of the imminent shut down of 600 MFBs should be ignored.

Source: WorldStage Group (link opens in a new window)

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banking, governance, microcredit, microfinance