…for Deposit Money Banks and Mobile Money Operators, alongside N2m per depositor for Microfinance Banks, Primary Mortgage Banks, and Payment Service Banks. According to the NDIC MD, this enhancement guarantees 100 per cent deposit coverage for more than 98 per cent of bank depositors nationwide, shielding households and…

…to the bank, its digital lending platforms and partnerships with commercial and microfinance banks will provide MSMEs with easier access to funding. The report stated, “In 2026, BOI’s digital loan platform and on-lending partnerships with microfinance and commercial banks will allow MSMEs to access low-collateral worki…

NDIC begins paying insured deposits to customers of 46 revoked microfinance banksEligible depositors receive maximum insured amount of N2 million directly via BVNsCBN revoked licenses to protect depositors and ensure banking stability amid regulatory non-complianceFind it fast with our new search feature at Legit.ng! P…

According to the CBN, the affected microfinance banks failed to satisfy the minimum conditions required to retain their operating licences. The regulator stated that the revocation became necessary due to "one or more" of several infractions, including insufficient assets to meet liabilities, closure of operations with…

…₦500,000 ($362.08) for Tier 2 Unit MFBs and ₦1 million ($724.15) for other categories of microfinance banks. SME loans can exceed ₦500,000 ($362.08) for Tier 2 Unit MFBs and ₦1 million ($724.15) for other MFB categories, but not exceed 1% of shareholders' funds unimpaired by losses. The CBN recognises four categories o…

…up to speed The debate comes against the backdrop of existing CBN regulations governing microfinance banks. A March 2020 CBN circular requires all MFBs to submit audited financial statements and abridged accounts to the Director of the Other Financial Institutions Supervision Department (OFISD) for approval within four…