The Central Bank of Nigeria has extended the deadline for the recapitalisation of micro-finance banks to 2021.
Last year, the CBN raised the capital base for MFBs, with a 2020 deadline.
It had increased the minimum capital base for national MFBs to N5 billion from N2billion while that of state was increased to N1 billion from N100m.
This latest move will ensure continuous operations of micro finance banks in the rural, unbanked and underbanked areas of the economy.
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