The supervisory authorities should address the issue of poor management of funds Exercising its mandate, the Central Bank of Nigeria (CBN) last week revoked the operating licenses of 132 microfinance banks (MFBs) alongside three finance companies
Exercising its mandate, the Central Bank of Nigeria last week revoked the operating licenses of 132 microfinance banks alongside three finance companies and four primary mortgage banks. According to the Governor of the apex bank, Godwin Emefiele, the firms had failed to fulfil or comply with the conditions for which their licences were issued for a continuous period of six months.
Across the world, micro-lending carries the image of social investment, classified as a development issue in the mould of education, health, and related policies. The scheme provides financial services to micro, small and medium enterprises , across numerous industries such as trade, commerce, education, tailoring, carpentry, fishing, and transportation. These account for a significant percentage of businesses in Nigeria.
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