The Central Bank of Nigeria (CBN) on Tuesday gave a clean bill of health to all the 832 microfinance banks (MFBs) in the country, saying it is generally satisfied with their operating conditions. There had been an earlier report that the CBN was planning to shutdown up to 600 MFBs on the basis of poor performance, but in a reaction, the apex bank said such insinuations were all false and unfounded. Out of 832 microfinance banks, four of them are now national, 75 are state, and the remaining 753 are unit MFBs. Olufemi Fabamwo, CBN director, other financial institutions supervision department (OFISD), confirmed to BusinessDay last night that the story was untrue and that in fact rather than closing shops, some of the institutions are already upgrading their levels of operations as they meet required guidelines. His words, “Out of 832 microfinance banks, four of them are now national, 75 are state, and the remaining 753 are unit MFBs. And it is a continuous thing...
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