deedy111:
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I believe my helper/connection is here, I will pay any amount we both agree on.
I can go with both uniformed and non uniformed type

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God bless

adecz:
Where do they expect the MFBs to get this type of money in this harsh Economy?

The macroeconomic environment is so harsh that government is moving from country to country, begging for loans and selling off national assets to keep the country afloat.
These APC government is just full of clueless charlatans.
Tufiakwa!!!

Lifestone:
@ N370/$1, N20million capital base means about $54,054 which is ridiculous for any deposit taking institutions. When the Mfbs were originally licensed, the exchange rate was about N100/$1 (I.e $200,000).
The new directive will certainly trigger off a new round of mergers in the sector, while some will have her license withdrawn at the end.

businesslineTV:
This is commendable coming from the CBN. Most of this MFB's were already drifting from their mandate, and considering the Naira/dollar exchange rate plus other forces of inflation et al the capital base was no longer sustainable and very unhealthy. The banks have till 2020 to recapitalize and so their time starts now.

Commendable move once again from the CBN. Keeps the industry healthy and rural poor man's deposit safe.

Lifestone:
@ N370/$1, N20million capital base means about $54,054 which is ridiculous for any deposit taking institutions. When the Mfbs were originally licensed, the exchange rate was about N100/$1 (I.e $200,000).
The new directive will certainly trigger off a new round of mergers in the sector, while some will have her license withdrawn at the end.

iammo:
many MFB can't afford such huge capital base, this might end up in many closing up businesses. And it would directly affect traders and small scale businesses depending on micro finance facilities , as commercial bank interest rate and terms and agreement of loan isn't favourable for small entrepreneur, even big guys like innosun can't meet up with their terms. At a point where we just got out of recession, government needs to reduce the burden its putting business owners whether through multiple taxation or unfavorable policies. The propaganda ease of doing business is just a mere mouth making exercise. For a new startup trying to float a new business, many tax and policy coupled with government controlled external factors like fuel price, electricity price cost of forex already makes most business not feasible or profitable, adding a new strain to the MFB is harmful at this time when even the factories and big businesses are exiting the economy

itiswellandwell:
Wise people who have funds in micro finance banks should be vigilant and be alert or even do the needful of withdrawing their funds.


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adecz:
Where do they expect the MFBs to
get this type of money in this harsh Economy?


The macroeconomic environment is
so harsh that government is moving
from country to country, begging for loans
and selling off national assets
to keep the country afloat.

These APC government is just full of
clueless charlatans.

Tufiakwa!!!

kolafolabi:
This is heartless and cruel from CBN.. This country has turned to something else.. ATIKU2019

PHIPEX:
As difficult as it appears this a policy in the right direction. It'll stabilize the sector that's still at the risk of collapse. Merger and acquisition is the way to go.

It'll drive competition and stability as was seen in the commercial bank. Having about 100 stable mfbs is better than over 4000 mushroom Mfbs.

omoelerin1:
Everything is not politics mhen.
This is CBN policy.

idrisalomagold:
Please can anyone tell me the microfinance banks? I wan to know so the ideally know where my money is.

I bank with EcoBank and FirstBank. Am I save?

idrisalomagold:
Please can anyone tell me the microfinance banks? I wan to know so the ideally know where my money is.

I bank with EcoBank and FirstBank. Am I save?

debaj10:
when you have a few minutes during the week, walk into any mfb near you and ask them the pros and cons of this policy, k?
promise to share the answer you get?

who will invest in a microfinance bank, when big banks like Skye can fail just like that?


hm, most of us will be shocked at the number of taxes a new firm has to pay! why on earth will a sane country have these kinds of laws?!


in the short term (12/2020), is might be the safest- even only- option for depositors. in this economy, who won troway money?! abi dis won na new MMM?


this even goes beyond funding the new base. when the unqualified/merged banks close, where will their customers go to access loans? how far will they travel?
if the CBN failed to properly assess Skye bank which folded up last month, how will it monitor/assess thousands of microfinance banks


it's actually quite different from being evil- most policy makers are out of touch with the real world. the question is, who was consulted before this policy was drawn up?


you stabilize micro enterprise institutions by securing/guaranteeing deposits, improving monitoring, more effective operations; and other policies that draw micro enterprises to access loans near their point of business.
govt keeps wailing that many people are unbanked and there's too much liquidity in the market, yet its policies are reducing access to banks, creating uncertainty and appear to be deliberately aimed at making inclusion harder.
what stops the CBN from employing field assessors to monitor, advise, even market MFBs?


consecutively bad decisions means the politicians in power lack adequate knowledge to query such policy suggestions. why devalue your currency and still have to defend it every single day, with billions of dollars?! and yet, manufacturers still find it hard to access same dollars!
its madness!

PHIPEX:
All these and more were said when Soludo did same for commercial banks, looking back you can tell it worked. Solid Mfbs will effectively implement the microfinance policies and give confidence to investors and depositors. As at today most depositors fear to use most of the Mfbs because of the possibility of collapse. This policy will solve that problem and introduce professionalism in the sector.