CBN Tasked To Review MFBs’ Categorisation Policy

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cbnThe Managing Director of HASAL Microfinance Bank Limited, Rogers Nwoke has stated that the current categorisation of micro finance banks (MFBs) into unit, state and national based on their level of capitalisation is no longer desirable.

Speaking recently at the 8th annual MSME conference and entrepreneurship awards in Abuja, Nwoke said the categorisation of MFBs was affecting efforts aimed at improving credit access to micro, small and medium scale enterprises across the country.

He therefore called on the Central Bank of Nigeria (CBN) to review the policy so as to fast-track the implementation of the national financial inclusion strategy and enable the banks to deliver increased micro-credit products and services efficiently.

Nwoke argued that there are MFBs that have less than the required capitalisation for state and national licenses but could offer greater mileage to the financial inclusion drive and improved micro-credit support for MSMEs given their innovative approach to banking services delivery and substantial infrastructure.