The much awaited Micro-finance development fund, proposed to enhance financing in the Microfinance sub-sector and boost the economy, will come on stream before the second quarter of the year ends, authorities at the Central Bank of Nigeria (CBN) confirmed to BusinessDay at the weekend.
The Central Bank of Nigeria (CBN) said on Saturday that the Micro, Small and Medium Enterprises Development (MSMEs) fund was not meant to bail out distressed micro-finance banks.
As a follow up to the certification programme for microfinance banks, the Central Bank of Nigeria (CBN) in collaboration with the Nigeria Deposit Insurance Corporation (NDIC) and Financial Institutions Training Centre (FITC)will be organising a one-week mandatory training programme for Directors of all Microfinance Banks (MFBs) in six locations in June, 2012.
For N8.33 million assets to be recovered to date from microfinance banks in liquidation, shows that the measures put in place for assets recovery by the Nigeria Deposit Insurance Corporation (NDIC) are effective. The NDIC recently appointed debt recovery agents (DRAs) for microfinance banks (MFBs) in liquidation to fast track recovery of debts owed to the 103 closed MFBs’ customers nationwide.
Loan defaulters in Micro Finance Banks (MFB) have continued to enjoy an unexpected reprieve as the Central Bank of Nigeria (CBN) is yet to establish a special court to try suspects, over one year after it pronounced it would do so.
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