Breaking News

Masari urges CBN to review guidelines on microfinance institutions

Governor Aminu Masari of Katsina State has called on the Central Bank of Nigeria, CBN, to see the need to issue peculiar guidelines for the operation of microfinance institutions in the country.

Aminu Bello Masari

Polls: Gowon lauds Nigerians, INEC

Masari made the call during the commissioning of the permanent building of Gobarau Microfinance Bank, Katsina, yesterday.

The governor said microfinance banks in states like Katsina, Jigawa, Kebbi and Zamfara, should not be made to have the same share capital with those in Lagos, Kano and Rivers states.

He said: “Such general guidelines could make some microfinance banks to go into extinction and this could in turn affect the growth of small scale enterprises in the country.”

Masari, however, assured the management of the microfinance bank that the state government would partner with it to empower more people in the state.

He also stressed the need for microfinance institutions to contribute towards the development of education in the country.

Chairman of the Board of Directors of the bank, Alhaji Ibrahim Bindawa, said it was a huge challenge to microfinance banks to meet CBN’s requirement of N200 million share capital by 2020.

Bindawa, however, gave the assurance that the bank would continue to partner with Katsina State government to enhance income generating activities in the state.


All rights reserved. This material and any other digital content on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from VANGUARD NEWS.


Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.