Following news that the Central Bank Nigeria (CBN) would impose new regulations on microfinance banks last year (see article on microcapital.org) the CBN is preparing a systematic certification programme for microfinance banks operating in Nigeria. When the regulations were announced last year the deadline imposed for microfinance institutions (MFI’s) to comply with the new measures and convert to microfinance banks was December 2007. Once this deadline has passed and the micro-banks are all regulated, the certification process will begin (January 200). It forms part of a capacity building programme to try and make the domestic microfinance industry more robust and transparent. The CBN intends to base the certification on international best practices, and expects to enforce compliance with the certification requirements within 3 years.
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