In accordance with the Nigerian legal requirement that all microfinance institutions (MFIs) operating in Nigeria must hold a MFI license, the Central Bank of Nigeria (CBN) has provided Ikole Microfinance Bank Ltd. with provisional approval to operate as a Nigerian MFI. The approval was given in a letter signed by Fred Oluwalademi, Director of CBN’s Other Financial Institutions Department on July 23, 2007. The letter comes two months after Ikole Microfinance first applied for its operating license.
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