Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


15 microfinance banks ready to merge

09 May 2013, 16:58

Lagos - Fifteen out of the 450 microfinance banks in the south-west have indicated their interest to merge with the stronger ones, an official of the banks’ association said.

Olufemi Babajide, the South-West Zonal Chairman, National Association of Microfinance Banks (NAMBs), said that the merger was to beat the CBN’s directive that the banks should recapitalise by December.

Babjide told the News Agency of Nigeria in Lagos on Thursday that more of the banks were likely to merge before December.
 “Fifteen banks are undergoing the process of merging at the association level.

“I believe other microfinance banks are also arranging for merger outside the association, but I do not have a figure.
“In April, 13 of the banks had opted to merge and now it has increased to 15 banks,” he said.

Babajide said that the parties involved had exhibited a high sense of maturity because the association wanted to ensure that none of its members went under.

The apex bank in 2011 directed the operators to raise their capital base or go under.

According to the recapitalisation framework, the operator of a unit, state or national microfinance bank must have a minimum capital of N20 million, N100 million and N2 billion, respectively.




Read News24’s Comments Policy

Comment on this story
Comments have been closed for this article.

Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...