Lagos - The decision of Central Bank of Nigeria (CBN) to increase the minimum capital base of Finance House operators in Nigeria to N200million is causing ripples in the industry, as operators are crying foul over the new policy.
The proposed new minimum capital base for the sector represents a 180 percent rise. The amount presently stands at N20 million, reports Business Dispatch.
The amount, many operators believed, is too high and unrealistic, because finance companies are not allowed to accept deposits like commercial banks.
Operators are demanding a downward review of the N200 million being proposed by the CBN Board of Governors to N100million.
Read more at Business Dispatch