CBN Sets Fresh Target For MFBs

The Central Bank of Nigeria (CBN) has said that all Micro finance Banks (MFBs) in Nigeria are expected to have not less than 64 new customers per branch every month. 

This new target follows the banking regulators effort to achieve the National Financial Inclusion strategy (NFIS) which was launched in October 20I2 and revised in 20I8.

The strategy is targeted at increasing the percentage of adult Nigerians who own bank accounts and use formal financial services from the baseline figure of 46.3 per cent in 20l0 to 80 per cent by 2020.

In a bid to accelerate progress towards the achievement of the target, the CBN Director, Other Financial Institutions Department, Mrs. Tokunbo Martins in a letter posted on the institutions website directed all MFBs to mobilise 774 new accounts annually.

The resolution on the target according to the letter was however decided upon during a stakeholders‘forum organised by the CBN for all financial service providers in the six geo-political zones in the first and second quarters of 20l9 which was attended by representatives of MFBs.

“One of the major resolutions reached the event was the setting of target for each branch of a microfinance bank to acquire 64 new customers per month. This translates to 774 new bank accounts (measured by new BVN registration) per branch per year.

“Given the urgency of this task, it is important to cascade the target to your branches for their information Ind implementation.”