Business
CBN Certifies Microfinance Banks Nationwide
The third batch certification programme for microfinance banks nationwide will now hold between January 31 and February 12, the Other Financial Institutions Department (OFID) of CBN has said.
Mr Patrick Akpala, Deputy Director, OFID told newsmen on Monday in Lagos that the earlier date of January 24 to February 5 was no longer realistic due to the ongoing voters registration.
According to Akpala, the certification programme is to allow participants ample time to take part in the voters’ registration exercise.
He told newsmen that the certification programme was to ensure that microfinance banks left in the wake of 103 microfinance banks liquidated by CBN in October 2010 were relevant and more competent.
“After the last reform on the sub-sector, the apex bank still needs to ensure that those that are not affected are properly positioned in the discharge of their services to the poor.
“Some of them, apart from other factors limiting their operations, are still imitating commercial banks in the discharge of their services, which may pose difficulties for them later.
“To this end, the apex body would continually impact skills that would enable them to overcome some of the identified limitations combating the sector and make them live up to expectations,” Akpala said.
He said that some operators whose licences were permanently revoked were even urged to undertake the certification programmes.
“This will help them in the future because they can still be relevant in other areas,” Akpala said.
Our correspondent reports that those who participated in the first and second batch of certification programmes had already been examined by Chartered Institute of Bankers (CIBN) on October 6 and October 7.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.