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.
Credit to Nigeria’s private sector rose to N83.26 trillion in June 2026 from N81.04 trillion in May, signifying a positive balance of N2.22 trillion month-on-month.
Year-on-year, the figure represents a nine per cent increase compared with the N76.13 trillion recorded in June 2025. The latest figures come as the CBN continues to balance efforts to control inflation with the need to support economic growth and expand credit to businesses.
The CBN data shows that credit to Nigeria’s private sector increased by approximately 2.74 per cent month-on-month between May and June 2026. Also, the CBN data noted that credit to the government fell slightly to N40.03 trillion from N40.38 trillion. Other assets, net, dropped to N10.76 trillion from N12.63 trillion.
The credit surge signifies sustained growth in lending to businesses and other private-sector borrowers during the month. The rise in private sector credit was recorded alongside an increase in net domestic credit, despite declines in credit to government and other assets.
Further analysis of the report says that compared with June 2025, private sector credit rose by about N7.13 trillion yea-on-year but net domestic credit increased by approximately N1.87 trillion during the month.
The CBN’s relatively tight monetary policy stance notwithstanding, more banks still loaded funds to the private sector within the period. The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) held its 306th meeting on July 20 and 21.
The Committee reviewed recent developments in the global and domestic economies, assessed emerging risks to the outlook and considered their implications for monetary policy and retained all rates.
The Committee decided to retain the Monetary Policy Rate at 26.5 per cent; the Standing Facilities Corridor around the MPR at +50/-450 basis points and retain the Cash Reserve Requirement (CRR) for Deposit Money Banks at 45.00 per cent, Merchant Banks at 16.00 per cent, and non-TSA public sector deposits at 75.00 per cent.
The MPC decision means that credit extension in the private sector will likely continue to rise because of rising confidence in the sector and calls by stakeholders for banks to invest in the private scetor instead of government securities.
