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CBN stipulates N100bn capital requirement for WDFIs, N5bn for RDFIs


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Nigeria

August.05.2014

The Central Bank of Nigeria (CBN) has stipulated a capital requirement of N100 billion for Wholesale Development Finance Institutions (WDFIs) and N5 billion for Retail DFIs.

This was contained in Exposure Draft Regulatory and Supervisory Guidelines for DFIs in Nigeria released on Monday by the apex bank.

Development Finance Institutions, according to the CBN, are specialised financial institutions established with specific mandate to develop and promote key sectors of the economy considered to be of strategic importance to the overall socio-economic development objectives of the country.

The objectives of DFIs are to fund MSMEs for economic development, foster growth in sustainable businesses, job creation, reduce poverty and improve quality of lives.

The CBN explained that in a bid to accelerate the pace of development of the Nigerian economy and realisation of the key role of some critical sectors in the process, the Federal Government has over the years established development finance institutions (DFIs) to provide financial interventions in the identified sectors, targeting micro-, small-and medium-size enterprises (MSMEs) to complement the efforts of banks and other financial institutions (OFIs) in that regard.

Article Credit: Businessdayonline

Updated 3 Years ago
 

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Tags:     CBN     WDFIs     Retail DFIs     MSMEs     OFIs

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