CBN Approves Two Non-Interest Microfinance Banks l [See LIST]

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Central Bank of Nigeria (CBN) has granted operational license to two non-interest microfinance banks (NIMBs) with the third awaiting final approval.


 The two granted NIMBs are Tijarah Microfinance Bank in Bauchi State and I-Care Microfinance Bank Ltd in Kano State.
The nation’s first Shariah compliance microfinance bank, Tijarah MFB Ltd. was granted a full operating licence as a non-interest (Islamic) state microfinance bank by the CBN in 2014, and commenced operations on October, the same year.

 Commenting, the acting president, National Association of Microfinance Banks (NAMB), Mr Nasiru Baba, said the shariah- compliant microfinance bank would drive the CBN’s financial inclusion across the country.

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