MICROCAPITAL STORY: Central Bank of Nigeria (CBN) Approves Integrated Microfinance Bank Limited of Nigeria (IMFB) to Become a Nigerian “State Microfinance Bank”
The Central Bank of Nigeria, the Nigerian government’s central bank founded in 1958, recently gave Integrated Microfinance Bank Limited (IMFB), a Nigerian microfinance institution, approval to become a “state microfinance bank”, as affiliated with the Nigerian government. This will allow IMFB to establish new branches in any of the 36 states of Nigeria. Microfinance banks (MFBs) are usually required to obtain approval from the CBN before starting operations in another state. According to th
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