The Central Bank of
Fabamwo said the CBN was satisfied with the state of the microfinance industry and the financial condition of the MFBs. He expressed concern that the report could result in de-marketing in the sub-sector and thus, undermine public confidence which according to him "is capable of precipitating panic withdrawals by depositors and investors in the MFBs."
He noted that the microfinance sub-sector has been effectively regulated by the CBN and the
According to Fabamwo, all MFBs are examined at least once a year, while some are examined more than once, depending on the exigencies of the situation, with follow-up visits to ensure that examiners' recommendations are implemented and corrective actions are taken by the operators of the MFBs in order to engender stability in the microfinance space.
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