He said the apex bank is generally satisfied with the state of the microfinance industry and the financial condition of the MFBs, adding that the story of the imminent shut down of 600 MFBs should be ignored.
Fabamwo advised the public to be wary of any speculative reporting on the state of the banks without supporting evidence from the CBN.
He warned that any misinterpretation of the policy direction in the microfinance sub-sector could result in the de-marketing of microfinance banks and thus, undermine public confidence which is capable of precipitating panic withdrawals by depositors and investors in the MFBs.
He therefore assured members of the public that the microfinance sub-sector has been effectively regulated by the CBN and jointly supervised by the CBN and the
Most Popular Stories
- Koch Brothers Step up Anti-Obamacare Campaign
- FDIC Sues Big Banks Over Rate Manipulation
- Stocks Close Lower Ahead of Crimea Vote
- FDIC Accuses Big Banks of Fraud, Conspiracy
- Jittery Investors Dumping Russian Stocks
- U.S. Consumer Sentiment Falls in Early March
- Is Malaysian Airlines Flight 370 in Andaman Sea?
- Ulta Shares Look Good on Strong Q4
- Vybz Kartel Convicted of Murder
- JLo Turns the Tables in New Vid: 'I Luh Ya Papi'