ELIGIBILITY AND TERMS FOR PARTICIPATION

CHAPTER TWO 

 2.0 ELIGIBILITY AND TERMS FORPARTICIPATION 
The PFIs shall include all Microfinance Banks, Non-Governmental Organizations-Microfinance Institutions (NGO-MFIs), Financial Cooperatives, Finance Companies, Development Finance Institutions (Bank of Agriculture & Bank of Industries) and Deposit Money Banks. The Bank of Industries (BoI) and Deposit Money Banks (DMBs) will participate under the SMEs window only. 
 2.1 Microfinance Banks & Finance Companies For a microfinance bank/finance company to be eligible for wholesale funding, it shall satisfy the following conditions:
 a) Submission of latest CBN/ NDIC examination report
 b) Submission of 2 years Audited/Management Accounts
 c) Acceptable Risk Management Framework 
 d) Sound Corporate Governance Culture indicated by: oAdherence to Ethical Values 
o Degree of Separation of Ownership from Control/Management 
o Number of non-performing insider-related facilities 
e) Evidence of Membership of apex association and up-todate payment of annual subscription 
f) Compliance with up-to-date and timely rendition of monthly returns to the CBN as stipulated in the Revised Microfinance Policy, Regulatory and Supervisory Framework for Nigeria.
 g) Any other condition as the CBN may stipulate from time to time.