Microfinance Institutions

2.2 Microfinance Institutions (NGO-MFIs and Financial Cooperatives) 

 a) Registration with Corporate Affairs Commission or Appropriate Ministries, Departments and Agencies (MDAs) of States/FCT.

 b) Corporate, trustee and management profile 

c) Acceptable Risk Management Framework 

d) Third Party Guarantee of at least 2 trustees 

e) Sound Corporate Governance 

f) Submission of 6 months statement of account 

g) Submission of two years audited accounts or management accounts 

h) Membership of the apex association with evidence of up-to-date payment of subscription 

i) 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.

 j) Any other condition as the CBN may stipulate from time to time.

 2.3 Other Requirements for Borrowing by PFIs (Excluding DMBs & DFIs) All applications shall be accompanied by the following: 

a) Completed Application Form 

b) Viable Business Plan 

c) Board resolution or Trustee consent to access the Fund

d) List of prospective borrowers, addresses/telephone numbers 

e) Evidence of submission of names of borrowers to licensed Credit Bureaux 

f) Certificate of Incorporation or Registration 

g) Evidence of due diligence on projects 

h) Letter authorizing CBN to debit PFIs account with correspondent bank in case of defaul