The decision was reached at a meeting between the regulatory bank and the national executive committee of the National Association of Microfinance Banks, held at the CBN headquarters in Abuja.
The CBN had previously given the micro finance banks December 31st, 2012 to recapitalize, but the association had asked for an extension to enable its members streamline their operations. Meanwhile, micro-finance bank branches operating without due authorization and approval from the CBN have been advised to shut shop.
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