Few months ago, Central Bank of Nigeria mandated that all Microfinance Banks in Nigeria should recapitalize with a deadline slatted for April 1, 2021.
In the circular, a rural unit based MFB should recapitalize to N50million minimum threshold. While an urban unit MFB, state MFB and National MFB is expected to have a minimum capital base of N200million, N1billion and N5billion respectively.
In view of the above and to ensure absolute compliance as directed by regulatory body: Empire Trust MFB Board members at her board meeting held on 17th of May 2019 at the Bank’s premises at 17, Ogunlowo Street, Off Awolowo Road, Ikeja approved the recently injected capital of N40million to shore-up the capital base of the bank.
With this fresh injection, the Bank’s capital base stood at N200million. This means the Bank has met the minimum capital base of N200million for an Urban Unit Microfinance Bank.
To the entire staff of the Bank, we say big congratulations.