Standard Life House, Lothian Road, Edinburgh, Scotland. Standard Life Assurance Company head office.
This image is the Copyright of David Robertson. Please do not copy or use this image without written permission. Thank you.
Standard Life House, Lothian Road, Edinburgh, Scotland. Standard Life Assurance Company head office.
This image is the Copyright of David Robertson. Please do not copy or use this image without written permission. Thank you.
Online Business: How To Start Microfinance Bank
In developing economies like Nigeria, where statistics has continuously put the number of the poor people at more than half of the total population, investments which markets are the people at the lower rung of the economic ladder, have high prospects of meeting and surpassing owners’ expectations. With a ready market of over 70 million people, businesses that serve the poor remain veritable channels of investment in Nigeria. One of such is the microfinance bank. The Regulatory and Supervisory Guidelines for Microfinance Banks in Nigeria, issued by the Central Bank of Nigeria (CBN), defines a microfinance bank as “any company licensed to carry on the business of providing microfinance services, such as savings, loans, domestic funds transfer, and other financial services that are needed by the economically active poor, micro, small and medium enterprises to conduct or expand their businesses.” The customer (client) of a microfinance bank are predominantly the active poor, with any or combination of the following characteristics as explained by the CBN: The person has a monthly income of not more than twice the monthly per capita income of Nigeria, or minimum wage; he has a total productive asset of not more than N500,000; he has a meagre means of sustenance or livelihood and has a total annual income that is less than the minimum taxable limit set out in the law relating to income tax. the CBN, are followed to the letter. According to the regulating guidelines, applications to the CBN shall include the said amount and “(a) a non-refundable application fee of N50,000 for a unit microfinance bank or N100,000 for a state microfinance bank. (b) a copy of the feasibility report, disclosing relevant information such as the objectives and owners of the proposed banks, the services to be rendered, five-year financial projection for the operation of the organisation, organisational structure, and a copy of the memorandum and articles of association. The
Capital One's trick of PARKING charged off credit card account to a law firm
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