Nigeria, April 7 -- Microfinance banks in Nigeria will not be able to meet up with recapitalisation requirement of the Central Bank of Nigeria, within the proposed time, because of the effect of the coronavirus pandemic on the economy, an official has said.

Yusuf Gyallesu, National President of the National Association of Microfinance Banks (NAMB), said this, according to BusinessDay newsaper.

Mr Gyallesu sought the CBN to reconsider its minimum capital requirement for the banks, and called on the top bank to extend the deadline for compliance.

The CBN had in March 2019 reviewed the requirements with a view to ensuring continued operations of microfinance banks in rural, unbanked and underbanked areas of the economy.

After the review,...