Nigeria: Rebirth of Community Banks

4 December 2007
opinion

Lagos — Like the proverbal cat with nine lives, many community banks that closed shop for several years are now bouncing back and seem to be thriving more than ever before.This is in addition to an expansion in the scope of their activities,especially in the area of micro-financing which is a pivotal grassroot

The enabling law that created the community banks stipulated that they could be jointly owned by community development associations, trade associations, social clubs, age grades, or corporate bodies operating within the community and with an individual owning a maximum of 5 per cent shares capital, which latter amended.

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