Page 67 - UUBO Deal Academy 2020 - Materials

Microfinance Banks and Digital

Banks

• A Micro Finance Bank [MFB], unless otherwise stated, shall be

construed to mean any company licensed to carry on the

business of providing micro-finance services such as savings,

loans, domestic fund transfers and other financial services that

economically active poor, micro-enterprises and small and

medium enterprises need to conduct or expand their

businesses.

• Digital Bank – No clear definition and no regulation yet.

• Kuda, Alat by Wema

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