Nigeria Exempts Small Lenders From Limits on Cash Withdrawals, Penalties

Nigeria’s central bank exempted mortgage banks and certain microfinance lenders from cash withdrawal limits and penalties as it aims to boost credit for poorer borrowers.

The exception is targeted at organizations lending to the “economically active poor,” the Abuja-based Central Bank of Nigeria said in a statement on its website. It aims to “enable them continue to play their expected role in the economy and provide specialized retail banking services to customers.”