Northwest University Kano Secures CBN Approval for Non-Interest Microfinance Bank

Northwest University Kano (formerly Yusuf Maitama Sule University Kano) has received an Approval-in-Principle (AIP) from the Central Bank of Nigeria (CBN) for the establishment of a Non-Interest Microfinance Bank.

The AIP is a preliminary approval that, upon fulfillment of certain conditions, may lead to the issuance of a final license, allowing the bank to commence operations. This initiative aligns with the university's goal of enhancing financial accessibility and support for its community.

The proposed Non-Interest Microfinance Bank will operate on ethical, non-interest banking principles and will be owned by a collaborative effort involving key stakeholders within the university community.

The university's Vice-Chancellor, Professor Mukhtar Atiku Kurawa, will serve as the Chairman of the Advisory Committee of Experts (ACE), which will oversee the bank's strategic direction and ensure compliance with non-interest financial principles.

The establishment of the Non-Interest Microfinance Bank is a significant milestone in the university's history and demonstrates its commitment to institutional growth and development.