‘Yetu Microfinance is yet to comply’

The Central Bank has  extended the administration of Yetu Microfinance Bank Plc for a period of 30 days effective from 12 March,2023 after failing to determine an appropriate resolution option.

The Central Bank placed Yetu Microfinance under statutory administration from December last year following the financial institution’s failure to meet regulatory requirements regarding liquidity and capital adequacy.

In the takeover, the central bank suspended normal operations of Yetu Microfinance for a period of 90 days to allow the bank to determine an appropriate resolution option.

According to the statement, BoT assured the public that it will continue to protect the interests of deposition and maintain stability of the banking sector.

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