CBN revokes licenses of 46 microfinance banks (+ Full list)

The Central Bank of Nigeria, CBN, has revoked the operating licenses of 46 microfinance banks.

The Acting Director of Corporate Communications Department of the CBN, Hakama Sidi-Ali, made this known on Wednesday in a statement made available.

Declaring that the revocation was with immediate effect, Sidi-Ali said the action was carried out accordance with its powers under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.

The revocation, Sidi Ali said, was as a result of the the failure of the banks to meet the regulatory requirements for continued operation as licensed financial institutions.

According to her, the action was with the approveal of the Governor of the Central Bank of Nigeria, Olayemi Cardoso.

“The revocation of the licenses is part of the Bank’s ongoing efforts to safeguard the stability of the financial sector, protect depositors, and ensure that licensed institutions comply with current laws and regulatory requirements.

“The Central Bank of Nigeria remains committed to promoting a safe, sound and resilient financial system and will continue to take appropriate supervisory and regulatory actions, where necessary, to maintain public confidence in the Nigerian financial system,” Sidi-Ali explained.

Full list of the affected banks:

FULL LIST:

1. Minji-Se Churchill MFB (Rivers)

2. Merchant MFB (Abia)

3. Janmaa MFB (Kwara)

4. Busu MFB (Niger)

5. Gold MFB (Lagos)

6. Zain MFB (formerly Dawakin Tofa MFB) – Kano

7. Bompai MFB (Kano)

8. Ajwa MFB (formerly Gezawa MFB) – Kano

9. NOW NOW Digital MFB (Kano)

10. Crystabel Microfinance Bank (Bayelsa)