CBN Revokes 132 Microfinance Banks’ Licences

 

The Central Bank of Nigeria (CBN) has revoked the licenses of 132 microfinance banks (MFBs) for failing to meet the conditions of their licenses or for failing to comply with the obligations imposed on them by the CBN under the Banks and Other Financial Institutions Act (BOFIA) 2020

The CBN said in a statement that the revocation of the licenses was necessary to protect the interests of depositors and to ensure the soundness and stability of the financial system.

The CBN also said that it would take further actions against any MFB that is found to be in violation of the BOFIA.

The revocation of the licenses of the 132 MFBs is a significant development, as it is the first time that the CBN has taken such a drastic measure in recent years. The move is likely to send a strong signal to other MFBs that the CBN is serious about enforcing compliance with the BOFIA.

The revocation of the licenses of the 132 MFBs is also likely to have a significant impact on the Nigerian financial system. The MFBs play an important role in providing financial services to small businesses and low-income households. The revocation of their licenses is likely to make it more difficult for these businesses and households to access credit and other financial services.

The CBN has said that it will work with the affected MFBs to ensure that their customers are not adversely affected by the revocation of their licenses. The CBN has also said that it will provide assistance to the affected MFBs to help them to recapitalize and become compliant with the BOFIA.

The Central Bank of Nigeria (CBN) has revoked the licenses of four primary mortgage banks (PMBs) and three finance companies (FCs). The PMBs whose licenses were revoked are:

Resort Savings & Loans

Safetrust Mortgage Bank

Adamawa Savings & Loans

Kogi Savings & Loans

LIST OF FINANCE COMPANIES LICENCES REVOKED

HHL Invest & Trust Limited

TFS Finance Limited

Treasures & Trust Limited

The CBN also revoked the licenses of 129 microfinance banks (MFBs). Some of the MFBs whose licenses were revoked include:

ATLAS MICROFINANCE BANK

BLUEWHALES MICROFINANCE BANK

EVEREST MICROFINANCE BANK

IGANGAN MICROFINANCE BANK

MAINSAIL MICROFINANCE BANK

MERIT MICROFINANCE BANK

MINNA MICROFINANCE BANK

MUSHARAKA MICROFINANCE BANK

NOPOV MICROFINANCE BANK

OHON MICROFINANCE BANK

PREMIUM MICROFINANCE BANK

ROYAL MICROFINANCE BANK

STATESMAN MICROFINANCE BANK

SUISSE MICROFINANCE BANK

VIBRANT MICROFINANCE BANK

VIRTUE MICROFINANCE BANK

ZAMARE MICROFINANCE BANK

NORTH CAPITAL MICROFINANCE BANK

CHIDERA MICROFINANCE BANK

EXCELLENT MICROFINANCE BANK

NI’IMA MICROFINANCE BANK

COSMOPOLITAN MICROFINANCE BANK

PROGRESSIVE LINK MICROFINANCE BANK

TRUST ONE (FORMERLY DESMONARCHY)

EKUOMBE MICROFINANCE BANK

FIRST INDEX MICROFINANCE BANK

OLA MICROFINANCE BANK

ULI MICROFINANCE BANK

VERDANT MICROFINANCE BANK

AGULERI MICROFINANCE BANK LIMITED

31. APEKS MICROFINANCE BANK LIMITED

FAHIMTA MICROFINANCE BANK LIMITED

MANNY MICROFINANCE BANK LIMITED

REALITY MICROFINANCE BANK LIMITED

SURBPOLITAN MICROFINANCE BANK LIMITED

ONYX MICROFINANCE BANK LIMITED

OSINA MICROFINANCE BANK LIMITED

OLOFIN-OWENA MICROFINANCE BANK LIMITED

ZIKADO MICROFINANCE BANK LIMITED

PRUDENTIAL CO-OPERATIVE MICROFINANCE BANK LIMITED

PENIEL MICROFINANCE BANK LIMITED

TARABA MICROFINANCE BANK LIMITED

BRASS MICROFINANCE BANK LIMITED

MICHIKA MICROFINANCE BANK LIMITED

NDIAGU MICROFINANCE BANK LIMITED

NORTHBRIDGE MICROFINANCE BANK LIMITED

FCT MICROFINANCE BANK LIMITED

OMU-ARAN MICROFINANCE BANK LIMITED

CHERISH MICROFINANCE BANK LIMITED

BIPC MICROFINANCE BANK LIMITED

DANELS GLOBAL MICROFINANCE BANK LIMITED

BANCORP MICROFINANCE BANK LIMITED

MANNA MICROFINANCE BANK LIMITED

MONEYWISE MICROFINANCE BANK LIMITED

MERCURY MICROFINANCE BANK LIMITED

NEW AGE MICROFINANCE BANK LIMITED

PEARL MICROFINANCE BANK LIMITED

ZAWADI MICROFINANCE BANK LIMITED

SEED CAPITAL MICROFINANCE BANK LIMITED

EDUEK MICROFINANCE BANK LIMITED

EKSU MICROFINANCE BANK LIMITED

DAKINGARI MICROFINANCE BANK LIMITED

OGOJA MICROFINANCE BANK LIMITED

NWABOSI MICROFINANCE BANK LIMITED

NUTURE MICROFINANCE BANK LIMITED

ACTIVE POINT MICROFINANCE BANK LIMITED

AMOYE MICROFINANCE BANK LIMITED

BOLUWADURO MICROFINANCE BANK LIMITED

IYEDE MICROFINANCE BANK LIMITED

MAYFAIR MICROFINANCE BANK LIMITED

CALABAR MICROFINANCE BANK LIMITED

IGHOMO MICROFINANCE BANK LIMTED

HACKMAN MICROFINANCE BANK LIMITED

IDESE MICROFINANCE BANK LIMITED

BRIDGEWAY MICROFINANCE BANK LIMITED

GRASSROOT MICROFINANCE BANK LIMITED

SURELIFE MICROFINANCE BANK LIMITED

TIJARAH MICROFINANCE BANK LIMITED

IC-GLOBAL MICROFINANCE BANK LIMITED

EJIAMATU MICROFINANCE BANK LIMITED

BRIYTH COVENANT MICROFINANCE BANK LIMITED

NANKA MICROFINANCE BANK LIMITED

CUB MICROFINANCE BANK LIMITED

BFL MICROFINANCE BANK LIMITED

UMUNNE MICROFINANCE BANK LIMITED

OROKE MICROFINANCE BANK

ALKALERI MICROFINANCE BANK LIMITED

CROWNED EAGLE MICROFINANCE BANK LIMITED

UNIFA MICROFINANCE BANK LIMITED

DADINKOWA MICROFINANCE BANK LIMITED

IFESOWAPO MICROFINANCE BANK LIMITED

OAF MICROFINANCE BANK LIMITED

BAMA MICROFINANCE BANK LIMITED

NGALA MICROFINANCE BANK LIMITED

IWOAMA MICROFINANCE BANK LIMITED

KADA MICROFINANCE BANK LIMITED

KEFFI MICROFINANCE BANK LIMITED

NUT-ENDWELL MICROFINANCE BANK LIMITED

FIRST MULTIPLE MICROFINANCE BANK LIMITED

SBDC MICROFINANCE BANK LIMITED

OROS CAPITAL MICROFINANCE BANK LIMITED

OZIZZA MICROFINANCE BANK LIMITED

PRIMERA CREDIT MICROFINANCE BANK LIMITED

IFEANYICHUKWU MICROFINANCE BANK LIMITED

IHIOMA MICROFINANCE BANK LIMITED

JOSAD MICROFINANCE BANK LIMITED

AKPO MICROFINANCE BANK LIMITED

AIYEPE MICROFINANCE BANK LIMITED

ABC MICROFINANCE BANK LIMITED

STAR MICROFINANCE BANK LIMITED

PURPLE MONEY MICROFINANCE BANK LIMITED

UTUH MICROFINANCE BANK LIMITED

STALLION MICROFINANCE BANK LIMITED

KJL MICROFINANCE BANK LIMITED

CREDIT AFRIQUE MICROFINANCE BANK LIMITED

COWRIES MICROFINANCE BANK LIMITED

LAWEBOD MICROFINANCE BANK LIMITED

MABINAS MICROFINANCE BANK LIMITED

BUSINESS SUPPORT MICROFINANCE BANK LIMITED

OGBE-AHIARA MICROFINANCE BANK LIMITED

OLOFIN MICROFINANCE BANK LIMITED

OBOSI MICROFINANCE BANK LIMITED

FIYINFOLU MICROFINANCE BANK LIMITED

BISHOPGATE MICROFINANCE BANK LIMITED

AWKA MICROFINANCE BANK LIMITED

ZIGATE MICROFINANCE BANK LIMITED

ESAN MICROFINANCE BANK LIMITED

ENUGU-UKWU MICROFINANCE BANK LIMITED

ECHO MICROFINANCE BANK LIMITED

ALLY MICROFINANCE BANK LIMITED

NETWORK MICROFINANCE BANK LIMITED

AWGBU MICROFINANCE BANK LIMITED

CBN Governor, Godwin Emefiele, said the licenses were revoked in the exercise of the powers conferred on the apex bank under Section 12 of the Banks and Other Financial Institutions Act (BOFIA) 2020, Act No. 5.

Emefiele said the PMBs and FCs were found to have failed to meet the conditions of their licenses or to comply with the obligations imposed on them by the CBN under the BOFIA. The MFBs were also found to have failed to meet the conditions of their licenses or to comply with the obligations imposed on them by the CBN under the BOFIA.

Emefiele said the revocation of the licenses was necessary to protect the interests of depositors and to ensure the soundness and stability of the financial system.

The CBN has said that it will work with the affected PMBs, FCs, and MFBs to ensure that their customers are not adversely affected by the revocation of their licenses. The CBN has also said that it will provide assistance to the affected PMBs, FCs, and MFBs to help them to recapitalize and become compliant with the BOFIA.

CBN Governor, Godwin Emefiele, said the licenses were revoked in the exercise of the powers conferred on the apex bank under Section 12 of BOFIA 2020, Act No. 5.