The Central Bank of Nigeria, CBN, has revoked the operating licences of 46 microfinance banks across the country for failing to comply with regulatory requirements.
The apex bank announced the decision in a statement issued on Wednesday by its Acting Director of Corporate Communications, Hakama Sidi-Ali, stating that the revocation takes immediate effect.
According to the CBN, the action was taken in line with its powers under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
The bank explained that the affected microfinance banks failed to meet the conditions required to continue operating as licensed financial institutions.
The CBN said the decision followed the identification of one or more regulatory infractions, including insufficient assets to meet liabilities, closure of operations without the approval of the apex bank, prolonged inactivity and cessation of financial intermediation, failure to commence business within 12 months of receiving a licence, and failure to maintain the required minimum capital unimpaired by losses.
Explaining the rationale behind the move, the apex bank stated:
“The revocation of the licences 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,” the statement said.
The affected banks are: Minji-Se Churchill MFB is a Tier 1 Microfinance Bank in Rivers State.
Merchant MFB is a Tier 2 Microfinance Bank in Abia State.
Janmaa MFB is a Tier 1 Microfinance Bank in Kwara State.
Busu MFB is a Tier 2 Microfinance Bank in Niger State.
Gold MFB is a Tier 1 Microfinance Bank in Lagos State.
Zain MFB (formerly Dawakin Tofa MFB) is a Tier 2 Microfinance Bank in Kano State.
Bompai MFB is a Tier 1 Microfinance Bank in Kano State.
Ajwa MFB (formerly Gezawa MFB) is a Tier 2 Microfinance Bank in Kano State.
NOW NOW DIGITAL MFB is a Tier 2 Microfinance Bank in Kano State.
Crystabel Microfinance Bank is a Tier 1 Microfinance Bank in Bayelsa State.
Chanelle MFB is a State Microfinance Bank in Lagos State.
Abia SME MFB is a Tier 1 Microfinance Bank in Abia State.
Kamba MFB is a Tier 2 Microfinance Bank in Kebbi State.
Iwade MFB is a Tier 2 Microfinance Bank in Ogun State.
Winview MFB is a Tier 1 Microfinance Bank in Abuja.
Zuru MFB is a Tier 2 Microfinance Bank in Kebbi State.
Minjibir MFB is a Tier 1 Microfinance Bank in Kano State.
Shanono MFB is a Tier 2 Microfinance Bank in Kano State.
Sumaila MFB is a Tier 2 Microfinance Bank in Kano State.
Rimin Gado MFB is a Tier 2 Microfinance Bank in Kano State.
Mwaghavul MFB is a State Microfinance Bank in Plateau State.
Sycamore MFB is a Tier 2 Microfinance Bank in Kano State.
TOFA MFB is a Tier 2 Microfinance Bank in Kano State.
Safegate MFB is a Tier 1 Microfinance Bank in Lagos State.
Creekline MFB is a Tier 2 Microfinance Bank in Delta State.
Bestar MFB is a Tier 1 Microfinance Bank in Oyo State.
Livingspring MFB is a Tier 1 Microfinance Bank in Cross River State.
Apple MFB is a Tier 2 Microfinance Bank in Ogun State.
Stanford MFB is a State Microfinance Bank in Uyo.
Frontline MFB is a Tier 2 Microfinance Bank in Anambra State.
Zafec MFB is a Tier 2 Microfinance Bank in Kaduna State.
Supreme MFB is a Tier 1 Microfinance Bank in Lagos State.
Bejin-Doko MFB is a Tier 2 Microfinance Bank in Niger State.
Kanopoly MFB is a Tier 1 Microfinance Bank in Kano State.
Bellbank MFB (formerly Tsanyawa MFB) is a Tier 2 Microfinance Bank in Kano State.
Yeneng MFB is a Tier 2 Microfinance Bank in Plateau State.
Creditville MFB is a Tier 1 Microfinance Bank in Lagos State.
MBAG MFB is a Tier 1 Microfinance Bank in Lagos State.
Straight Sahara MFB is a Tier 1 Microfinance Bank in Benue State.
OurPass MFB is a Tier 2 Microfinance Bank in Ondo State.
Verdant MFB is a Tier 1 Microfinance Bank in Lagos State.
Basawa MFB is a Tier 2 Microfinance Bank in Kaduna State.
Casha MFB is a Tier 2 Microfinance Bank in Abuja.
Esteem MFB is a Tier 2 Microfinance Bank in Kano State.
Entrepreneur MFB is a Tier 1 Microfinance Bank in Lagos State.
Avantus MFB is a Tier 2 Microfinance Bank in Osun State.
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