News - 2 weeks ago

Why CBN Revoked The Licences of 47 Microfinance Banks

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The Central Bank of Nigeria (CBN) has revoked the licences of the 47 microfinance banks. This was contained in a published on its website.

The notice reads in part, “I, Godwin Ifeanyi Emefiele, CON, Governor of the Central Bank of Nigeria, in the exercise of the powers conferred upon me by Section 12 of the Banks and Other Financial Institutions Act (BOFIA), 2020, hereby revoke the licenses of the 47 (forty-seven) Microfinance Banks.”

The apex bank also revealed that the licences were withdrawn because they had either remained inactive, insolvent, failed to render returns, closed shop, or ceased to carry on the type of banking business for which they were licensed for more than six (6) months.

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Evangel Microfinance Bank	Otukpo Microfinance Bank	Eyowo Microfinance Bank	Edumana Microfinance Bank
Dominion Microfinance Bank	Ologbon Microfinance Bank	Arise Microfinance Bank	West-End Microfinance Bank
Anya Microfinance Bank	Bestway Microfinance Bank	Isi-Aku Microfinance Bank	Umejei Microfinance Bank
Akwengwu Microfinance Bank	Biyama Microfinance Bank	Bmazazhin Microfinance Bank	Mouau Vasmucs Microfinance Bank
Fadama Farmers Microfinance Bank	Greenland Microfinance Bank	Ini Microfinance Bank	Jamis Microfinance Bank
Sal-Fol Microfinance Bank	Fasildapo Microfinance Bank	Narict Microfinance Bank	New World Microfinance Bank
Mautech Microfinance Bank	Sunrise Microfinance Bank	Interland Microfinance Bank	Abestone Microfinance Bank
Wase Microfinance Bank	Joint Farmers Microfinance Bank	Ehor Microfinance Bank	Nsehe Microfinance Bank
Smartmicro Microfinance Bank	Prolific Microfinance Bank	Bibajinre Microfinance Bank	Osogbo Microfinance Bank
Amba Microfinance Bank	Halmond Microfinance Bank	Golden Funds Microfinance Bank	Crossover Microfinance Bank
Bridge House Microfinance Bank	Ajikobi Microfinance Bank	Gwadabawa Microfinance Bank	Dangizhi Microfinance Bank
Moneywell Microfinance Bank	Kogi Microfinance Bank	Iba Microfinance Bank

The CBN also revealed that various actions taken to halt their persistent failure to carry on business failed, hence the decision to revoke their licence.