Why CBN Revoked The Licences of 47 Microfinance Banks
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The apex bank also revealed that the licences were withdrawn because they had either remained inactive, insolvent, failed to render returns, closed shop, or ceased to carry on the type of banking business for which they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.
Check if your bank is on the list
|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.
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