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The apex bank also revealed that the licences were withdrawn because they had either remained inactive, insolvent, failed to render returns, closed shop, or ceased to carry on the type of banking business for which they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

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Evangel Microfinance BankOtukpo Microfinance BankEyowo Microfinance BankEdumana Microfinance Bank
Dominion Microfinance BankOlogbon Microfinance Bank
Arise Microfinance BankWest-End Microfinance Bank
Anya Microfinance BankBestway Microfinance BankIsi-Aku Microfinance BankUmejei Microfinance Bank
Akwengwu Microfinance BankBiyama Microfinance BankBmazazhin Microfinance BankMouau Vasmucs Microfinance Bank
Fadama Farmers Microfinance BankGreenland Microfinance BankIni Microfinance BankJamis Microfinance Bank
Sal-Fol Microfinance BankFasildapo Microfinance Bank
Narict Microfinance Bank
New World Microfinance Bank
Mautech Microfinance BankSunrise Microfinance BankInterland Microfinance BankAbestone Microfinance Bank
Wase Microfinance BankJoint Farmers Microfinance BankEhor Microfinance BankNsehe Microfinance Bank
Smartmicro Microfinance BankProlific Microfinance BankBibajinre Microfinance BankOsogbo Microfinance Bank
Amba Microfinance Bank
Halmond Microfinance BankGolden Funds Microfinance BankCrossover Microfinance Bank
Bridge House Microfinance BankAjikobi Microfinance BankGwadabawa Microfinance BankDangizhi Microfinance Bank
Moneywell Microfinance BankKogi Microfinance BankIba 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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