CBN Recall Licenses of 132 Microfinance Banks.

CBN has reportedly revoked the operating licenses of 132 Microfinance Banks, three finance companies and four primary mortgage banks .

The CBN said the Microfinance Banks, Finance Companies and Primary Mortgage Banks ceased to carry on, in Nigeria, the type of business for which their licences were issued for a continuous period of six months. They also failed to fulfill or comply with the conditions subject to which their licences were granted.

They also failed to comply with the obligations imposed upon them by the Central Bank of Nigeria in accordance with the provisions of Banks and Other Financial Institutions Act (BOFIA) 2020, Act No. 5.

Some of the affected Microfinance banks include

  • Atlas Microfinance Bank;
  • Bluewhales Microfinance Bank;
  • Everest Microfinance Bank;
  • Mainsail Microfinance Bank;
  • Nopov Microfinance Bank;
  • Ohon Microfinance Bank;
  • Premium Microfinance Bank
  • Statesman Microfinance Bank.

Others include Manny Microfinance Bank;

  • Reality Microfinance Bank;
  • Osina Microfinance Bank;
  • Zikado Microfinance Bank;
  • Taraba Microfinance Bank,
  • Ndiagu Microfinance Bank,

The Finance Companies- HHL Invest & Trust Limited, TFS Finance Limited and Treasures & Trust Limited.

The primary mortgage Banks which also lost their licenses are Resort Savings & Loans, Safetrust Mortgage Bank, Adamawa Savings & Loans and Kogi Savings & Loans.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: