The Central Bank of Nigeria (CBN) has revoked the operating licenses of 46 Microfinance Banks (MfBs) with effect from July 1.
This is contained in a statement issued by Mrs Hakama Sidi-Ali, the Acting Director, Corporate Communications Department of the apex bank, on Wednesday in Abuja.
Sidi-Ali said the action was in accordance with CBN’s powers under sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
She said that the revocation was approved by the Governor of the CBN, Mr Olayemi Cardoso, following the banks’ failure to meet the regulatory requirements for continued operation as licensed financial institutions.
“The revocation of the licenses is part of CBN’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 CBN remains committed to promoting a safe, sound and resilient financial system.
“It will continue to take appropriate supervisory and regulatory actions, where necessary, to maintain public confidence in the Nigerian financial system,” she said.
Meanwhile, according to the revocation order, the action became necessary due to circumstances such as insufficient assets to meet liabilities, closure of operations without CBN approval, and inactivity or cessation of financial intermediation.
Others are failure to commence operations within 12 months of licence approval, and failure to maintain minimum capital funds unimpaired by losses.
Below is the full list of the MFBs and their locations:
1 Minji-Se Churchill MFB –Rivers
2 Merchant MFB –Abia
3 Janmaa MFB –Kwara
4 Busu MFB –Niger
5 Gold MFB –Lagos
6 Zain MFB (formerly Dawakin Tofa MFB) –Kano
7 Bompai MFB –Kano
8 Ajwa MFB (formerly Gezawa MFB) –Kano
9 NOW NOW DIGITAL MFB –Kano
10 Crystabel Microfinance Bank –Bayelsa
11 Chanelle MFB –Lagos
12 Abia SME MFB –Abia
13 Kamba MFB –Kebbi
14 Iwade MFB –Ogun
15 Winview MFB –Abuja (FCT)
16 Zuru MFB –Kebbi
17 Minjibir MFB –Kano
18 Shanono MFB –Kano
19 Sumaila MFB –Kano
20 Rimin Gado MFB –Kano
21 Mwaghavul MFB –Plateau
22 Sycamore MFB –Kano
23 TOFA MFB –Kano
24 Safegate MFB –Lagos
25 Creekline MFB –Delta
26 Bestar MFB –Oyo
27 Livingspring MFB –Cross River
28 Apple MFB –Ogun
29 Stanford MFB –Uyo
30 Frontline MFB –Anambra
31 Zafec MFB –Kaduna
32 Supreme MFB –Lagos
33 Bejin-Doko MFB –Niger
34 Kanopoly MFB –Kano
35 Bellbank MFB (formerly Tsanyawa MFB) -+Kano
36 Yeneng MFB –Plateau
37 Creditville MFB –Lagos
38 MBAG MFB –Lagos
39 STRAIGHT SAHARA MFB –Benue
40 OURPASS MFB –Ondo
41 VERDANT MFB –Lagos
42 BASAWA MFB –Kaduna
43 CASHA MFB –Abuja (FCT)
44 ESTEEM MFB –Kano
45 ENTERPRENEUR MFB –Lagos
46 AVANTUS MFB –Osun
(Ripples)