Full List: Emefiele Clampdown On Microfinance Banks, CBN Revokes 132 Licences

The Central Bank of Nigeria (CBN) has revoked the licences of 132 microfinance banks (MfBs) over a breach of several regulations set by the financial regulator.

In a statement released on Tuesday, the CBN said the Governor of the apex bank, on Monday, approved the cancellation of the licences given to the microfinance banks. 

CBN said the affected microfinance banks, for six consecutive months, ceased to carry on the type of business for which their licences were issued.

Also, the microfinance banks failed to fulfil or comply with the conditions given to grant their licences, as well as failed to comply with the obligations imposed upon them by CBN in accordance with the provisions of the Banks and Other Financial Institutions Act (BOFIA) 2020, Act No. 5. 

Consequently, Emefiele approved the withdrawal of their licences, disclosing in the statement: “NOW THEREFORE, I, Godwin Ifeanyi Emefiele, CON, Governor of the Central Bank of Nigeria, in exercise of the powers conferred on the Central Bank of Nigeria under Section 12 of BOFIA 2020, Act No.5, hereby revoke the licences of the Microfinance Banks”

Names of microfinance banks that lost their CBN licences

1. ATLAS MICROFINANCE BANK
2. BLUEWHALES MICROFINANCE BANK
3. EVEREST MICROFINANCE BANK
4. IGANGAN MICROFINANCE BANK
5. MAINSAIL MICROFINANCE BANK
6. MERIT MICROFINANCE BANK
7. MINNA MICROFINANCE BANK
8. MUSHARAKA MICROFINANCE BANK
9. NOPOV MICROFINANCE BANK
10. OHON MICROFINANCE BANK
11. PREMIUM MICROFINANCE BANK
12. ROYAL MICROFINANCE BANK
13. STATESMAN MICROFINANCE BANK
14. SUISSE MICROFINANCE BANK
15. VIBRANT MICROFINANCE BANK
16. VIRTUE MICROFINANCE BANK
17. ZAMARE MICROFINANCE BANK
18. NORTH CAPITAL MICROFINANCE BANK
19. CHIDERA MICROFINANCE BANK
20. EXCELLENT MICROFINANCE BANK
21. NI’IMA MICROFINANCE BANK
22. COSMOPOLITAN MICROFINANCE BANK
23. PROGRESSIVE LINK MICROFINANCE BANK
24. TRUST ONE (FOMERLY DESMONARCHY)
25. EKUOMBE MICROFINANCE BANK
26. FIRST INDEX MICROFINANCE BANK
27. OLA MICROFINANCE BANK
28. ULI MICROFINANCE BANK
29. VERDANT MICROFINANCE BANK
30. AGULERI MICROFINANCE BANK LIMITED
31. APEKS MICROFINANCE BANK LIMITED
32. FAHIMTA MICROFINANCE BANK LIMITED
33. MANNY MICROFINANCE BANK LIMITED
34. REALITY MICROFINANCE BANK LIMITED
35. SURBPOLITAN MICROFINANCE BANK LIMITED
36. ONYX MICROFINANCE BANK LIMITED
37. OSINA MICROFINANCE BANK LIMITED
38. OLOFIN-OWENA MICROFINANCE BANK LIMITED
39. ZIKADO MICROFINANCE BANK LIMITED
40. PRUDENTIAL CO-OPERATIVE MICROFINANCE BANK LIMITED 

41. PENIEL MICROFINANCE BANK LIMITED
42. TARABA MICROFINANCE BANK LIMITED
43. BRASS MICROFINANCE BANK LIMITED
44. MICHIKA MICROFINANCE BANK LIMITED
45. NDIAGU MICROFINANCE BANK LIMITED
46. NORTHBRIDGE MICROFINANCE BANK LIMITED
47. FCT MICROFINANCE BANK LIMITED
48. OMU-ARAN MICROFINANCE BANK LIMITED
49. CHERISH MICROFINANCE BANK LIMITED
50. BIPC MICROFINANCE BANK LIMITED

Click this CBN link to see the full list