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”
Click this CBN link to see the full list
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