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The Central Bank of Nigeria (CBN) has revoked the operational licenses of 46 Microfinance Banks (MfB) with effect from July 1.
This was contained in a statement issued by Mrs Hakama Sidi-Ali, Acting Director, Corporate Communications Department of the apex bank, on Wednesday in Abuja.
Sidi-Ali said the action was in accordance with the CBN’s powers under sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
He said that the revocation was approved by the CBN Governor, Mr Olayemi Cardoso, following the bank’s failure to comply with regulatory requirements to continue its operations as a licensed financial institution.
“The revocation of these permits is part of the CBN’s ongoing efforts to maintain financial sector stability, protect depositors, and ensure that licensed institutions comply with applicable laws and regulatory requirements.
“CBN remains committed to promoting a safe, healthy and resilient financial system.
“We will continue to take appropriate supervisory and regulatory actions, where necessary, to maintain public confidence in the Nigerian financial system,” he said.
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Meanwhile, based on the revocation order, such action is necessary due to circumstances such as insufficient assets to meet obligations, closure of operations without CBN approval, and inactivity or cessation of financial intermediation.
Other causes include failure to commence operations within 12 months after approval of the permit, and failure to maintain minimum capital funds to avoid losses.
The following is a complete list of MFBs and their locations:
1 Minji-Se Churchill MFB –River
2 MFB Traders –Abia
3 Janmaa MFB –Kwara
4 Busu MFB –Niger
5 MFB Gold –Lagos
6 Zain MFB (formerly Dawakin Tofa MFB) –Kano
7 Bompai MFB – Kano
8 Ajwa MFB (formerly Gezawa MFB) –Kano
9 NOW MFB DIGITAL –Kano
10 Crystabel Microfinance Bank –Bayelsa
11 Chanelle MFB –Lagos
12 SMEs MFB Abia –Abia
13 Kamba MFB –Kebbi
14Iwade 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 –Highlands
22 Sycamore MFB –Kano
23 TOFA MFB –Kano
24 Safegate MFB –Lagos
25 MFB River Line –Delta
26 Best MFBs –Oyo
27 MFB Livingspring – Across the River
28 Apple MFB –Ogun
29 Stanford MFB –Uyo
30 Frontline MFB –Anambra
31 Zafec MFB –Kaduna
32 Highest MFB –Lagos
33 MFB Bejin-Doko – Niger
34 Kanopoly MFB –Kano
35 Bellbank MFB (formerly Tsanyawa MFB) -+Kano
36 Yeneng MFB –Highlands
37 Creditville MFB –Lagos
38 MBAG MFB –Lagos
39 MFB SAHARA STRAIGHT –Benue
40 MFB OURPASS –Ondo
41 MFB GREEN –Lagos
42 MFB BASAWA –Kaduna
43 CASHA MFB –Abuja (FCT)
44 MFB PRICES – Kano
45 MFB ENTREPRENEURS –Lagos
46 AVANTUS MFB –Osun
