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Beware of These Microfinance Banks as CBN Revokes Licenses of 132 

The Central Bank of Nigeria has cancelled the operational licences of 132 Microfinance Banks, three financing businesses, and four major mortgage banks.

According to the CBN, Microfinance Banks, Finance Companies, and Primary Mortgage Banks ceased to carry on the sort of activity for which their licences were issued in Nigeria for a continuous period of six months. They also failed to satisfy or comply with the restrictions attached to their licences.

They also failed to comply with the Central Bank of Nigeria’s requirements imposed on them under the Banks and Other Financial Institutions Act (BOFIA) 2020, Act No. 5.

According to a gazette signed by CBN Governor Godwin Emefiele,

“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, Finance Companies and Primary Mortgage Banks stated in Schedules I, II and III respectively attached hereto.”

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 and Statesman Microfinance Bank.

Others include Manny Microfinance Bank; Reality Microfinance Bank; Osina Microfinance Bank; Zikado Microfinance Bank; Taraba Microfinance Bank, Ndiagu Microfinance Bank, among others.

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.

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