CBN revokes licences of 132 microfinance institutions

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The operating licences of 132 microfinance banks, three finance companies, and four primary mortgage banks have been revoked by the Central Bank of Nigeria (CBN).
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 are among the affected Microfinance banks.
In addition, there are other microfinance institutions like Manny Microfinance Bank, Reality Microfinance Bank, Osina Microfinance Bank, Zikado Microfinance Bank, Taraba Microfinance Bank, and Ndiagu Microfinance Bank.
HHL Invest & Trust Limited is one of The Finance Companies.

The CBN also cancelled the licences of Treasures & Trust Limited and TFS Finance Limited.
Resort Savings & Loans, Safetrust Mortgage Bank, Adamawa Savings & Loans, and Kogi Savings & Loans are the affected primary mortgage banks that also lost their licences.

The apex bank stated that the Microfinance Banks, Finance Companies, and Primary Mortgage Banks have ceased to operate in Nigeria the type of business for which their licences were issued for a continuous period of six months in the Federal Government of Nigeria Official Gazette.

According to the Gazette published by CBN Governor Godwin Emefiele, the affected institutions also didn’t meet the requirements set forth in the licences that were issued to them.

Additionally, they disregarded the demands made of them by the Central Bank of Nigeria in accordance with the terms of Act No. 5 of the Banks and Other Financial Institutions Act (BOFIA) 2020.

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