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CBN cancels licenses of 132 microfinance bank

Central Bank of Nigeria building

The operation permits of three finance businesses, four primary Mortgage banks, and 132 microfinance institutions in Nigeria have all been canceled by the CBN.

This information was made public in the Federal Government’s official gazette, which was posted on the CBN website on Tuesday.

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The financial institutions’ licenses were revoked, according to the gazette.

Because they “ceased to carry on in Nigeria, the type of business for which their licenses were issued for a continuous period of six months.

Failed to fulfill or comply with the conditions subject to which their licenses were granted; or failed to comply with the obligations imposed upon them by the Central Bank of Nigeria in accordance with the Banks and Other Financial Institute.

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In the course of acting under the authority granted to the Central Bank of Nigeria by Section 12 of BOFIA 2020, Act No. 5, CBN Governor Godwin Emefiele withdrew the licenses.

Atlas Microfinance Bank, Bluewhales Microfinance Bank, Everest Microfinance Bank, Igangan Microfinance Bank, Mainsail Microfinance Bank, Merit Microfinance Bank, Minna Microfinance Bank, Musharaka Microfinance Bank, Nopov Microfinance Bank, Ohon Microfinance Bank, and others are among the microfinance banks.

HHL Invest & Trust Limited, TFS Finance Limited, and Treasures & Trust Limited are among the finance companies whose licenses have been suspended.

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While Resort Savings & Loans, Safetrust Mortgage Bank, Adamawa Savings & Loans, and Kogi Savings & Loans are the four primary mortgage banks.

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