The Central Bank of Nigeria (CBN) has recently revoked the licenses of 132 Microfinance Banks, three Finance Companies, and four Primary Mortgage Banks across the country. This decision was communicated through a gazetted circular signed by Mr. Godwin Emefiele, the Governor of the CBN, in Abuja.

According to Emefiele, the Microfinance Banks, Finance Companies, and Primary Mortgage Banks listed in the circular had ceased to engage in the specific type of business for which their licenses were issued in Nigeria, consistently for a period of six months. Additionally, these institutions failed to fulfill or comply with the conditions and obligations imposed on them by the CBN as stipulated in the Banks and Other Financial Institutions Act (BOFIA) of 2020, Act No. 5.

The revocation of their licenses indicates that these financial entities are no longer authorized to carry out their respective business activities in Nigeria. This measure by the CBN is likely aimed at enforcing regulatory compliance and ensuring the overall stability and integrity of the Nigerian financial system.

read more; https://www.vanguardngr.com/2023/05/cbn-revokes-licences-of-132-mfbs-others/

Vanguardngr.com