FULL LIST: CBN revokes licences of 46 microfinance banks

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The Central Bank of Nigeria (CBN) has released the names of the 46 microfinance banks whose operating licences were revoked for failing to meet the regulatory requirements for continued operation.

The apex bank disclosed on Wednesday that the revocation was carried out in accordance with its powers under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.

According to the CBN, the licences were revoked because the affected microfinance banks had insufficient assets to meet their liabilities, closed operations without regulatory approval, or became inactive and ceased financial intermediation.

The revocations were also attributed to the banks’ failure to commence operations within 12 months of obtaining their licences and failure to maintain the minimum capital funds unimpaired by losses.

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Revocation list

On the list of 46 microfinance banks whose licences were revoked, Kano State accounted for the highest number, with 13 banks, followed by Lagos with 8.

Also, Abia, the Federal Capital Territory (Abuja), Kaduna, Kebbi, Niger, Ogun, Plateau, recorded two banks each, while Anambra, Akwa Ibom, Bayelsa, Benue, Cross River, Delta, Kwara, Ondo, Osun, Oyo, and Rivers had one bank each.

By category, 25 of the affected institutions were Tier 2 microfinance banks, 18 were Tier 1 microfinance banks, and three were State microfinance banks.

The regulator said the license revocation forms part of its ongoing efforts to strengthen oversight of the financial system and ensure that licensed financial institutions comply with extant laws and prudential regulations.

Here are the microfinance banks whose licenses were revoked:

S/N Microfinance Bank Category State 1 Minji-Se Churchill MFB Tier 1 Rivers 2 Merchant MFB Tier 2 Abia 3 Janmaa MFB Tier 1 Kwara 4 Busu MFB Tier 2 Niger 5 Gold MFB Tier 1 Lagos 6 Zain MFB (formerly Dawakin Tofa MFB) Tier 2 Kano 7 Bompai MFB Tier 1 Kano 8 Ajwa MFB (formerly Gezawa MFB) Tier 2 Kano 9 NOW NOW DIGITAL MFB Tier 2 Kano 10 Crystabel Microfinance Bank Tier 1 Bayelsa 11 Chanelle MFB State Lagos 12 Abia SME MFB Tier 1 Abia 13 Kamba MFB Tier 2 Kebbi 14 Iwade MFB Tier 2 Ogun 15 Winview MFB Tier 1 Abuja (FCT) 16 Zuru MFB Tier 2 Kebbi 17 Minjibir MFB Tier 1 Kano 18 Shanono MFB Tier 2 Kano 19 Sumaila MFB Tier 2 Kano 20 Rimin Gado MFB Tier 2 Kano 21 Mwaghavul MFB State Plateau 22 Sycamore MFB Tier 2 Kano 23 TOFA MFB Tier 2 Kano 24 Safegate MFB Tier 1 Lagos 25 Creekline MFB Tier 2 Delta 26 Bestar MFB Tier 1 Oyo 27 Livingspring MFB Tier 1 Cross River 28 Apple MFB Tier 2 Ogun 29 Stanford MFB State Uyo* 30 Frontline MFB Tier 2 Anambra 31 Zafec MFB Tier 2 Kaduna 32 Supreme MFB Tier 1 Lagos 33 Bejin-Doko MFB Tier 2 Niger 34 Kanopoly MFB Tier 1 Kano 35 Bellbank MFB (formerly Tsanyawa MFB) Tier 2 Kano 36 Yeneng MFB Tier 2 Plateau 37 Creditville MFB Tier 1 Lagos 38 MBAG MFB Tier 1 Lagos 39 STRAIGHT SAHARA MFB Tier 1 Benue 40 OURPASS MFB Tier 2 Ondo 41 VERDANT MFB Tier 1 Lagos 42 BASAWA MFB Tier 2 Kaduna 43 CASHA MFB Tier 2 Abuja (FCT) 44 ESTEEM MFB Tier 2 Kano 45 ENTERPRENEUR MFB Lagos 46 AVANTUS MFB Tier 2 Osun