CBN Withdraws 42 Microfinance Bank’s Operating Licences

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Obiajulu Joel Nwolu

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Nigeria’s apex bank, the Central Bank of Nigeria has withdrawn the operating licences of 42 microfinance banks operating in the country.

This was contained in an announcement issued by the Nigeria Deposit Insurance Corporation (NDIC) on its website titled, ‘Notice of closure of 42 microfinance banks’.

It read, “This is to inform the depositors, creditors, shareholders and the general public that the operating licences of the under listed 42 microfinance banks have been revoked by the Central Bank of Nigeria effective 12th November, 2020.

“The Nigeria Deposit Insurance Corporation, the official liquidator of the banks whose licences were recently revoked, is in the process of closing the listed banks and pay their insured depositors.

“We, therefore, request that all depositors of these banks should visit the closed banks’ addresses and meet NDIC officials for the verification of their claims, commencing from Monday, 21st December, 2020 till Thursday, 24th December, 2020.”

The NDIC went on to list the names and addresses of the affected MfBs.