Wahala for Customers as CBN Revokes Licences of 179 Microfinance Banks and Others – Check If You Are Using Any

The Central Bank of Nigeria (CBN) has revoked the operating licenses of 179 microfinance banks in the country. CONTINUE READING…

This was disclosed in the official gazette of the Federal Government, which was published on the website of the CBN on Tuesday, May 23, 2023.

According to the gazette, the licences of the financial institutions were revoked because they ceased to carry on in Nigeria, the type of business for which their licences were issued for a continuous period of six months.

The banks also failed to fulfil or comply with the conditions subject to which their licences were granted; or failed to comply with the obligations imposed upon them by the Central Bank of Nigeria in accordance with the provisions of Banks and Other Financial Institutions Act (BOFIA) 2020, Act No. 5. CONTINUE READING…

The CBN Governor, Godwin Emefiele, according to the document revoked the licenses in the exercise of the powers conferred on the Central Bank of Nigeria under Section 12 of BOFIA 2020, Act No. 5.

The four primary mortgage banks whose licences were revoked are Resort Savings & Loans, Safetrust Mortgage Bank, Adamawa Savings & Loans and Kogi Savings & Loans.

The finance companies whose licences were revoked include HHL Invest & Trust Limited, TFS Finance Limited and Treasures & Trust Limited.

Some of the microfinance banks listed include Bluewhales Microfinance Bank, Igangan Microfinance Bank, Mainsail Microfinance Bank, Everest Microfinance Bank, Merit Microfinance Bank, Musharaka Microfinance Bank, Nopov Microfinance Bank, among others.

1. Atlas Microfinance Bank

2. Blue whales Microfinance Bank

3. Everest Microfinance Bank

4. Igangan Microfinance Bank

5. Mainsail Microfinance Bank

6. Merit Microfinance Bank

7. Minna Microfinance Bank

8. Musharaka Microfinance Bank

9. Nopov Microfinance Bank

10. Ohon Microfinance Bank

11. Premium Microfinance Bank

12. Royal Microfinance Bank

13. Statesman Microfinance Bank

14. Suisse Microfinance Bank

15. Vibrant Microfinance Bank

16. Virtue Microfinance Bank

17. Zamare Microfinance Bank

18. North Capital Microfinance Bank

19. Chidera Microfinance Bank

20. Excellent Microfinance Bank

21. Ni’ima Microfinance Bank

22. Cosmopolitan Microfinance Bank

23. Progressive link Microfinance Bank

24. TrustOne (Formerly Desmonarchy)

25. Ekuombe Microfinance Bank

26. First Index Microfinance Bank

27. Ola Microfinance Bank

28. Uli Microfinance Bank.

29. Verdant Microfinance Bank

30. Aguleri Microfinance Bank

31. Apeks Microfinance Bank

32. Fahimta Microfinance Bank

33. Manni Microfinance Bank Limited

34. Reality Microfinance Bank Limited

35. Surbpolitan Microfinance Bank Limited

36. Onyx Microfinance Bank Limited

37. Osina Microfinance Bank Limited

38. Olofin-Owena Microfinance Bank Limited

39. Zikado Microfinance Bank Limited

40. Prudential Co-operative Microfinance Bank Limited

41. Peniel Microfinance Bank Limited

42. Taraba Microfinance Bank Limited

43. Brass Microfinance Bank Limited

44. Michika Microfinance Bank Limited

45. Ndiagu Microfinance Bank Limited

46. Northbridge Microfinance Bank Limited

47. FCT Microfinance Bank Limited

48. Omu-Aran Microfinance Bank Limited

49. Cherish Microfinance Bank Limited

50. BIPC Microfinance Bank Limited

51. Danels Global Microfinance Bank Limited

52. Bankcorp Microfinance Bank Limited

53. Manna Microfinance Bank Limited

54. Moneywise Microfinance Bank Limited

55. Mercury Microfinance Bank Limited

56. New age Microfinance Bank Limited

57. Pearl Microfinance Bank Limited

58. Zawadi Microfinance Bank Limited

59. Seed Capital Microfinance Bank Limited

60. Eduek Microfinance Bank Limited

61. Eksu Microfinance Bank Limited

62. Dakingari Microfinance Bank Limited

63. Ogoja Microfinance Bank Limited

64. Nwabosi Microfinance Bank Limited

65. Nuture Microfinance Bank Limited

66. Active Point Microfinance Bank Limited

67. Amoye Microfinance Bank Limited

68. Boluwaduro Microfinance Bank Limited

69. Iyede Microfinance Bank Limited.

70. Mayfair Microfinance Bank Limited

71. Calabar Microfinance Bank Limited

72. Ighomo Microfinance Bank Limited

73. Hackman Microfinance Bank Limited

74. Idese Microfinance Bank Limited

75. Bridgeway Microfinance Bank Limited

76. Grassroot Microfinance Bank Limited

77. Sure life Microfinance Bank Limited

78. Tijarah Microfinance Bank Limited

79. IC-Global Microfinance Bank Limited

80. Ejiamatu Microfinance Bank Limited

81. Briyth Covenant Microfinance Bank Limited

82. Nanka Microfinance Bank Limited

83. Cub Microfinance Bank Limited

84. BFL Microfinance Bank Limited

85. Umunne Microfinance Bank Limited

86. Oroke Microfinance Bank Limited

87. Alkaleri Microfinance Bank Limited

88. Crowned Eagle Microfinance Bank Limited

89. UNIFA Microfinance Bank Limited

90. Dadinkowa Microfinance Bank Limited

91. Ifesowapo Microfinance Bank Limited

92. OAF Microfinance Bank Limited

93. Bama Microfinance Bank Limited

94. Ngala Microfinance Bank Limited

95. Iwoama Microfinance Bank Limited

96. Kada Microfinance Bank Limited

97. Keffi Microfinance Bank Limited

98. Nut-Endwell Microfinance Bank Limited

99. First Multipurpose Microfinance Bank Limited

100. SBDC Microfinance Bank Limited

101. Oros Capital Microfinance Bank Limited

102. Ozizza Microfinance Bank Limited

103. Primera Credit Microfinance Bank

104. Ifeanyichukwu Microfinance Bank Limited.

105. Ihioma Microfinance Bank Limited

106. Josad Microfinance Bank Limited

107. Akpo Microfinance Bank Limited

108. Aiyepe Microfinance Bank Limited

109. ABC Microfinance Bank Limited

110. Star Microfinance Bank Limited

111. Purple Money Microfinance Bank Limited

112. Utuh Microfinance Bank Limited

113. Stallion Microfinance Bank Limited

114. KJL Microfinance Bank Limited

115. Credit Afrique Microfinance Bank Limited

116. Cowries Microfinance Bank Limited

117. Lawebod Microfinance Bank Limited

118. Mabinas Microfinance Bank Limited

119. Business Support Microfinance Bank Limited

120. Ogbe-Ahiara Microfinance Bank Limited

121. Olofin Microfinance Bank Limited

122. Obosi Microfinance Bank Limited

123. Fiyinfolu Microfinance Bank Limited

124. Bishopgate Microfinance Bank Limited

125. Awka Microfinance Bank Limited

126. Zigate Microfinance Bank Limited

127. Esan Microfinance Bank Limited

128. Enugu-Ukwu Microfinance Bank Limited

129. Echo Microfinance Bank Limited

130. Ally Microfinance Bank Limited

131. Network Microfinance Bank Limited

132. Awgbu Microfinance Bank Limited.

Meanwhile, the development has created tension among customers of the affected banks who are worried about how to withdraw their savings, and insured sums, among other things.

However, in a quick reaction,  Nigeria Deposit Insurance Corporation (NDIC) has assured depositors of the closed banks speedy payment of their insured sums.

The NDIC Managing Director/Chief Executive, Mr. Bello Hassan gave this assurance in a statement which followed the revocation of the licenses of the affected MFBs and PMBs by the Governor of the CBN, Mr. Godwin Emefiele, CON.

Hassan said, as deposit insurer, the NDIC would begin the process of payment of the insured sums immediately with the verification of eligible depositors at the respective premises of the closed banks.

He enjoined such depositors to get the required documents for the exercise such as proof of account ownership, verifiable means of identification and alternate bank account to facilitate their seamless verification and payment of their insured deposits.

The NDIC Boss stated that the insured deposit is the first claim that the Corporation pays to depositors upon revocation of bank’s license by the CBN, adding that the maximum specified limits for the MFB and PMB sub-sectors are N200,000.00 and N500,000.00 per depositor per bank, respectively.

As liquidator, the MD disclosed that the Corporation has also put machinery in motion to commence sales of assets of the defunct banks as well as recover debts owed to them in order to declare liquidation dividends on pro -rata basis to the affected depositors with claims exceeding the maximum insured sums of N200,000.00 for MFBs and N500,000.00 for PMBs.

He assured that regulatory authorities are leaving no stone unturned to ensure that the soundness of the banking system is not compromised, stressing that there is no need for the public to panic over the safety of their bank deposits. CONTINUE READING…