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HomeEconomyBanking InstitutionsCBN Suspends Operating Licenses Of 42 MFBs

CBN Suspends Operating Licenses Of 42 MFBs

Nigeria’s Central Bank (CBN), has withdrawn the operating licences of 42 microfinance banks in the country. This is according to the Nigeria Deposit Insurance Corporation (NDIC).

In a statement titled ‘Notice of closure of 42 microfinance banks’ in which the NDIC made the disclosure, it was made known that the withdrawal of the licences took effect from Thursday, November 12, 2020.

The statement 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shareholders and the general public that the operating licences of the under listed 42 microfinance banks have been revoked by the Central Bank of Nigeria effective 12th November 2020.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 listed the names and addresses of the affected MfBs.


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