CBN Shakes Up Financial Sector: 132 Microfinance Banks Stripped of Licences, See The Full List!

In what can be described as upheaval in the financial sector, Nigeria’s apex bank on Monday, May 22, 2023, released a full list of microfinance banks whose operating licences were revoked.

Three finance companies and four primary mortgage banks also lost their operating licence to the Central Bank of Nigeria (CBN), bringing the number to 139 licence revocations.

Why did CBN revoke the licence of microfinance banks?

In an official gazette of Nigeria’s government, governor of CBN Godwin Emefiele said the withdrawal of licences of the banks is in line with powers conferred on CBN under section 12 of the Banks and Other Financial Institutions Act (BOFIA), 2020, Act No. 5.

Some of the reasons the CBN may withdraw licences of financial institutions include:

1. failure to carry out the type of banking business for which they were licenced for more than six months
2. Remaining inactive for a certain period of time
3. insolvency
4. failure to render returns

Which microfinance banks were affected?

The 132 affected institutions are:

1. Chidera Microfinance Bank
2. Excellent Microfinance Bank
3. Peniel Microfinance Bank Limited
4. Taraba Microfinance Bank Limited
5. Brass Microfinance Bank Limited
6. Michika Microfinance Bank Limited
7. Ndiagu Microfinance Bank Limited
8. Northbridge Microfinance Bank Limited
9. FCT Microfinance Bank Limited
10. Omu-Aran Microfinance Bank Limited
11. Ni’ima Microfinance Bank
12. Cosmopolitan Microfinance Bank
13. Progressive Link Microfinance Bank
14. Trust One Fomerly Desmonarchy
15. Ekuombe Microfinance Bank
16. First Index Microfinance Bank
17. Ola Microfinance Bank
18. Uli Microfinance Bank
19. Verdant Microfinance Bank
20. Aguleri Microfinance Bank Limited
21. Apeks Microfinance Bank Limited
22. Suisse Microfinance Bank
23. Vibrant Microfinance Bank
24. Virtue Microfinance Bank
25. Zamare Microfinance Bank
26. North Capital Microfinance Bank
27. Fahimta Microfinance Bank Limited
28. Manny Microfinance Bank Limited
29. Reality Microfinance Bank Limited
30. Surbpolitan Microfinance Bank Limited
31. Onyx Microfinance Bank Limited
32. Osina Microfinance Bank Limited
33. Olofin-Owena Microfinance Bank Limited
34. Zikado Microfinance Bank Limited 
35. Prudential Cooperative Microfinance Bank Limited
36. Cherish Microfinance Bank Limited
37. Bipc Microfinance Bank Limited
38. Danels Global Microfinance Bank Limited
39. Bancorp Microfinance Bank Limited
40. Manna Microfinance Bank Limited
41. Moneywise Microfinance Bank Limited
42. Mercury Microfinance Bank Limited
43. New Age Microfinance Bank Limited
44. Pearl Microfinance Bank Limited
45. Zawadi Microfinance Bank Limited
46. Seed Capital Microfinance Bank Limited
47. Eduek Microfinance Bank Limited
48. Eksu Microfinance Bank Limited
49. Dakingari Microfinance Bank Limited
50. Ogoja Microfinance Bank Limited
51. Nwabosi Microfinance Bank Limited
52. Nuture Microfinance Bank Limited
53. Active Point Microfinance Bank Limited
54. Amoye Microfinance Bank Limited
55. Boluwaduro Microfinance Bank Limited
56. Iyede Microfinance Bank Limited
57. Mayfair Microfinance Bank Limited
58. Calabar Microfinance Bank Limited
59. Ighomo Microfinance Bank Limited
60. Hackman Microfinance Bank Limited
61. Idese Microfinance Bank Limited
62. Bridgeway Microfinance Bank Limited
63. Grassroot Microfinance Bank Limited
64. Surelife Microfinance Bank Limited
65. Tijarah Microfinance Bank Limited
66. Ic-Global Microfinance Bank Limited
67. Ejiamatu Microfinance Bank Limited
68. Briyth Covenant Microfinance Bank Limited
69. Nanka Microfinance Bank Limited
70. Cub Microfinance Bank Limited
71. BFL Microfinance Bank Limited
72. Umunne Microfinance Bank Limited
73. Oroke Microfinance Bank
74. Alkaleri Microfinance Bank Limited
75. Crowned Eagle Microfinance Bank Limited
76. Unifa Microfinance Bank Limited
77. Dadinkowa Microfinance Bank Limited
78. Ifesowapo Microfinance Bank Limited
79. Oaf Microfinance Bank Limited
80. Bama Microfinance Bank Limited
81. Ngala Microfinance Bank Limited
82. Iwoama Microfinance Bank Limited
83. Kada Microfinance Bank Limited
84. Keffi Microfinance Bank Limited
85. Nut-Endwell Microfinance Bank Limited
86. First Multiple Microfinance Bank Limited
87. SBDC Microfinance Bank Limited
88. Oros Capital Microfinance Bank Limited
89. Ozizza Microfinance Bank Limited
90. Primera Credit Microfinance Bank Limited
91. Ifeanyichukwu Microfinance Bank Limited
92. Ihioma Microfinance Bank Limited
93. Josad Microfinance Bank Limited
94. Akpo Microfinance Bank Limited
95. Aiyepe Microfinance Bank Limited
96. ABC Microfinance Bank Limited
97. Star Microfinance Bank Limited
98. Purple Money Microfinance Bank Limited
99. Utuh Microfinance Bank Limited
100. Stallion Microfinance Bank Limited
101. Kjl Microfinance Bank Limited
102. Credit Afrique Microfinance Bank Limited
103. Cowries Microfinance Bank Limited
104. Lawebod Microfinance Bank Limited
105. Mabinas Microfinance Bank Limited
106. Business Support Microfinance Bank Limited
107. Ogbe-Ahiara Microfinance Bank Limited
108. Olofin Microfinance Bank Limited
109. Obosi Microfinance Bank Limited
110. Fiyinfolu Microfinance Bank Limited
111. Bishopgate Microfinance Bank Limited
112. Awka Microfinance Bank Limited
113. Zigate Microfinance Bank Limited
114. Esan Microfinance Bank Limited
115. Enugu-Ukwu Microfinance Bank Limited
116. Echo Microfinance Bank Limited
117. Ally Microfinance Bank Limited
118. Network Microfinance Bank Limited
119. Awgbu Microfinance Bank 
120. Royal Microfinance Bank
121. Statesman Microfinance Bank
122. Ohon Microfinance Bank
123. Premium Microfinance Bank
124. Musharaka Microfinance Bank
125. Nopov Microfinance Bank
126. Igangan Microfinance Bank
127. Mainsail Microfinance Bank
128. Merit Microfinance Bank
129. Minna Microfinance Bank
130. Atlas Microfinance Bank
131. Bluewhales Microfinance Bank
132. Everest Microfinance Bank

Which Primary Mortgage Banks Were Affected?

The four primary mortgage banks whose licences were revoked are:

1. Resort Savings and Loans
2. Safetrust Mortgage Bank
3. Adamawa Savings and Loans
4. Kogi Savings and Loans

Affected Finance Companies

The three other firms that were affected by the decision of the apex bank are:

1. TFS Finance Limited
2. HHL Invest and Trust Limited
3. Treasures and Trust Limited

What should I do if I have money in any of the affected companies?

Contact the customer support of your bank and stay updated on the next line of action. There are possibilities that some of the affected microfinance banks will resolve the issue just like one of the affected platforms Eyowo promised to talk to CBN and get back their operation licence from the apex bank.