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

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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.

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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
Also Read:  From N931 to N965, Naira Falls By N34 Against USD In a Week

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.

Author

  • InfomediaNG

    The Infomediang Team comprises a group of researchers, data analysts, and financial experts who closely follow government policies and spending. Our passion lies in empowering people to make informed decisions about their investments by simplifying data for easy understanding. Find us @infomedia_ng on X.

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