CBN Revokes 42 Microfinance Banks’ Operating Licenses

CBN Revokes 42 Microfinance Banks’ Operating Licenses
CBN Governor – Godwin Emefiele

The Central Bank of Nigeria (CBN) has announced the revoking of the operating licences of 42 microfinance banks in the country.

According to reports, this was made known on Friday in a statement titled ‘Notice of closure of 42 microfinance banks’, by the Nigeria Deposit Insurance Corporation (NDIC).

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shareholders and the general public that the operating licences of the under listed 42 microfinance banks have been revoked by the Central Bank of Nigeria effective 12th November, 2020.

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“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.”