The Central Bank of Nigeria (CBN) has terminated the licences of 139 microfinance banks, four main mortgage banks, and three financing institutions in the country.
The information, which was published on the website of the apex bank, CBN, on Tuesday, May 23, 2023, stated that the financial institutions’ licences were withdrawn because they failed to carry out in Nigeria the type of business for which their licences were obtained for a continuous period of six months.
It stated that the financial institutions “either remained inactive, insolvent, failed to render returns, closed shop, or ceased to carry on the type of banking business for which they were licenced for more than six months in contravention of the Banks and other Financial Institutions Act (BOFIA), 2020, and the Revised Regulatory and Supervisory Guidelines for Microfinance Banks in Nigeria.”
The list of embattled banks and financial institutions includes
Microfinance Banks
Ogbe-Ahiara Microfinance Bank Limited
Olofin Microfinance Bank Ltd.
Obosi Microfinance Bank Limited
Fiyinfolu Microfinance Bank Limited
Bishopgate Microfinance Bank Limited
Awka Microfinance Bank Limited
Zigate Microfinance Bank Ltd.
Esan Microfinance Bank Limited
Enugu-Ukwu Microfinance Bank Limited
Echo Microfinance Bank Ltd.
Ally Microfinance Bank Limited
Network Microfinance Bank Limited
Awgbu Microfinance Bank Limited
Atlas Microfinance Bank
Bluewhales Microfinance Bank
Everest Microfinance Bank
Igangan Microfinance Bank
Mainsail Microfinance Bank
Merit Microfinance Bank
Minna Microfinance Bank
Musharaka Microfinance Bank
Nopov Microfinance Bank
Ohon Microfinance Bank
Premium Microfinance Bank
Royal Microfinance Bank
Statesman Microfinance Bank
Suisse Microfinance Bank
Vibrant Microfinance Bank
Virtue Microfinance Bank
Zamare Microfinance Bank
North Capital Microfinance Bank
Chidera Microfinance Bank
Excellent microfinance bank
Ni’ima Microfinance Bank
Cosmopolitan Microfinance Bank
Progressive Link Microfinance Bank
Trust One Future Democracy
Ekuombe Microfinance Bank
First Index Microfinance Bank
Ola Microfinance Bank
Uli Microfinance Bank
Verdant Microfinance Bank
Aguleri Microfinance Bank Ltd.
Apeks Microfinance Bank Limited
Fahimta Microfinance Bank Ltd.
Manny Microfinance Bank Ltd.
Reality Microfinance Bank Ltd.
Surburban Microfinance Bank Ltd.
Onyx Microfinance Bank Limited
Osina Microfinance Bank Limited
Olofin-Owena Microfinance Bank Ltd.
Zikado Microfinance Bank Ltd.
Prudential Cooperative Microfinance Bank Limited
Peniel Microfinance Bank Ltd.
Taraba Microfinance Bank Limited
Brass Microfinance Bank Ltd.
Michika Microfinance Bank Limited
Ndiagu Microfinance Bank Limited
Northbridge Microfinance Bank Limited
FCT Microfinance Bank Limited
Omu-Aran Microfinance Bank Limited
Cherish Microfinance Bank Ltd.
Bipc Microfinance Bank Limited
Danels Global Microfinance Bank Limited
Bancorp Microfinance Bank Limited
Manna Microfinance Bank Ltd.
Moneywise Microfinance Bank Ltd.
Mercury Microfinance Bank Ltd.
New Age Microfinance Bank Limited
Pearl Microfinance Bank Limited
Zawadi Microfinance Bank Limited
Seed Capital Microfinance Bank Ltd.
Eduek Microfinance Bank Limited
Eksu Microfinance Bank Limited
Dakingari Microfinance Bank Limited
Ogoja Microfinance Bank Limited
Nwabosi Microfinance Bank Limited
Nuture Microfinance Bank Limited
Active Point Microfinance Bank Limited
Amoye Microfinance Bank Limited
Boluwaduro Microfinance Bank Limited
Iyede Microfinance Bank Limited
Mayfair Microfinance Bank Ltd.
Calabar Microfinance Bank Ltd.
Ighomo Microfinance Bank Ltd.
Hackman Microfinance Bank Ltd.
Idese Microfinance Bank Limited
Bridgeway Microfinance Bank Limited
Grassroots Microfinance Bank Limited
Surelife Microfinance Bank Limited
Tijarah Microfinance Bank Limited
Ic-Global Microfinance Bank Limited
Ejiamatu Microfinance Bank Limited
Briyth Covenant Microfinance Bank Ltd.
Nanka Microfinance Bank Limited
Cub Microfinance Bank Ltd.
BFL Microfinance Bank Limited
Umunne Microfinance Bank Limited
Oroke Microfinance Bank
Alkaleri Microfinance Bank Limited
Crowned Eagle Microfinance Bank Limited
Unifa Microfinance Bank Limited
Dadinkowa Microfinance Bank Ltd.
Ifesowapo Microfinance Bank Limited
Oaf Microfinance Bank Limited
Bama Microfinance Bank Limited
Ngala Microfinance Bank Limited
Iwoama Microfinance Bank Limited
Kada Microfinance Bank Ltd.
Keffi Microfinance Bank Ltd.
Nut-Endwell Microfinance Bank Limited
First Multiple Microfinance Bank Limited
SBDC Microfinance Bank Limited
Oros Capital Microfinance Bank Ltd.
Ozizza Microfinance Bank Limited
Primera Credit Microfinance Bank Limited
Ifeanyichukwu Microfinance Bank Limited
Ihioma Microfinance Bank Limited
Josad Microfinance Bank Ltd.
Akpo Microfinance Bank Limited
Aiyepe Microfinance Bank Limited
ABC Microfinance Bank Limited
Star Microfinance Bank Limited
Purple Money Microfinance Bank Ltd.
Utuh Microfinance Bank Ltd.
Stallion Microfinance Bank Ltd.
KJL Microfinance Bank Limited
Credit Africa Microfinance Bank Limited
Cowries Microfinance Bank Ltd.
Lawebod Microfinance Bank Ltd.
Mabinas Microfinance Bank Ltd.
Business Support Microfinance Bank Limited
Primary Mortgage Banks
Adamawa Savings and Loans
Kogi Savings and Loans
Resort Savings and Loans
Safetrust Mortgage Bank
Finance Companies
TFS Finance Limited
HHL Invest and Trust Limited
Treasures and Trust Limited
