The Central Bank of Nigeria revoked the licences of 179 microfinance banks, four primary mortgage banks, and three finance companies in Nigeria.
The revocation was done in two tranches with the first list suspending licences of 47 MFBs, and the second affecting 132 more MFBs.
The financial institutions’ licences were revoked because they “ ceased to carry on, in Nigeria, the type of business for which their licences were issued for a continuous period of 6 months; failed to fulfil or comply with the conditions subject to which their licences were granted; failed to comply with the obligations imposed upon them by the Central Bank of Nigeria by the provisions of Banks and Other Financial Institutions Act 2020, Act No. 5.