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CBN revokes licences of 46 microfinance banks nationwide over violations

The Central Bank of Nigeria has revoked the operating licences of 46 microfinance banks across the country, citing their failure to meet key regulatory requirements for continued operations. The apex bank disclosed this in a statement issued on Wednesday and signed by its Acting Director of Corporate Communications, Hakama Sidi-Ali. The revocation, which took effect […]

NDIC reimburses depositors of 179 disolved banks
Banking

NDIC begins final liquidation of 89 defunct microfinance banks

The Nigeria Deposit Insurance Corporation has commenced moves to formally conclude the liquidation of 89 defunct Microfinance Banks and Primary Mortgage Banks whose operations were successfully transferred to new owners under its Purchase and Assumption framework. In a statement signed by its Head of Communication and Public Affairs, Hawwau Gambo, the Corporation said the exercise […]

Accion MfB, Justrite introduce consumer credit purchases
News Tech

Accion MfB, Justrite introduce consumer credit purchases

Bisola David Accion Microfinance Bank and Justrite Superstore, an e-commerce company, are collaborating to allow clients to buy goods from the store and pay for them later. According to The Punch, this was revealed during the Memorandum of Understanding signing ceremony at the Lagos State office of Accion MfB. The duo two stated that as only eligible […]

FG to restart cash transfers to poor Nigerians
Policy and Regulations

Kuda, mortgage banks, others excluded from cash withdrawal limits

The Central Bank of Nigeria has excluded primary mortgage Banks and Microfinance Banks providing banking services to people experiencing poverty from its cash withdrawal limit.   In a circular released on Monday, July 31, to the banks and other financial institutions and signed by the Director of Payment System Management, Musa Jimoh, the bank said […]

CBN releases financial report first time in seven years
Banking

Full list of microfinance banks delicensed by CBN

Kazeem Owoseni The Central Bank of Nigeria has revoked the operating licences of 132 microfinance banks, three finance companies, and four primary mortgage banks in Nigeria. This was disclosed in an official gazette issued by the federal government, which stated that the governor of the apex bank, Godwin Emefiele revoked the licences of the institutions […]

A branch of LAPO Microfinance Bank
Banking

LAPO MFB rewards customers to encourage saving

Some customers of Lapo Microfinance Bank have received cash prizes as a reward in the bank’s raffle draw promotion and for saving. The Punch reported that the draw was during an event organised by Lapo that took place live at the bank’s head office in Lagos to encourage savings culture among Nigerians. During the promotion, […]

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