CBN revokes Operating licence of 42 microfinance banks

By Modupe Shodeinde

The Central Bank of Nigeria has revoked the operating licence of 42 microfinance banks in Nigeria.

The Nigeria Deposit Insurance Corporation (NDIC) announced this on Friday on its website.

The NDIC stated that it is in the process of closing the listed banks and paying their insured depositors.

Depositors of these banks were requested to visit the closed banks’ addresses and meet NDIC officials for the verification of their claims from Monday, 21st till Thursday, 24th December, 2020.

The list of names and addresses of the affected MfBs can be found here

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