BREAKING: CBN revokes licenses of 46 microfinance banks [Full Names]

The Central Bank of Nigeria, CBN, has revoked the operating licences of 46 microfinance banks across the country for failing to comply with regulatory requirements.
The apex bank announced the decision in a statement issued on Wednesday by its Acting Director of Corporate Communications, Hakama Sidi-Ali, stating that the revocation takes immediate effect.
According to the CBN, the action was taken in line with its powers under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
The bank explained that the affected microfinance banks failed to meet the conditions required to continue operating as licensed financial institutions.
The CBN said the deci...