CBN revokes 46 MFBs’ licences

By Emma Ujah, Abuja Bureau Chief
The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 Microfinance Banks (MFBs).
A statement by the CBN’s Ag. Director of Communications, Mrs. Hakama Sidi-Ali said the revocation becomes effective today.
She said the revocation was in accordance with its powers under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
“The revocation was approved by the Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, following the banks’ failure to meet the regulatory requirements for continued operation as licensed financial institutions,” she said.
According to the revocation order, the action ...