CBN revokes operating licenses of 46 MfBs for regulatory requirements failure

The Central Bank of Nigeria (CBN) has revoked the operating licenses of 46 Microfinance Banks (MfBs) with effect from July 1. This is contained in a statement issued by Mrs Hakama Sidi-Ali, the Acting Director, Corporate Communications Department of the apex bank, on Wednesday in Abuja. Sidi-Ali said that the action was in accordance with CBN’s powers under sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020. She said that the revocation was approved by the Governor of the CBN, Mr Olayemi Cardoso, following the banks’ failure to meet the regulatory requirements for continued operation as licensed financial institutions. “The revocation of the licenses is par...