The CBN cancels the licenses of 179 microfinance banks and others.

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The Central Bank of Nigeria has cancelled the licenses of 179 microfinance banks, four primary mortgage banks, and three financing firms in the country. This was revealed in the Federal Government’s official gazette, which was published on the CBN’s website on Tuesday.

HHL Invest & Trust Limited, TFS Finance Limited, and Treasures & Trust Limited have had their licenses revoked, while Resort Savings & Loans, Safetrust Mortgage Bank, Adamawa Savings & Loans, and Kogi Savings & Loans have had their licenses revoked.

Meanwhile, the CBN cancelled the licenses of another 47 microfinance institutions, bringing the total number of affected microfinance banks to 179. According to the official gazette for the most recent batch, banks have “Either remained inactive, insolvent, failed to render returns, closed shop, or ceased to carry on the type of banking business for which they were licensed for more than six months in contravention of the Banks and other Financial Institutions Act (BOFIA), 2020 and the Revised Regulatory and Supervisory Guidelines for Microfinance Banks in Nigeria.

Some of the affected financial institutions include; Evangel Microfinance Bank, Dominion Microfinance Bank, Anya Microfinance Bank, Akwengwu Microfinance Bank, Fadama Farmers Microfinance Bank, Sal-Fol Microfinance Bank, Mautech Microfinance Bank, Wase Microfinance Bank, Moneywell Microfinance Bank, Otukpo Microfinance Bank and others.

Punch.

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