CBN revokes licenses of 132 Microfinance banks, 3 finance companies, 4 PMBs

The Central Bank of Nigeria (CBN) has revoked the licenses of 132 Microfinance Banks (MFBs), three finance companies and four Primary Mortgage Banks (PMBs).

The revocation of licenses was due for failing to comply with the obligations imposed upon them by their regulator in accordance with the provisions of Banks and Other Financial Institutions Act (BOFIA) 2020, Act No. 5.

Godwin Emefiele, governor of the CBN, disclosed this in a Gazette dated May 22, 2023.

The Gazette reads: “whereas: The Microfinance Banks, Finance Companies and Primary Mortgage Banks stated in Schedules I, II and III respectively, hereto, have: ceased to carry on, in Nigeria, the type of business for which their licences were issued for a continuous period of six months ; failed to fulfill or comply with the conditions subject to which their licences were granted ; or failed to comply with the obligations imposed upon them by the Central Bank of Nigeria in accordance with the provisions of Banks and Other Financial Institutions Act (BOFIA) 2020, Act No. 5.

Now therefore, I, Godwin Ifeanyi Emefiele, governor of the Central Bank of Nigeria, in exercise of the powers conferred on the Central Bank of Nigeria under Section 12 of BOFIA 2020, Act No.5, hereby revoke the licences of the Microfinance Banks, Finance Companies and Primary Mortgage Banks stated in Schedules I, II and III respectively attached hereto.”

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.