CBN Revokes Operating Licenses of 42 Microfinance Banks

The Central Bank of Nigeria has invalidated the operating licenses of 42 microfinance banks in the country.

Ifeanyi Macdonald Ugochukwu
Ifeanyi Macdonald Ugochukwu

This was disclosed last Friday by a statement from the Nigerian Deposit Insurance Corporation (NDIC) on its website.

It informed the general public, depositors, creditors, and share holders, that the operating license of the listed 42 microfinance bank has been revoked by the Central Bank of Nigeria (CBN).

Mrs Ronke Sofekun, Chairman of NDIC. Image Source: ThisDayLive

According to NDIC, depositors of the banks whose licenses have been revoked should visit the closed bank addresses to verify their claims, starting from Monday, December 21st, 2020, till Thursday, December 24th, 2020.

Nigeria In Focus:

Population: 206.6 million

GDP: $504.57 billion

GDP Per Capita: $2,465

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Ifeanyi Macdonald Ugochukwu

Development economics enthusiast | A young dreamer visualizing and working towards a prosperous Africa.