{"id":104971,"date":"2023-05-24T09:53:02","date_gmt":"2023-05-24T08:53:02","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=104971"},"modified":"2023-05-24T09:53:02","modified_gmt":"2023-05-24T08:53:02","slug":"breaking-cbn-revokes-licenses-of-132-microfinance-banks-others","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/exclusive\/breaking-cbn-revokes-licenses-of-132-microfinance-banks-others\/","title":{"rendered":"BREAKING: CBN revokes licenses of 132 microfinance banks, others"},"content":{"rendered":"
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The Central Bank of Nigeria (CBN) has revoked the operating licenses of 132 microfinance banks in the country, alongside those of four primary mortgage banks and three finance companies.<\/div>\n
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\nThis was disclosed in the official gazette of the Federal Government, which was published on the website of the CBN on Tuesday.<\/p>\n

The gazette stated that the licenses of the financial institutions were revoked because they \u201cceased to carry on in Nigeria, the type of business for which their licences were issued for a continuous period of six months;\u00a0 failed to fulfil 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.\u201d<\/p>\n

The CBN Governor, Godwin Emefiele, revoked the licenses in the exercise of the powers conferred on the Central Bank of Nigeria under Section 12 of BOFIA 2020, Act No. 5.<\/p>\n

The microfinance banks include \u2013 Atlas Microfinance Bank, Bluewhales Microfinance Bank, Everest Microfinance Bank, Igangan Microfinance Bank, Mainsail Microfinance Bank, Merit Microfinance Bank, Minna Microfinance Bank, Musharaka Microfinance Bank, Nopov Microfinance Bank, Ohon Microfinance Bank, and others.<\/p>\n

Finance companies whose licenses were revoked include \u2013 HHL Invest & Trust Limited, TFS Finance Limited and Treasures & Trust Limited while the four primary mortgage banks whose licenses were revoked are \u2013 Resort Savings & Loans, Safetrust Mortgage Bank, Adamawa Savings & Loans and Kogi Savings & Loans.<\/p>\n

Microfinance is a banking service provided to low-income individuals or groups who otherwise would have no other access to financial services. Microfinance allows people to take on reasonable small business loans safely, in a manner that is consistent with ethical lending practices.<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n

<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The Central Bank of Nigeria (CBN) has revoked the operating licenses of 132 microfinance banks in the country, alongside those of four primary mortgage banks and three finance companies. 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