In a significant development for the Nigerian financial sector, the Central Bank of Nigeria (CBN) has announced the revocation of operating licences for 132 microfinance banks, four primary mortgage banks, and three finance companies. The revocation exercise, aimed at ensuring compliance with regulatory requirements, was disclosed in the official gazette of the Federal Government, published on the CBN’s website on Tuesday.

According to the apex bank, these financial institutions have failed to fulfill the conditions or comply with the obligations imposed by the CBN in accordance with the provisions of the Banks and Other Financial Institutions Act (BOFIA) 2020, Act No. 5. The move is part of the CBN’s ongoing efforts to maintain stability and integrity in the country’s financial system.

Among the microfinance banks affected by the revocation are well-known institutions such as Atlas Microfinance Bank, Bluewhales Microfinance Bank, Everest Microfinance Bank, and Virtue Microfinance Bank, to name just a few. The list also includes primary mortgage banks like Resort Savings & Loans and Safetrust Mortgage Bank. Additionally, licences were revoked for finance companies, including HHL Invest & Trust Limited, TFS Finance Limited, and Treasures & Trust Limited.

The revocation of licences serves as a stern reminder to financial institutions that compliance with regulatory guidelines and meeting the conditions of their licences are essential for sustained operations within the Nigerian banking sector. The CBN has repeatedly emphasized the importance of adherence to these requirements to maintain stability, protect depositors’ funds, and safeguard the overall health of the financial system.

While the affected institutions grapple with the consequences of the licence revocation, the CBN continues to closely monitor the sector and take necessary actions to maintain the integrity and stability of the Nigerian financial system. The apex bank remains committed to enforcing regulatory standards and ensuring that financial institutions operate within the established framework.

It is worth noting that the CBN’s decision to revoke licences underscores the importance of prudent financial management, transparency, and accountability in the banking industry. The move is expected to send a strong signal to other financial institutions, encouraging them to uphold high standards and comply with regulatory requirements.

The Central Bank of Nigeria has assured the public that it will continue to prioritize the soundness and stability of the banking sector, creating an enabling environment for sustainable economic growth and development.

Below is the full list of the affected microfinance banks, primary mortgage banks, and finance companies:

MICROFINANCE BANKS:

  1. ATLAS MICROFINANCE BANK
  2. BLUEWHALES MICROFINANCE BANK
  3. EVEREST MICROFINANCE BANK
  4. IGANGAN MICROFINANCE BANK
  5. MAINSAIL MICROFINANCE BANK
  6. MERIT MICROFINANCE BANK
  7. MINNA MICROFINANCE BANK
  8. MUSHARAKA MICROFINANCE BANK
  9. NOPOV MICROFINANCE BANK
  10. OHON MICROFINANCE BANK
  11. PREMIUM MICROFINANCE BANK
  12. ROYAL MICROFINANCE BANK
  13. STATESMAN MICROFINANCE BANK
  14. SUISSE MICROFINANCE BANK
  15. VIBRANT MICROFINANCE BANK
  16. VIRTUE MICROFINANCE BANK
  17. ZAMARE MICROFINANCE BANK
  18. NORTH CAPITAL MICROFINANCE BANK
  19. CHIDERA MICROFINANCE BANK
  20. EXCELLENT MICROFINANCE BANK
  21. NI’IMA MICROFINANCE BANK
  22. COSMOPOLITAN MICROFINANCE BANK
  23. PROGRESSIVE LINK MICROFINANCE BANK
  24. TRUST ONE (FOMERLY DESMONARCHY)
  25. EKUOMBE MICROFINANCE BANK
  26. FIRST INDEX MICROFINANCE BANK
  27. OLA MICROFINANCE BANK
  28. ULI MICROFINANCE BANK
  29. VERDANT MICROFINANCE BANK
  30. AGULERI MICROFINANCE BANK LIMITED 31. APEKS MICROFINANCE BANK LIMITED
  31. FAHIMTA MICROFINANCE BANK LIMITED
  32. MANNY MICROFINANCE BANK LIMITED
  33. REALITY MICROFINANCE BANK LIMITED
  34. SURBPOLITAN MICROFINANCE BANK LIMITED
  35. ONYX MICROFINANCE BANK LIMITED
  36. OSINA MICROFINANCE BANK LIMITED
  37. OLOFIN-OWENA MICROFINANCE BANK LIMITED
  38. ZIKADO MICROFINANCE BANK LIMITED
  39. PRUDENTIAL CO-OPERATIVE MICROFINANCE BANK LIMITED
  40. PENIEL MICROFINANCE BANK LIMITED
  41. TARABA MICROFINANCE BANK LIMITED
  42. BRASS MICROFINANCE BANK LIMITED
  43. MICHIKA MICROFINANCE BANK LIMITED
  44. NDIAGU MICROFINANCE BANK LIMITED
  45. NORTHBRIDGE MICROFINANCE BANK LIMITED
  46. FCT MICROFINANCE BANK LIMITED
  47. OMU-ARAN MICROFINANCE BANK LIMITED
  48. CHERISH MICROFINANCE BANK LIMITED
  49. BIPC MICROFINANCE BANK LIMITED
  50. DANELS GLOBAL MICROFINANCE BANK LIMITED
  51. BANCORP MICROFINANCE BANK LIMITED
  52. MANNA MICROFINANCE BANK LIMITED
  53. MONEYWISE MICROFINANCE BANK LIMITED
  54. MERCURY MICROFINANCE BANK LIMITED
  55. NEW AGE MICROFINANCE BANK LIMITED
  56. PEARL MICROFINANCE BANK LIMITED
  57. ZAWADI MICROFINANCE BANK LIMITED
  58. SEED CAPITAL MICROFINANCE BANK LIMITED
  59. EDUEK MICROFINANCE BANK LIMITED
  60. EKSU MICROFINANCE BANK LIMITED
  61. DAKINGARI MICROFINANCE BANK LIMITED
  62. OGOJA MICROFINANCE BANK LIMITED
  63. NWABOSI MICROFINANCE BANK LIMITED
  64. NUTURE MICROFINANCE BANK LIMITED
  65. ACTIVE POINT MICROFINANCE BANK LIMITED
  66. AMOYE MICROFINANCE BANK LIMITED
  67. BOLUWADURO MICROFINANCE BANK LIMITED
  68. IYEDE MICROFINANCE BANK LIMITED
  69. MAYFAIR MICROFINANCE BANK LIMITED
  70. CALABAR MICROFINANCE BANK LIMITED
  71. IGHOMO MICROFINANCE BANK LIMTED
  72. HACKMAN MICROFINANCE BANK LIMITED
  73. IDESE MICROFINANCE BANK LIMITED
  74. BRIDGEWAY MICROFINANCE BANK LIMITED
  75. GRASSROOT MICROFINANCE BANK LIMITED
  76. SURELIFE MICROFINANCE BANK LIMITED
  77. TIJARAH MICROFINANCE BANK LIMITED
  78. IC-GLOBAL MICROFINANCE BANK LIMITED
  79. EJIAMATU MICROFINANCE BANK LIMITED
  80. BRIYTH COVENANT MICROFINANCE BANK LIMITED
  81. NANKA MICROFINANCE BANK LIMITED
  82. CUB MICROFINANCE BANK LIMITED
  83. BFL MICROFINANCE BANK LIMITED
  84. UMUNNE MICROFINANCE BANK LIMITED
  85. OROKE MICROFINANCE BANK
  86. ALKALERI MICROFINANCE BANK LIMITED
  87. CROWNED EAGLE MICROFINANCE BANK LIMITED
  88. UNIFA MICROFINANCE BANK LIMITED
  89. DADINKOWA MICROFINANCE BANK LIMITED
  90. IFESOWAPO MICROFINANCE BANK LIMITED
  91. OAF MICROFINANCE BANK LIMITED
  92. BAMA MICROFINANCE BANK LIMITED
  93. NGALA MICROFINANCE BANK LIMITED
  94. IWOAMA MICROFINANCE BANK LIMITED
  95. KADA MICROFINANCE BANK LIMITED
  96. KEFFI MICROFINANCE BANK LIMITED
  97. NUT-ENDWELL MICROFINANCE BANK LIMITED
  98. FIRST MULTIPLE MICROFINANCE BANK LIMITED
  99. SBDC MICROFINANCE BANK LIMITED
  100. OROS CAPITAL MICROFINANCE BANK LIMITED
  101. OZIZZA MICROFINANCE BANK LIMITED
  102. PRIMERA CREDIT MICROFINANCE BANK LIMITED
  103. IFEANYICHUKWU MICROFINANCE BANK LIMITED
  104. IHIOMA MICROFINANCE BANK LIMITED
  105. JOSAD MICROFINANCE BANK LIMITED
  106. AKPO MICROFINANCE BANK LIMITED
  107. AIYEPE MICROFINANCE BANK LIMITED
  108. ABC MICROFINANCE BANK LIMITED
  109. STAR MICROFINANCE BANK LIMITED
  110. PURPLE MONEY MICROFINANCE BANK LIMITED
  111. UTUH MICROFINANCE BANK LIMITED
  112. STALLION MICROFINANCE BANK LIMITED
  113. KJL MICROFINANCE BANK LIMITED
  114. CREDIT AFRIQUE MICROFINANCE BANK LIMITED
  115. COWRIES MICROFINANCE BANK LIMITED
  116. LAWEBOD MICROFINANCE BANK LIMITED
  117. MABINAS MICROFINANCE BANK LIMITED
  118. BUSINESS SUPPORT MICROFINANCE BANK LIMITED
  119. OGBE-AHIARA MICROFINANCE BANK LIMITED
  120. OLOFIN MICROFINANCE BANK LIMITED
  121. OBOSI MICROFINANCE BANK LIMITED
  122. FIYINFOLU MICROFINANCE BANK LIMITED
  123. BISHOPGATE MICROFINANCE BANK LIMITED
  124. AWKA MICROFINANCE BANK LIMITED
  125. ZIGATE MICROFINANCE BANK LIMITED
  126. ESAN MICROFINANCE BANK LIMITED
  127. ENUGU-UKWU MICROFINANCE BANK LIMITED
  128. ECHO MICROFINANCE BANK LIMITED
  129. ALLY MICROFINANCE BANK LIMITED
  130. NETWORK MICROFINANCE BANK LIMITED
  131. AWGBU MICROFINANCE BANK LIMITED

PRIMARY MORTGAGE BANKS:

  1. RESORT SAVINGS & LOANS
  2. SAFETRUST MORTGAGE BANK
  3. ADAMAWA SAVINGS & LOANS
  4. KOGI SAVINGS & LOANS

FINANCE COMPANIES:

  1. HHL Invest & Trust Limited
  2. TFS Finance Limited
  3. Treasures & Trust Limited

The revocation of these licences serves as a reminder that regulatory compliance is of utmost importance for financial institutions operating in Nigeria. The CBN’s actions aim to ensure a robust and secure banking system that can effectively support the country’s economic growth and development.