CBN Revokes Operating Licenses Of 42 Microfinance Banks

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

The Nigeria Deposit Insurance Corporation made this known on Friday in an announcement on its website titled ‘Notice of closure of 42 microfinance banks’.

It stated: “This is to inform the depositors, creditors, shareholders and the general public that the operating licenses of the under listed 42 microfinance banks have been revoked by the Central Bank of Nigeria effective 12th November, 2020.

“The Nigeria Deposit Insurance Corporation, the official liquidator of the banks whose licenses were recently revoked, is in the process of closing the listed banks and paying their insured depositors.

“We therefore request that all depositors of these banks should visit the closed banks’ addresses and meet NDIC officials for the verification of their claims, commencing from Monday, 21st December, 2020 till Thursday, 24th December, 2020.