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The CBN revoked the operating licences of 46 microfinance banks after finding they no longer met regulatory requirementsReasons for the revocation include insufficient capital, inability to meet liabilities, prolonged inactivity, and operating without approvalThe apex bank said the action is aimed at protecting depositors, strengthening financial stability, and ensuring only sound financial institutions
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Central Bank of Nigeria (CBN) has clarified the reasons behind its decision to revoke the operating licenses of 46 microfinance banks.
The apex bank, in a statement signed by its Acting Director of Corporate Communications, Hakama Sidi-Ali and released on Wednesday, July 1, highlighted various regulatory breaches, including under-capitalisation and prolonged inactivity, as grounds for the revocation.
Nigeria’s banking regulator withdraws licences of 46 microfinance banks Photo: CBNSource: Twitter
The CBN stated that the licenses
