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Sycamore assures customers of operational stability after CBN revokes microfinance bank licenceAcquired bank not fully integrated when licence was revoked amid sector-wide compliance reviewCEO confirms all customer funds secure, with services continuing uninterrupted despite regulatory actions
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Sycamore, a Nigerian financial technology (fintech) company, has assured customers that its operations remain fully functional after the Central Bank of Nigeria (CBN) revoked the licence of a microfinance bank it recently acquired in Kano State.
The reassurance comes barely a day after the apex bank withdrew the operating licences of 46 microfinance banks across the country over regulatory infractions.
Sycamore says its fintech arm is fully intact as CBN revokes its MfB licence. Credit: SycamoreSource: Facebook
Acquired bank yet to be fully integrated
In a statement issued on Thursday, July 2, Sycamore confirmed that the affected institution was a microfinance
