The President of the Bank Customers’ Association of Nigeria, Dr Uju Ogunbunka, has expressed concern over the Central Bank of Nigeria’s decision to revoke the operating licences of 46 microfinance banks, warning that the development will have far-reaching consequences for customers and the broader economy.
Speaking exclusively with DAILY POST on Thursday, Ogunbunka described the revocation as a major setback for depositors, businesses and Nigeria’s financial inclusion drive.
DAILY POST recalls that the CBN on July 1 revoked the licences of 46 microfinance banks, including Credit Ville Microfinance Bank and Sycamore Microfinance Bank, citing their failure to comply with regulatory requirements.
Following the revocation, the Nigeria Deposit Insurance Corporation took over the failed institutions in line with its statutory mandate.
Reacting to the development, Ogunbunka said the action came as a shock to many bank customers, stressing that the implications extend beyond depositors to businesses, employees and the economy.
He
