Eko Hot Blog reports that the Central Bank of Nigeria (CBN) has barred some online microfinance banks from opening new accounts and accepting new customers. The microfinance banks include Moniepoint, PalmPay, Opay, PiggyVest, and Kuda, among others. Editor’s Picks Senate Gives Condition To Waive Ningi’s Suspension BREAKING: JAMB Releases 2024 UTME Results World Malaria Day: … Read more
The CBN has revoked the operational licenses of 132 microfinance banks and other financial institutions. EKO HOT BLOG reports that the Central Bank of Nigeria (CBN) has revoked the operating licences of 132 microfinance banks, four primary mortgage banks, and three finance companies in the country. The revocation exercise was made public through the official … Read more
The CBN argued that those activities were done at a great risk to the financial system and the banks, and directly contravene the Revised Regulatory and Supervisory Guidelines for Microfinance Banks in Nigeria 2012. Microfinance banks operating beyond the scope of their license will have their license revoked, the Central Bank of Nigeria (CBN) has … Read more
Central Bank of Nigeria (CBN) has seized the operating licences of 42 microfinance banks across the country. The Nigeria Deposit Insurance Corporation disclosed this 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 … Read more