CBN Revokes License Of 47 Banks |FS News

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The Central Bank of Nigeria (CBN) has taken the decision to revoke the licenses of 47 microfinance banks, including Eyowo, due to reasons such as inactivity, insolvency, failure to submit financial returns, or closure of operations.
According to the apex bank, the licenses of these companies were revoked because they had either remained inactive, become insolvent, failed to provide required financial returns, or ceased their operations.
In a parallel development, the CBN has also revoked the licenses of 132 other companies operating as microfinance banks, finance companies, and primary mortgage banks.

 
The Central Bank of Nigeria (CBN) has recently revoked the microfinance license of Eyowo, along with 46 other companies. The apex bank cited various reasons for revoking the licenses, including inactivity, insolvency, failure to submit financial returns, closure of operations, or failure to carry out the designated banking business for more than six months. These actions are in violation of the Banks and other Financial Institutions Act (BOFIA), 2020, and the Revised Regulatory and Supervisory Guidelines for Microfinance Banks in Nigeria.
Despite previous measures taken by the Regulatory Authority to address their persistent non-compliance, the CBN declared that those measures were unsuccessful, leading to the decision to revoke their licenses. CBN Governor Godwin Emefiele announced the revocation of the licenses in accordance with the powers bestowed upon him by Section 12 of the BOFIA, 2020.
The list of the 47 microfinance banks whose licenses were revoked includes:

Evangel Microfinance Bank
Dominion Microfinance Bank
Anya Microfinance Bank
Akwengwu Microfinance Bank
Fadama Farmers Microfinance Bank
Sal-Fol Microfinance Bank
Mautech Microfinance Bank
Wase Microfinance Bank
Smartmicro Microfinance Bank
Amba Microfinance Bank
Bridge House Microfinance Bank
Moneywell Microfinance Bank
Otukpo Microfinance Bank
Ologbon Microfinance Bank
Bestway Microfinance Bank
Biyama Microfinance Bank
Greenland Microfinance Bank
Fasildapo Microfinance Bank
Sunrise Microfinance Bank
Joint Farmers Microfinance Bank
Prolific Microfinance Bank
Halmond Microfinance Bank
Ajikobi Microfinance Bank
Kogi Microfinance Bank
Eyowo Microfinance Bank
Arise Microfinance Bank
Isi-Aku Microfinance Bank
Bmazazhin Microfinance Bank
Ini Microfinance Bank
Narict Microfinance Bank
Interland Microfinance Bank
Ehor Microfinance Bank
Bibajinre Microfinance Bank
Golden Funds Microfinance Bank
Gwadabawa Microfinance Bank
Iba Microfinance Bank
Edumana Microfinance Bank
West-End Microfinance Bank
Umejei Microfinance Bank
Mouau Vasmucs Microfinance Bank
Jamis Microfinance Bank
New World Microfinance Bank
Abestone Microfinance Bank
Nsehe Microfinance Bank
Osogbo Microfinance Bank
Crossover Microfinance Bank
Dangizhi Microfinance Bank

 
132 other licences revoked
In a similar vein, the Central Bank of Nigeria (CBN) has announced the revocation of operating licenses for 132 companies functioning as Microfinance Banks, Finance Companies, and Primary Mortgage Banks. The CBN provided reasons for the revocation, stating that the affected companies:
“(a) have ceased to conduct the specified type of business in Nigeria continuously for a period of 6 months; (b) have failed to meet or ad. to the conditions on which their licenses were granted; or (c) have failed to comply with the obligations imposed on them by the Central Bank of Nigeria, as stipulated in the Banks and Other Financial Institutions Act (BOFIA) 2020, Act No. 5.”
These actions by the CBN reflect its commitment to maintaining regulatory compliance and ensuring the soundness and integrity of the financial system in Nigeria.