UPDATED: CBN revokes licences of 132 Microfinance banks, others (FULL LIST) - The Gallant News

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Wednesday 24 May 2023

UPDATED: CBN revokes licences of 132 Microfinance banks, others (FULL LIST)

UPDATED: CBN revokes licences of 132 Microfinance banks, others (FULL LIST)


The Central Bank of Nigeria has revoked the operating licences of 132 microfinance banks, four primary mortgage banks, and three finance companies in the country.


The revocation exercise was disclosed in the official gazette of the Federal Government published on the website of the CBN on Tuesday.


According to the gazette, the licences of the financial institutions were revoked because they ceased to carry on in Nigeria, the type of business for which their licences were issued for a continuous period of six months.


They were also alleged to have “failed to fulfil or comply with the conditions subject to which their licences were granted; or failed to comply with the obligations imposed upon them by the Central Bank of Nigeria in accordance with the provisions of Banks and Other Financial Institutions Act (BOFIA) 2020, Act No. 5.”


The four primary mortgage banks whose licences were revoked are Resort Savings & Loans, Safetrust Mortgage Bank, Adamawa Savings & Loans and Kogi Savings & Loans.


The finance companies whose licences were revoked include HHL Invest & Trust Limited, TFS Finance Limited and Treasures & Trust Limited.


Meanwhile, some of the microfinance banks listed include Bluewhales Microfinance Bank, Igangan Microfinance Bank, Mainsail Microfinance Bank, Everest Microfinance Bank, Merit Microfinance Bank, Musharaka Microfinance Bank, Nopov Microfinance Bank, among others.


Our correspondent showed that the CBN Governor, Godwin Emefiele, revoked the licences in the exercise of the powers conferred on the Central Bank of Nigeria under Section 12 of BOFIA 2020, Act No. 5.


See the full list of Microfinance Banks whose licences have been revoked below:

S/N Names of Institution

1. Atlas Microfinance Bank

2. Blue whales Microfinance Bank

3. Everest Microfinance Bank

4. Igangan Microfinance Bank

5. Mainsail Microfinance Bank

6. Merit Microfinance Bank

7. Minna Microfinance Bank

8. Musharaka Microfinance Bank


9. Nopov Microfinance Bank


10. Ohon Microfinance Bank


11. Premium Microfinance Bank


12. Royal Microfinance Bank


13. Statesman Microfinance Bank


14. Suisse Microfinance Bank


15. Vibrant Microfinance Bank


16. Virtue Microfinance Bank


17. Zamare Microfinance Bank


18. North Capital Microfinance Bank



19. Chidera Microfinance Bank


20. Excellent Microfinance Bank


21. Ni’ima Microfinance Bank


22. Cosmopolitan Microfinance Bank


23. Progressive link Microfinance Bank


24. TrustOne (Formerly Desmonarchy)


25. Ekuombe Microfinance Bank


26. First Index Microfinance Bank


27. Ola Microfinance Bank


28. Uli Microfinance Bank


29. Verdant Microfinance Bank


30. Aguleri Microfinance Bank


31. Apeks Microfinance Bank


32. Fahimta Microfinance Bank


33. Manni Microfinance Bank Limited


34. Reality Microfinance Bank Limited


35. Surbpolitan Microfinance Bank Limited


36. Onyx Microfinance Bank Limited


37. Osina Microfinance Bank Limited


38. Olofin-Owena Microfinance Bank Limited


39. Zikado Microfinance Bank Limited


40. Prudential Co-operative Microfinance Bank Limited


41. Peniel Microfinance Bank Limited


42. Taraba Microfinance Bank Limited


43. Brass Microfinance Bank Limited


44. Michika Microfinance Bank Limited


45. Ndiagu Microfinance Bank Limited


46. Northbridge Microfinance Bank Limited


47. FCT Microfinance Bank Limited


48. Omu-Aran Microfinance Bank Limited


49. Cherish Microfinance Bank Limited


50. BIPC Microfinance Bank Limited


51. Danels Global Microfinance Bank Limited


52. Bankcorp Microfinance Bank Limited


53. Manna Microfinance Bank Limited


54. Moneywise Microfinance Bank Limited


55. Mercury Microfinance Bank Limited


56. New age Microfinance Bank Limited


57. Pearl Microfinance Bank Limited


58. Zawadi Microfinance Bank Limited


59. Seed Capital Microfinance Bank Limited


60. Eduek Microfinance Bank Limited


61. Eksu Microfinance Bank Limited


62. Dakingari Microfinance Bank Limited


63. Ogoja Microfinance Bank Limited


64. Nwabosi Microfinance Bank Limited


65. Nuture Microfinance Bank Limited


66. Active Point Microfinance Bank Limited


B 464


67. Amoye Microfinance Bank Limited


68. Boluwaduro Microfinance Bank Limited


69. Iyede Microfinance Bank Limited


70. Mayfair Microfinance Bank Limited


71. Calabar Microfinance Bank Limited


72. Ighomo Microfinance Bank Limited


73. Hackman Microfinance Bank Limited


74. Idese Microfinance Bank Limited


75. Bridgeway Microfinance Bank Limited


76. Grassroot Microfinance Bank Limited


77. Sure life Microfinance Bank Limited


78. Tijarah Microfinance Bank Limited


79. IC-Global Microfinance Bank Limited


80. Ejiamatu Microfinance Bank Limited


81. Briyth Covenant Microfinance Bank Limited


82. Nanka Microfinance Bank Limited


83. Cub Microfinance Bank Limited


84. BFL Microfinance Bank Limited


85. Umunne Microfinance Bank Limited


86. Oroke Microfinance Bank Limited


87. Alkaleri Microfinance Bank Limited


88. Crowned Eagle Microfinance Bank Limited


89. UNIFA Microfinance Bank Limited


90. Dadinkowa Microfinance Bank Limited


91. Ifesowapo Microfinance Bank Limited


92. OAF Microfinance Bank Limited


93. Bama Microfinance Bank Limited


94. Ngala Microfinance Bank Limited


95. Iwoama Microfinance Bank Limited


96. Kada Microfinance Bank Limited


97. Keffi Microfinance Bank Limited


98. Nut-Endwell Microfinance Bank Limited


99. First Multipurpose Microfinance Bank Limited


100. SBDC Microfinance Bank Limited


101. Oros Capital Microfinance Bank Limited


102. Ozizza Microfinance Bank Limited


103. Primera Credit Microfinance Bank Limited


104. Ifeanyichukwu Microfinance Bank Limited


105. Ihioma Microfinance Bank Limited


106. Josad Microfinance Bank Limited


107. Akpo Microfinance Bank Limited


108. Aiyepe Microfinance Bank Limited


109. ABC Microfinance Bank Limited


110. Star Microfinance Bank Limited


111. Purple Money Microfinance Bank Limited


112. Utuh Microfinance Bank Limited


113. Stallion Microfinance Bank Limited


114. KJL Microfinance Bank Limited


115. Credit Afrique Microfinance Bank Limited


116. Cowries Microfinance Bank Limited


117. Lawebod Microfinance Bank Limited


118. Mabinas Microfinance Bank Limited


119. Business Support Microfinance Bank Limited


120. Ogbe-Ahiara Microfinance Bank Limited


121. Olofin Microfinance Bank Limited


122. Obosi Microfinance Bank Limited


123. Fiyinfolu Microfinance Bank Limited


124. Bishopgate Microfinance Bank Limited


125. Awka Microfinance Bank Limited


B 465


B 466


126. Zigate Microfinance Bank Limited


127. Esan Microfinance Bank Limited


128. Enugu-Ukwu Microfinance Bank Limited


129. Echo Microfinance Bank Limited


130. Ally Microfinance Bank Limited


131. Network Microfinance Bank Limited


132. Awgbu Microfinance Bank Limited


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